Shelved one project if I recall correctly. Am waiitng to see if they find some buried treasure in Cooper Basin with their Galilee coal seam gas project.
From energy news
Is there money to be made at Galilee
GALILEE Energy, a subsidiary of coal company Eastern Corporation, has begun a capital raising program to fund the next stages of its proposed coal seam methane and conventional petroleum exploration activities in central Queensland's Galilee Basin. Meanwhile, Comet Ridge recently farmed out two permit applications in the east of the basin to an unlisted Australian junior.
Galilee and Comet both say this barely explored basin is prospective for both CSM and conventional hydrocarbons.
According to Comet, thick Permian-aged coals, similar to those being developed for CSM in the Bowen Basin to the east, underlay much of the area, and oil and gas shows have been recorded in several oil and gas wildcats.
Galilee says six petroleum exploration and two deep stratigraphic wells have previously been drilled within its permit areas.
"Most encountered significant hydrocarbon shows and minor oil and gas recoveries have been made from subsequent testing," the company said.
Other wells drilled in Comet's permit application areas have also encountered significant hydrocarbon shows.
Galilee's capital raising is to proceed by way of an issue of a further 614 million ordinary shares in Galilee at an issue price of 0.5c per share.
The CSM exploration program has been designed and will be managed by Dr Read Holland, a recognised leader in the CSM industry and former director of the School of Mines and Energy Development at the University of Alabama.
The conventional petroleum desktop study is being carried out by Holland in association with Dr Jim Applegate, founding director of the Exploration Research Laboratory at the Colorado School of Mines.
Applegate has extensive experience in prospect generation and advanced interpretation both in Australia, the US and other parts of the world.
The CSM exploration program is scheduled to start in mid-June.
In March last year, Galilee began working on a CSM exploration program in central Queensland.
The company holds exploration permits ATP 529P and ATP799P covering about 8000 square kilometres.
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This company has started the Galilee project so time will tell now if anyone holding see some rewards. I would be interested to hear from anyone knowledgeable on coal seam gas and cooper basin prospects. At this stage looks very specy until results are announced. The risk is lower than many penny hopefuls in as much Eastern Corp is in coal mine production in New Zealand.
I understand that announcement will be ade within a month on progress at Galilee.
ECU Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
