MC = $110 Million. Share price = .54c SOI = 203.8 Million. Top 20 holds 45.5% Cash = $9.5 Million (including recent CR funds of $5.6 Million @ .40c)
Glenaras Gas Project (ATP 2019) – GLL 100%
The Company’s flagship Glenaras Gas Project is strategically located in western Queensland’s Galilee Basin. The Permit covers an area of approximately 4000 km2 and is 100% owned and operated by The Company.
The Project has one of the largest remaining uncontracted gas resources on the east coast of Australia with an independently derived and certified Contingent Resource+within the Betts Creek coals with a 1C of 308 PJ, a 2C of 2,508 PJ and a 3C of 5,314 PJ. The Company’s primary focus is on converting these Contingent Resources to Reserves.
*Initial production tests conducted on both wells with excellent flow results. Water rates of
greater than 750 BWPD were achieved with less than 10% reservoir pressure drawdown.
*Production will be ramped up over the coming weeks to achieve full reservoir drawdown. Peter Lansom (MD) is extremely encouraged by the deliverability results from these flow tests. The rates represent the upper end of GLL’s pre-drill expectations. With these flowrates producing from a three-metre coal which is well bounded by shales, the team is now extremely confident of achieving the reservoir drawdown within the pilot area needed to achieve commercial gas rate targets.
In parallel with field operations, the Company is well underway with a number of commercial initiatives including discussions with potential gas customers. These discussions will continue as we progress the project and the wells are put on production for dewatering.
Jemena Pipeline deal -GLL signed a binding agreement with Jemena. Jemena’s plans to expand and extend its Northern Gas Pipeline (NGP), via the Galilee Basin, to the largest gas markets on the east coast.
Chile
The Company completed its evaluation and study of the CSG potential in the Southern Magallanes Basin in Chile late 2015. Galilee has submitted a draft application to the Chilean government for an exploration permit application over an area of almost 6,000 sq.km.
Kansas Shallow Oil & Gas (JV 75%)
Galilee has a 345,000-acre Area of Mutual Interest in Meade County, Kansas. Galilee completed a 3D seismic survey over a portion of this acreage in early 2015. Since that time Galilee has refined the prospects identified by the survey and has identified a number of drillable prospects.
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