stock offer, page-9

EXE's is mostly outside the basin though, in the overlying Eromanga.

They do have a fair chunk in the Galilee too, about the same size as GLL's, but it's not in the Rodney Creek sweet spot. Only GLL/AGL has that acreage. COI has another sweet spot in the eastern Galilee but they haven't even been able to flow gas from their single well pilot.

The rest of the basin is a dud so far. Saturations and gas contents are too low and there are too many permeable sandstones to allow effective dewatering. As shown by GLL's pilot.

It will be interesting to see if they can get commercial gas flows now that they're using better pumps. But GLL said they've used 20 pumps and done 40 workovers in two years on a five-well pilot. That's an average pump life of 6 months and an average of 3 months between workovers, per well.

Glenaras pilot has been a costly failure to date. Hopefully this is it for holders. If they can unlock it there is a hell of lot of gas there. The problem is just getting it out of the ground!