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Galilee Energy Limited (ASX: GLL), based out of Brisbane, is an oil and gas exploration and production company. The primary competencies of the company lie in the coal seam gas appraisal and development. The company follows a three-part strategy of maximising, developing and growing its value. GLLâs flagship, Glenaras Gas Project, is situated in the Galilee basin in Western Queensland. The company is focused on Queensland, where it is active in the Galilee and Surat Basins; however, it is seeking ways to expand its portfolio.
According to the report published on 1st May 2019, the top 20 shareholders of the company hold a 56.6% stake, while the directors and management hold a 4.4% stake in the total shares of GLL.
The Glenaras Gas Project (Source: Company website)
Today, on 28th May 2019, GLL has been appointed as the âPreferred Tenderer for Block PLR2018-1-8â. In the latest release of new petroleum resource areas, the Queensland government awarded the company with this acreage, covering 384 square kilometre of Surat Basin exploration area.
This award infers to accelerate the exploration process in Queensland and deliver sustainable benefits to local communities in the area and energy benefits for all Queenslanders. The company was successful towards its targeted approach for the high-grade block and hence was granted the acreage subsequent to the non-cash consideration as part of a competitive tender process. The acreage has a dual prospective within both Walloon CSG fairway and the oil and gas inflicted eastern flank of the Taroom Trough, proximal to the Moonie Field. It is less than 10 km from the established CSG production facilities and adjacent to the south of the Ironbark CSG asset. This asset was recently acquired by APLNG for $231 million.
PLR2018-1-8 is highly under-explored and holds great prospect from the company applying contemporary exploration technology to enhance the understanding of this highly prospective area. Furthermore, the acreage is close to the production and pipeline infrastructure, providing better access to the eastern Australian markets.
The PLR2018-1-8 region (Source: Companyâs report)
The company is set to take off with its experienced, high-quality operatorship of ATP 2019 in the Galilee Basin. The existing management team has been successful in exploring, appraising and developing CSG tenures in the Surat Basin. GLLâs rich resources base will drive both ATP 2019 and the Surat Basin acreage ahead, simultaneously.
Separately, Managing Director, Peter Lansom, stated that GLL eyes this as an opportunity to deliver new gas supply to the east coast of Australia. The governmentâs efforts to open the market for junior and mid-tier explorers were commendable. This move showcases diversity and efficiency and would pave a path of growth in regional areas to explore and develop new prospects.
On 27th May 2019, the company provided an operational update on the Glenaras Gas Project, stating that almost 308 metres of net coal had been intersected in the well.
Share Price Information:
As on 28th May 2019, at 01:42 PM AEST, the stock is trading at $0.770, up 6.944%. For the past one-year, it has delivered a return of 278.95%.
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