Galilee Energy Announces Operational Update on Glenaras Gas Project

GLL

On 18th April 2019, Galilee Energy Limited (ASX: GLL) announced an update on drilling operations at its 100% owned and operated Glenaras multi-lateral pilot programme, which is located in the Galilee Basin. From 17th April 2019, Easternwell Rig 103 has begun the drilling operations with the Glenaras 14L well spudding (which is planned to be drilled to a total measured depth of approximately 1530m MD). From April 18, 2019, the rig is being prepared to run along with cementing of the surface casing and the surface casing hole has been drilled to a depth of 200m MD.

The project aims to bring the new lateral wells on production by early July 2019. The drilling (Pilot) programme is scheduled to take around six weeks, following which wells (Glenaras 14L, 15L and 16L) will then be finished with horizontal electrical submersible pumps (ESPs) using a separate workover rig. Around $8 million of costs have been estimated for the new three wells lateral programme (including spudding, completion and tie-in), which is within the company’s strong cash position. The well configuration is anticipated to provide central well protection from the large drainage area drained by the previous two lateral wells. It will require three months of production drawdown to estimate material gas production rates. Interestingly, in order to facilitate the current spudding operations, two existing wells (Glenaras 10L and 12L) are expected to be shut for the process.

In the previous update, the company announced March 2019 Quarterly Report, where it highlighted the completion of all civil works for the drilling programmes (Glenaras multi-lateral pilot programme (“Pilot”) located in the Galilee Basin permit ATP 2019). To assess the feasibility of gas to power project at Glenaras, a Memorandum of Understanding (MOU) has been signed with Clarke Energy. Additionally, the company has given all civil contracts to local suppliers based on their successful delivery of high-quality work on the previous projects.

Earlier, as per the Quarterly Rebalance announcement by S&P/ASX indices, GLL was added into “All Ordinaries” index of ASX effective from March 18, 2019.

In its consolidated financial statement for the half-year ended 31st December 2019, the company reported an increase in revenue from $78,962 in H1 FY18 to $113,325 in H1 FY19. Its loss for the year increased from $1,212,687 in H1 FY18 to $2,026,112 in H1 FY19, majorly due to the rise in exploration and evaluation costs, administrative expenses and share-based payments. Its basic and diluted loss per share increased from A$0.78 in H1 FY18 to A$0.98 in H1 FY19.

On the stock information front, at the time of writing (on 18th April 2019, AEST: 02:00 PM), the stock of Galilee Energy was trading at $0.375, down 1.316% with a market capitalisation of ~$85.76 million. Today, it touched day’s high at $0.40 and day’s low at $0.375, with a daily volume of 409,028. Its 52 weeks high was at $0.80 and 52 weeks low at $0.145, with an average volume of 368,551. Its absolute return for five years, one year, six months, and three months are 206.54%, 80.95%, -44.12%, and -44.53%, respectively.


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