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Galilee Energy : Glenaras Gas Project – Production Operations Update 24 July 2018

Glenaras Gas Project – Production Operations Update

ASX/MEDIA ANNOUNCEMENT

ASX:GLL

24 July 2018

Highlights

  •  Glenaras 10L and 12L continue to perform strongly, with excellent water rates in excess of 2,800 BWPD (barrels of water per day) in aggregate from both wells, with the current fluid level at approximately 530m from surface.

  •  Direct communication has been identified between Glenaras 10L and Glenaras 12L.

  •  Pressure drawdown continuing in the Glenaras 11L monitoring well.

  •  Production will continue to be ramped up over the coming weeks to achieve full reservoir drawdown.

Galilee Energy Limited (“Galilee Energy” or “the Company”) is pleased to announce that the Glenaras multi-lateral pilot is continuing to perform strongly and demonstrating excellent water rates, with both wells flowing water rates in excess of 2,800 BWPD in aggregate, with the current fluid level at approximately 530m from surface. In addition, there is evidence of direct communication between each of the lateral wells which is enhancing pressure drawdown in the pilot area.

“The results continue to be extremely encouraging, the water rates are at the upper end of our pre-drill expectations. We have seen pressure drawdown in the monitoring well and the communication between the lateral wells is direct evidence of the reservoir shielding that we were anticipating.” Managing Director Peter Lansom stated.

The pilot will be on production for an extended period to de-water and lower the pressure in the surrounding coal to achieve gas flow.

Figure 1 – Glenaras multi-lateral pilot

ASX/MEDIA ANNOUNCEMENT

Figure 2 – Glenaras 10L wellsite

For further information :

Peter Lansom

Managing Director Galilee Energy Limited +61 (0) 7 3177 9970

ACN:064 957 419

About Galilee

Galilee Energy is focused on creating a mid-tier exploration and production company building on its core strengths in coal seam gas appraisal and development. Its primary area of focus is Queensland where it is appraising the Galilee Basin whilst looking to add further acreage to its portfolio.

Directors

Shares on issue – 203,862,690

Chairman – Ray Shorrocks

Top 20 holders – 48.9%*

Managing Director – Peter Lansom

Directors and Management – 7.2%

Non-executive Director – Dr David King

*As at 20 July 2018

Non-executive Director – Stephen Kelemen

Attachments

Disclaimer

Galilee Energy Limited published this content on 24 July 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 July 2018 22:47:04 UTC