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Additional Information

Market:	ASX
Sector:	Coal
EPIC:	GLL
Latest Price:	0.15 (0.00%)
52-week High:	0.22
52-week Low:	0.14
Market Cap:	22.06M

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Galilee Energy

Galilee Energy (ASX: GLL) is a Brisbane based emerging energy company with coal seam gas (CSG) interests in Australia. The Company formerly known as Eastern Corporation, changed its name to Galilee Energy effective 1 June 2010.

Galilee has taken measured steps to transition from a coal based company to a focussed hydrocarbon energy company.

The Company's strategy is to demonstrate value in its large-scale, long-term CSG tenements in the Galilee Basin through a resource booking program. In addition it plans to seek a more balanced portfolio of short-term growth opportunities in the conventional and unconventional hydrocarbon sector.

Galilee holds two highly prospective CSG tenements in the Galilee Basin in central Queensland through subsidiary, Galilee Resources Limited. The tenements, ATP 529P and 799P, cover approximately 9,000 km² and are located 80km northwest of the Barcaldine gas-fired power station.

Galilee Energy maiden CSG resource estimate at Galilee Gas Project with AGL Energy

Thursday, June 30, 2011 by John Phillips

Coal seam gas focused Galilee Energy (ASX: GLL) has reached an important milestone at the Galilee Gas Project joint venture with major player AGL Energy (ASX: AGK), with the projects maiden coal seam gas (CSG) resource estimation.

AGL Energy is the operator of the 50:50 joint venture located in central Queensland, with SRK Consulting producing a Contingent Resource estimation of 259 petajoules (PJ) of 2C and 1,090 PJ of 3C Resources (technically recoverable).

The importance of the estimation is Galilee Energy now has a sound basis for continued development of the project, which covers 450 square kilometres of the 5929 square kilometre tenements known as ATP 529P.

In the next six months the company will now focus on a pilot and planned drilling campaign.

Glenn Haworth, chief executive officer for Galilee Energy, said "The work at the Glenaras Pilot is focused on delivering reserves by year-end and the three-hole drill program, starting soon, is planned to provide a basis for a larger resource estimate."

Galilee Energy is focused on coal seam gas interests in Australia and towards the end of last year announced an agreement with Bathurst Resources (ASX: BTU) for the sale of the company's New Zealand coal business for a headline cash price of $35 million.

In total the company has exploration permits over an extensive 9000 square kilometres, and has a gas marketing agreement in place with AGL Energy.

In mid-June 2011 Galilee Energy had cash on hand of $39.5 million.

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