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 and AGL Energy deliver first stabilised coal seam gas flow in the Galilee Basin
Galilee Energy (ASX: GLL) and joint venture partner AGL Energy (ASX: AGK) have delivered the first gas discovery at the Galilee Gas Project in the Galilee Basin, central Queensland.
This gas flow is significant as it is the first measurement of a stabilised gas flow from a coal seam gas pilot in the Galilee Basin.
Glenaras 6, part of the Glenaras close-spaced five-spot production pilot, started to flow at a steady rate of 54,000 standard cubic feet per day for four days before the well was shut down for maintenance.
Glenaras 6 is a cased and fracture stimulated well that accesses the R3 to R7 coal seams of the Betts Creek Beds.
Operation of the Glenaras pilot continues, with Glenaras 2, 4 and 6 operating while Glenaras 3 and 5 have been shut down, awaiting installation of new pumps in October.
Meanwhile, a three hole step-out campaign north of the Glenaras pilot has been completed, with al wells wireline logged and tested for permeability. Full reports are yet to be released.
Preliminary results showed that all wells intersected in excess of 25 metres of coal across the Betts Creek Beds and Aramac coal measures.
The step-out wells are designed to support a resource upgrade for the Galilee Gas Project. The wells have been suspended for future use as production wells.
The Galilee Gas Project is held in a 50/50 joint venture between AGL Energy, as operator) and Galilee Energy.
Galilee Energy has a wholly owned tenement in the Galilee Basin, ATP 799P, immediately adjacent to the Galilee Gas Project.
Analysis of data from two core holes at ATP 799P has confirmed gas composition and gas content levels consistent with typical results reported across the basin.
A $6 million four-year work program at ATP 799P, based on the intellectual property gained from exploration and analysis conducted in the Galilee Gas Project, is expected to be completed by the March quarter of 2014.
