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Galilee Energy Provides Glenaras Drilling Update

Source: 10/20/2020, Location: Not categorized

- The final well in the Glenaras multi-well pilot, Glenaras 22, was drilled safely on time and within budget.
- All Betts Creek coal seams for Glenaras 22 intersected on prognosis with net coal of 26m, which was within expectations.
- The drilling rig has now been released and the completions rig will commence work this week.
- Surface facilities are under construction with the gathering system for gas and water now 90% complete.

Glenaras Gas Project (ATP 2019) - GLL 100%
Galilee Energy Limited (ASX:GLL) ("Galilee") is pleased to provide an update on the Glenaras Gas Project in the Galilee Basin in Queensland.

The Glenaras Gas Project ("Project") is located in ATP 2019, which is 100% owned and operated by Galilee. The Permit covers an area of approximately 4,000 km2.

The Project has one of the largest Contingent gas Resources on the east coast and is strongly positioned to supply the AEMO's forecast eastern Australian domestic market gas shortfall in the early to mid 2020's. The Project's independently derived and certified Contingent Resource* within the Betts Creek coals are 1C of 308 PJ, 2C of 2,508 PJ and 3C of 5,314 PJ, which represents sufficient gas supply to meet the entire eastern Australian domestic market needs for approximately 8 years (3C Contingent Resource - Glenaras Gas Project 650 PJ/year). Conversion of these material Contingent Resources to Reserves is the Company's primary focus.

Glenaras Pilot Enhancement Programme
The Glenaras 22 vertical well which was spudded on 11th October 2020, was successfully drilled through to planned total depth, intersecting the full Betts Creek coal section with the rig released on 16th October 2020. All coals were encountered on prognosis and a total of 26m of net coal was intersected with a complete set of wireline logs run to characterise the coal seams prior to production. The Glenaras 22 well has been cased and suspended for future production which completes the drilling of the five well pilot enhancement programme safely, ahead of schedule and within budget.

This programme completes what has been an outstanding drilling campaign. "The Company has now executed the five well programme safely, on schedule and within budget. I am very proud of the technical team who have worked tirelessly during the successful campaign which has significantly de- risked the project. We now have an enhanced multi well pilot over the full Betts Creek section which provides the platform for us to drawdown a large area of coal below critical desorption pressure which we expect will progress to material gas rates.", Managing Director Peter Lansom stated.

Glenaras Pilot Enhancement Well Locations
The crew for the completions rig (previously stacked on site to save mob and demob costs) has been mobilised to site and will commence completing the wells with pumps in the coming days.

Surface facilities and gathering system construction is well underway, with approximately 90% of the water and gas flowline installation and pressure testing complete.

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