New Risk • Mar 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$3.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$3.7m free cash flow). Share price has been highly volatile over the past 3 months (27% average weekly change). Negative equity (-AU$44k). Shareholders have been substantially diluted in the past year (225% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$12.7m market cap, or US$8.94m). New Risk • Jan 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 61% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Revenue is less than US$1m (AU$183k revenue, or US$123k). Market cap is less than US$10m (AU$8.09m market cap, or US$5.43m). Announcement • Dec 10
Galilee Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 1 million. Galilee Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 116,666,666
Price\Range: AUD 0.006
Discount Per Security: AUD 0.00036
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,666,667
Price\Range: AUD 0.006
Discount Per Security: AUD 0.00036
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,666,667
Price\Range: AUD 0.006
Discount Per Security: AUD 0.00036
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,666,667
Price\Range: AUD 0.006
Discount Per Security: AUD 0.00036
Transaction Features: Subsequent Direct Listing Announcement • Dec 03
Galilee Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 6.5 million. Galilee Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 6.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 175,000,000
Price\Range: AUD 0.007
Discount Per Security: AUD 0.00042
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 753,571,429
Price\Range: AUD 0.007
Discount Per Security: AUD 0.00042
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Oct 03
Galilee Energy Limited, Annual General Meeting, Nov 25, 2025 Galilee Energy Limited, Annual General Meeting, Nov 25, 2025. New Risk • Aug 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.8m free cash flow). Share price has been highly volatile over the past 3 months (28% average weekly change). Shareholders have been substantially diluted in the past year (85% increase in shares outstanding). Market cap is less than US$10m (AU$7.78m market cap, or US$5.09m). Minor Risk Revenue is less than US$5m (AU$2.1m revenue, or US$1.4m). Announcement • Apr 01
Galilee Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 0.7 million. Galilee Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 0.7 million.
Security Name: Ordiary Shares
Security Type: Common Stock
Securities Offered: 116,666,666
Price\Range: AUD 0.006
Discount Per Security: AUD 0.00036
Transaction Features: Subsequent Direct Listing Announcement • Mar 24
Galilee Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 1 million. Galilee Energy Limited has filed a Follow-on Equity Offering in the amount of AUD 1 million.
Security Name: Ordiary Shares
Security Type: Common Stock
Securities Offered: 166,666,667
Price\Range: AUD 0.006
Discount Per Security: AUD 0.00036
Transaction Features: Subsequent Direct Listing New Risk • Mar 13
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.9m free cash flow). Share price has been highly volatile over the past 3 months (30% average weekly change). Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$3.90m market cap, or US$2.45m). Price Target Changed • Mar 12
Price target decreased by 63% to AU$0.03 Down from AU$0.08, the current price target is provided by 1 analyst. New target price is 329% above last closing price of AU$0.007. The company posted a net loss per share of AU$0.01 last year. Board Change • Mar 12
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Non-Executive Director Greg Columbus was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 13
Vintage Energy Limited (ASX:VEN) cancelled the acquisition of Galilee Energy Limited (ASX:GLL). Vintage Energy Limited (ASX:VEN) agreed to acquire Galilee Energy Limited (ASX:GLL) for AUD 6.1 million on August 15, 2024.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by target shareholders, consummation of due diligence investigation, obtaining financing, subject to court approval and third party approval needed. The deal has been approved by the board. MinterEllison served as legal advisor to Vintage and Piper Alderman served as legal advisor to Galilee Energy
Vintage Energy Limited (ASX:VEN) cancelled the acquisition of Galilee Energy Limited (ASX:GLL) on December 12, 2024. New Risk • Dec 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$3.34m market cap, or US$2.14m). Announcement • Oct 02
Galilee Energy Limited, Annual General Meeting, Nov 27, 2024 Galilee Energy Limited, Annual General Meeting, Nov 27, 2024. New Risk • Sep 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 64% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$7.80m market cap, or US$5.39m). New Risk • Aug 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (AU$6.10m market cap, or US$4.15m). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding). Announcement • Aug 20
Galilee Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 0.5 million. Galilee Energy Limited has completed a Follow-on Equity Offering in the amount of AUD 0.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 41,666,667
Price\Range: AUD 0.012
Discount Per Security: AUD 0.00072
Transaction Features: Subsequent Direct Listing Announcement • Aug 16
Vintage Energy Limited (ASX:VEN) agreed to acquire Galilee Energy Limited (ASX:GLL) for AUD 1.5 million. Vintage Energy Limited (ASX:VEN) agreed to acquire Galilee Energy Limited (ASX:GLL) for AUD 1.5 million on August 15, 2024.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by target shareholders, consummation of due diligence investigation, obtaining financing, subject to court approval and third party approval needed. The deal has been approved by the board. Buy Or Sell Opportunity • May 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.5% to AU$0.042. The fair value is estimated to be AU$0.053, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 37% over the last 3 years. Earnings per share has grown by 40%. New Risk • Apr 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$16.0m market cap, or US$10.4m). Board Change • Mar 23
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Non-Executive Director Greg Columbus was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.7m free cash flow). Earnings have declined by 7.7% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$12.6m market cap, or US$8.21m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). New Risk • Feb 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.3m (US$9.93m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.7m free cash flow). Earnings have declined by 7.7% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$15.3m market cap, or US$9.93m). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). New Risk • Jan 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.7m free cash flow). Earnings have declined by 7.7% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (AU$19.0m market cap, or US$12.5m). Board Change • Dec 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Non-Executive Director Greg Columbus was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 07
Galilee Energy Limited Announces Finalisation of Managing Director, David Casey's Resignation Effective 6 December 2023 Further to the announcement made on 12 September 2023, Galilee Energy advised that the resignation notice period for the Managing Director, David Casey, was completed on 6 December 2023 and his resignation from the Company is now finalised. New Risk • Oct 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.7m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 7.7% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$18.6m market cap, or US$12.0m). Announcement • Oct 05
Galilee Energy Limited, Annual General Meeting, Nov 23, 2023 Galilee Energy Limited, Annual General Meeting, Nov 23, 2023. Announcement • Sep 12
Galilee Energy Limited Announces Executive Changes Galilee Energy Limited announced that Mr. David Casey, the Managing Director of the Company, has resigned and will step down from the role before the end of 2023. David has given 3 months notice to enable the closing out of the various initiatives that Galilee is pursuing and so that appropriate long-term planning can be put in place. Mr. Casey retires from the Company to focus on other business opportunities which are anticipated to require an increased time commitment. In the interim, the Board has appointed the chairman Ray Shorrocks to Executive Chairman. New Risk • Jul 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$17m free cash flow). Earnings have declined by 19% per year over the past 5 years. Revenue is less than US$1m (AU$19k revenue, or US$13k). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (AU$42.3m market cap, or US$28.7m). Announcement • Dec 20
Galilee Energy Limited Provides the Following Production Operations Update on the Glenaras Multi Well Pilot Galilee Energy Limited provide the following production operations update on the Glenaras multi well pilot . On the back of remedial operations on Glenaras 26, the Pilot has achieved a record gas rate in excess of 100 Mscfd. With all 16 wells online and pumping, the declining water rates are indicative of decreasing reservoir pressure over an area not seen previously at the Pilot. Notably while still predominantly solution gas, this is the first time that the gas rate, and in particular the annulus gas or gas primarily from the target seams, has shown an increasing trend, or remained steady with concurrent decreasing water rates, and is evidence that a larger area of the Pilot is approaching the desorption pressure window. Importantly, the reservoir pressure sink has been observed to be both deepening and widening across the Pilot. · A reduction in pressure has been observed at the Glenaras 14L monitoring well following the recent remedial work on Glenaras 26, and Glenaras 14L has recorded its lowest pressure since commencement of the Pilot. · A recent, brief shut-in of Glenaras 21 indicated that the pressure at this location is now at the lowest point observed on record and is under the anticipated desorption pressure window. · Additionally, the distal Rodney Creek 8 well continues to demonstrate declining pressures. In summary, the recent increasing gas production trend demonstrates that the focus of continuing to drive the reservoir pressure lower and getting more coal under the desorption pressure is beginning to achieve the desired results. Announcement • Nov 21
Galilee Energy Limited Announces Change of Company Secretary Galilee Energy Limited announced that Andrew Ritter has been appointed as Company Secretary with immediate effect. Andrew Ritter is an experienced Company Secretary, a Chartered Company Secretary and Fellow of the Chartered Governance Institute with more than 20 years' experience, having worked with many ASX listed companies across a variety of industry sectors. Stephen Rodgers has resigned as Company Secretary with effect from November 21, 2022. Price Target Changed • Nov 16
Price target decreased to AU$0.58 Down from AU$0.95, the current price target is provided by 1 analyst. New target price is 104% above last closing price of AU$0.28. Stock is down 35% over the past year. The company posted a net loss per share of AU$0.063 last year. Announcement • Nov 04
Galilee Energy Limited Provides Production Operations Update on the Glenaras Multi Well Pilot Galilee Energy Limited provided the following production operations update on the Glenaras multi well pilot ("Pilot"). As indicated in the company's recent release of 6th October 2022, the Pilot has continued to observe strong pressure depletion and this trend has been confirmed by further direct pressure measurements and build-up tests taken in a number of wells across the Pilot. This is most evident in Glenaras 22, which despite being one of the more prolific water producers, has seen a 30% reduction in reservoir pressure to around 800psi in just 4 months since the Pilot resumed production. This demonstrates that the pressures in the surrounding laterals, which are primarily producing from the R3 coal seam, are at or very close to the target pressure window. It is apparent from this pressure profile that despite the encouraging results to date, the company is only at the beginning of the desorption process, with continued pumping over the coming months still required to expand the area of desorbed gas sufficiently to yield indicative results. There are currently 14 wells producing, with two wells requiring workovers over the next two weeks to replace pumps. While gas rates have decreased slightly as a result, they are still at some of the rates recorded to date for the Pilot. Gas from these wells will supply a new gas-only generator which has been recently commissioned to enable excess flared gas to be utilized and assist in driving down operating costs with increasing gas rates. Both pump failures are a consequence of normal wear and tear with the pumps having achieved very good run times exceeding 12 months. Notably Glenaras 22, an important shield well protecting the inner lateral wells from water ingress to the north, which had been producing for a total of 480 days for a total lift of 1.6 million barrels at an average production rate of 3,400 BWPD. It is also very encouraging that the rationale for the recently drilled wells, i.e., to address the Colinlea Sandstone specifically (due to cross flow across the nearby fault), and to in turn shield the existing Pilot wells, has been justified. Two of the recently drilled wells, which are in closest proximity to the fault, are the highest water producers to date, and have been critical in preventing excess water from entering the inner part of the Pilot. It also provides further confirmation of the high productivity of wells in the vicinity of the fault. The benefits of the recent drilling programme in protecting the Pilot are now very clear and measurable. An example of the impact this shielding is having is observed in Glenaras 20 which is one of the shielded wells and relatively close to the fault. Following resumption of production after the recent drilling programme, there has been sharp water rate decline at Glenaras 20 and the well is currently at its lowest rate of just under 2,700 BWPD. This is additional evidence of the overall continuing strong pressure decline within the Pilot area. In summary, the Pilot continues to drive the reservoir pressure lower with the aim of getting more coal under the desorption pressure. At this point in time, only a small area of coal is below the desorption pressure, however with continued pumping it is expected that this volume with continue to increase significantly, especially once Glenaras 22 is back online. Announcement • Oct 07
Galilee Energy Limited Announces Glenaras Operations Update Galilee Energy Ltd. provided the following production operations update on the Glenaras multi well pilot ("Pilot"). Overall performance at the Pilot has been as planned. There are currently 15 wells online, with 1 of the older wells awaiting a workover. Despite this, given the inherent pump redundancy that now exists across the Pilot and from adjacent wells, water production is still around 30,000 BWPD with a gas rate around 90 Mscfd. Recently collected reservoir pressure data indicates that the Pilot is currently performing better than ever in its history. The pressure sink is now growing faster than it has previously and the Pilot is beginning to expand the volume of coal below the estimated desorption pressure. Glenaras 14L, which is currently being used as an important observation well, has recorded its lowest pressure since commencement of the Pilot. This confirms that the R3 seam, in the central region of the Pilot, is within the critical desorption window. Additionally, the vertical production wells surrounding the laterals are also rapidly approaching the critical desorption pressure window. The more distal Rodney Creek 8 well has also displayed a strong decline in reservoir pressure, which is evidence of the significant area that is being impacted by the current Pilot production. The clear message from this pressure data is that the new wells are performing as expected, with the resultant pressure reduction currently on trend to see an increasing area of coal below desorption pressure, which should result in larger volumes of desorbed gas in the coming months. The irrigation trials continue to successfully handle the large volumes of water being produced by the Pilot. Currently the crops being grown are a combination of forage sorghum, barley and a small amount of lucerne. Good yields are still being recorded across the different irrigation areas. These results are very encouraging for the long-term water handling aspects of the Project. Announcement • Oct 05
Galilee Energy Limited, Annual General Meeting, Nov 24, 2022 Galilee Energy Limited, Annual General Meeting, Nov 24, 2022, at 10:00 E. Australia Standard Time. Announcement • Aug 15
Galilee Energy Limited Provides Update on Glenaras Gas Project Galilee Energy Limited announced that all new well are currently online and contributing to dewatering of the Glenaras multi-well pilot ("Pilot") in the Galilee Basin. The Pilot now has all 16 wells pumping, namely the 10 original wells along with the additional 6 new wells from the recent programme. Pilot water production is currently in excess of 30,000 BWPD with associated gas rates around 70 Mscfd. The current water rate is the highest achieved by the Pilot to date and with excess pump capacity enabling significantly higher production rates if required, provides significant additional redundancy not previously available. As previously announced, the reservoir pressure in the overall Pilot increased as expected during the drilling programme due to the requirement for each of the existing wells to be shut in. Encouragingly the company now observing that much of this increase is being negated by strong well-to-well interference and connectivity, with the overall reservoir pressure trending strongly downwards. Announcement • Jul 14
Galilee Energy Limited Provides Glenaras Pilot Update Galilee Energy Limited provided the following operational and project update on the Glenaras multi-well pilot ("Pilot") and announce that the existing Glenaras Pilot wells are back online with water rates approaching pre-drilling programme rates of around 18,000 BWPD. Notably, despite the extended shutdown due to numerous rainfall events during the drilling programme, which naturally saw reservoir pressure increase across the Pilot, are seeing excellent reservoir connectivity and continued good pressure drawdown across the current wells. Notwithstanding more recent rainfall events, excellent progress has also been made on the construction of an additional irrigation system which should see the new Pilot wells commissioned within the next 2 weeks, further boosting ability to ramp up water rates and accelerate pressure drawdown across the Pilot. Announcement • Jun 24
Galilee Energy Ltd Announces Silver City Rig 23 Completes the 6th and Final Well of 2022 Current Programme at the Multi-Well Pilot Galilee Energy Ltd. provided the following drilling update and announced that Silver City Rig 23 has completed the 6th and final well of this year's current programme at the multi-well pilot ("Pilot"). Glenaras 29 was the 6th and final well of the 2022 programme and was drilled to a total depth of 1,039 metres, with all Betts Creek Beds coal seams intersected as prognosed. A total of 27 metres of net coal has been confirmed with excellent gas shows. Notwithstanding the potential risks around drilling through a depleted reservoir area, this well was successfully completed and marks the end of the drilling component of the overall programme. All existing wells will now be progressively brought back online over the coming weeks with surface facilities work on track for completion by the end of July. Announcement • Jun 21
Galilee Energy Limited Announces Drilling of 6 Well Underway Galilee Energy Ltd. provided the following drilling update and announce that Silver City Rig 23 has completed the 5th well of this year's current programme at the multi-well pilot ("Pilot"). Drilling Glenaras 26 was the 5th well of the 2022 programme and was drilled to a total depth of 1,039 metres, with all Betts Creek Beds coal seams intersected as prognosed. A total of 28 metres of net coal has been confirmed with excellent gas shows. The rig has now moved to Glenaras 29, the final well of the 2022 programme. Glenaras 29 spudded on 17th June and is currently drilling ahead at 850 metres to TD of 1,050 metres. This well is in the centre of the existing lateral wells and will be a key well for the Pilot as it will be in an area of maximum pressure depletion. Surface Facilities The power station upgrade has been completed and pre-commissioned. The stringing and welding of the gathering and associated tie-in points is nearing completion. Trenching and laying of all gathering pipeline is now underway with skids mobilized to wellsite. All surface facility works scheduled will be completed within July. Announcement • Jun 14
Galilee Energy Limited Provides Glenaras Drilling Update Galilee Energy Ltd. announced the addition of a 6th well to the 2022 drilling programme at the multi-well pilot. Glenaras 29 will be drilled in the centre of the existing lateral wells and will therefore receive the benefit of maximum interference and shielding in an area of maximum pressure depletion. Glenaras 26, the 5th well in the current programme, was also spudded over the weekend and is currently drilling ahead at 1,011 metres to TD of 1,050 metres. This additional well has been made possible in large part by the R&D refund received recently and in particular the experience gained from successfully drilling adjacent to and through the fault in the southern part of the Pilot. While this well had been contemplated previously with the necessary long lead items having been ordered, the main challenge was and remains the risks associated with drilling it in an area of maximum pressure depletion. While still an inherent risk, the successful drilling track record of this year's programme in similarly challenging conditions, has provided the necessary confidence that the potential risk is worth the significant benefits which company believes will result from this additional well. The primary benefit being the ability to decrease the time required to achieve critical desorption and in turn an indication of commercial gas rates. This has taken on increasing significance with the unforeseen delays to the current programme due to the various unseasonal rainfall events. These events have not only impacted the drilling schedule and all site works, but have also resulted in the existing Pilot wells, which needed to be suspended while drilling operations were conducted nearby, being shut in for extended periods. The location of Glenaras 29 which will intersect the entire coal sequence, will see an expedited pressure reduction within the centre of the Pilot and will enable for much if not all of this lost time and reservoir performance to be addressed. If there is a benefit that has come from having the Pilot wells shut in, it is that the Company has been able to monitor reservoir pressure performance in the Betts Creek Beds over time, which has further confirmed the pre-drill expectation of exceptional reservoir quality and significant lateral continuity. In addition, it has become abundantly clear that the addition of a central vertical well, fully shielded in all directions, represents the most efficient means of collectively draining the entire Betts Creek Beds section and in turn accelerating de-pressurisation and gas desorption towards achieving commercial flow rates of gas. As previously reported, the Galilee Basin has been specifically identified by the federal government as a strategic basin to unlock the vast gas resources in the region, with the aim of increasing the nation's east coast gas supply and applying downward pressure on gas prices. As such Galilee looks forward to working with both the State and Commonwealth governments to unlock this huge resource and bring it to market as quickly as possible. Announcement • Jun 09
Galilee Energy Limited Announces Drilling of Fourth Well in 2022 Programme Complete Galilee Energy Ltd. provided the following drilling update and announce that Silver City Rig 23 has completed the drilling of the fourth well of this year's current programme at the Glenaras multi-well pilot ("Pilot"). Glenaras 25 was the fourth well of the 2022 programme and the drilling rig is currently moving to Glenaras 26. Glenaras 25 was drilled to a total depth of 1,058 m with all Betts Creek Beds coal seams intersected as prognosed. A total of 28 metres of net coal has been confirmed with excellent gas shows onpenetration during drilling. With four wells now drilled, the results are confirming the geological model as interpreted. The Betts Creek Beds coal seams are well developed, gas-bearing and laterally continuous across the Pilot area. The seams can also be correlated up to 20 km further away, supporting the significant contingent resource certified for the Betts Creek Beds coal seams. The interpretation of the fault zone at the southwestern margin of the Pilot has also been confirmed through identification of fracturing in the coal seams in both G17A and G27. The presence of the fault zone is significant as it proves the presence of a zone of major vertical connectivity and water crossflow into the coals, which can now be counteracted by production from the key wells Glenaras 26, 27 and 28. These wells will form a critical water inflow shield from the fault zone into the main area of the Pilot. The power station upgrade is well underway with the new generator installed on-site and connected with commissioning progressing. The trenching for the gathering and associated tie-in points has now commenced with site conditions improving following recent unprecedented rainfall events. The gathering pipe has been laid out and will be installed over coming weeks. Announcement • May 31
Galilee Energy Limited Commences Drilling of Fourth Well in 2022 Programme Galilee Energy Ltd. provided the following drilling update and announced that Silver City Rig 23 has commenced the drilling of the fourth well of this year's programme. Glenaras 25 is the fourth well of the 2022 programme which includes the drilling, completing, connecting, and powering of an additional 5 vertical wells. Glenaras 25 spudded and is currently running surface casing after drilling to 200 metres overnight. Glenaras 27 was drilled to a total depth of 1,035 metres intersecting 25 metres of net coal as prognosed. The well was deliberately drilled into the centre of an identified fault zone, adjacent to the pilot, which is interpreted to be the primary mechanism for vertical connectivity of water sands to the gas-bearing coals. Upon penetration in Glenaras 27, the coals displayed significantly higher gas readings with gas peaks aligning with likely fractures developed in multiple coal seams as identified on the caliper log. The identification of fractures confirms the presence of the fault zone adjacent to the pilot and bodes well for enhanced productivity from Glenaras 27. De-watering directly from within the fault zone is expected to further accelerate overall de-watering towards the required critical desorption pressure to achieve commercial gas flow rates. Glenaras 27 was drilled in under 7 days and under budget, and notwithstanding the previously reported unseasonal rain events, underlines the excellent progress to date on delivering the overall programme. The downhole electric submersible pump (ESP) and tubing has been successfully run and the wellhead installed on Glenaras 24. Wild Desert completion rig has commenced mobilisation to Glenaras 27. Announcement • May 24
Galilee Energy Limited Provides Update on Glenaras Programme Galilee Energy Limited provided the following drilling and programme update and announce that Silver City Rig 23 has commenced drilling the third well in the current five well programme. Silver City Rig 23 commenced drilling at Glenaras 27 and has successfully drilled to the surface casing depth of 200m. All surface casing has now been run into the well with cementing operations about to commence. This is the third well of the 2022 programme which consists of drilling, completing, connecting, and powering an additional 5 vertical wells Glenaras 27 is located in the centre of the identified fault zone that is interpreted to be the primary mechanism for facilitating water cross- flow in the Betts Creek Beds from interbedded sands into the coal seams. The fault zone is expected to host a higher intensity of fractures, which Glenaras 27 will directly access and subsequently produce from at higher flow rates. Glenaras 27 has been located to optimise the shielding of the pilot from incoming water and to further accelerate the pilot towards achieving commercial gas flow. The drilling of Glenaras 27 has been delayed due to a second rain event last week. The two rain events resulted in the higher May rainfall experienced in the region for 30 years. The roads have dried out sufficiently to enable the rig to be moved and for drilling materials to be delivered to site. To mitigate the impact of losing road access during drilling, agreements have been negotiated with Halliburton and Schlumberger whereby all necessary equipment is left on-site during the during campaign resulting in cost and logistics efficiencies. The completion element of the programme has commenced, involving the running of tubing and pumps into the wells and wellhead installation. The completion work will be completed by the Wild Desert workover rig which has set up over Glenaras 24. Work is underway in preparation for upgrading the existing power station to provide additional power for the new wells. A 500 kVA power generator has arrived on- site with installation about to commence. Announcement • May 16
Galilee Energy Completes Drilling of Second Well in 2022 Galilee Energy Ltd. provide the following drilling update and announced that Silver City Rig 23 has completed drilling Glenaras 28. Glenaras 28 is the second well of the 2022 programme which includes the drilling, completion,connecting, and powering of an additional 5 vertical wells. Glenaras 28 was drilled to a total depth of 1,038 m and intersected a total of 27 m of coal. Similar to Glenaras 24, the coals exhibited gassy behaviour on intersection. The drilling of the well was completed on schedule despite over 50 mm of rain falling on the site and access roads. This unseasonal second rain event has caused further saturation of the area and is the highest rainfall for 30 years in the region for this time of the year. The drilling campaign will recommence once the unsealed council and access roads have dried sufficiently to allow heavy equipment movement. This is expected to be within the next week, withthe weather and current situation being closely monitored and factored into forward planning. Recent Insider Transactions • May 12
Insider recently bought AU$1.1m worth of stock On the 10th of May, Stephen Copulos bought around 3m shares on-market at roughly AU$0.35 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$959k more in shares than they have sold in the last 12 months. Announcement • May 09
Galilee Energy Limited Announces That the Silver City Rig 23 Commenced Drilling the Second Well in the Current 5 Well Programme Galilee Energy Ltd. provided the following drilling update and announce that the Silver City Rig 23 has commenced drilling the second well in the current 5 well programme. Silver City Rig 23 commenced drilling at Glenaras 28 late yesterday, has drilled to 200m and is currently preparing to run surface casing. This is the second well of the 2022 programme which consists of drilling, completing, connecting, and powering an additional 5 vertical wells. The mobilisation to the second well was slightly delayed due to in excess of 160 mm of rain impacting site access along both unsealed local and council roads. These roads have dried out sufficiently to finalise mobilisation and resume drilling. Glenaras 28 was moved up the drilling order due to another impending rain event forecast this week. The G28 lease pad is closest to the camp and provides the best operational location given the forecast short term conditions. The wells in this campaign are planned tobe drilled to a depth slightly greater than 1,000m with 8 3/4" drill bit. The wells will then have 7" production casing run and cemented in place. The section over the Betts Creek beds will have slotted casing allowing it to be an open-hole completion. The drilling operations of each well is expected to take approximately a week. Recent Insider Transactions • Apr 28
Insider recently bought AU$1.0m worth of stock On the 22nd of April, Stephen Copulos bought around 3m shares on-market at roughly AU$0.29 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold AU$114k more in shares than they bought in the last 12 months. Price Target Changed • Apr 27
Price target increased to AU$0.95 Up from AU$0.83, the current price target is provided by 1 analyst. New target price is 206% above last closing price of AU$0.31. Stock is down 60% over the past year. The company posted a net loss per share of AU$0.065 last year. Announcement • Apr 21
Galilee Energy Limited Announces Drilling At Glenaras Has Commenced Galilee Energy Limited provide the following operations update and announce that Silver City Rig 23 had commenced drilling the first well of this year's programme. At the time of this release 9-5/8 casing had been run to 200m and preparations were well underway to complete cementing operations. All existing pilot wells have been online and producing consistently with the longest continuous run time recorded to date without the repeated pump failures evidenced previously. Drilling commenced late at Glenaras 24, which is the first well of the 2022 programme which includes the drilling, completing, connecting, and powering of an additional 5 vertical wells. Each of the wells in this campaign will be drilled to a depth of around 1,000m and cased with 7" production casing to the top of the coal section. The section over the Betts Creek beds will be slotted allowing it to be an open-hole completion. Drilling time for each well is expected to take approximately 7 days. The gathering and electrical cable trenching activities are scheduled to commence next week. It is anticipated that some of the existing pilot wells will need to either be turned down or shut-in for limited periods throughout the course of the current programme to ensure safe and optimal operations at all times. Announcement • Apr 08
Galilee Energy Limited Provides Operations Update and Announces Silver City Rig 23 Now Onsite Galilee Energy Limited provided the following operations update and announced that the Silver City Rig 23 is now onsite. All wells are currently online and pumping with production rates steady over the last week. Activities for the preparation of the Glenaras drilling programme have continued to progress this week. The 2022 programme consists of drilling, completing, connecting and powering an additional 5 vertical wells. The Silver City Rig 23 has arrived on-site following being washed down to remove weeds and seeds. This rig is a 760 HP rig with 200 klbs pull back. It is the sister rig of Silver City Rig 25 which was successfully used in the 2020 drilling programme. The rig is the process of being set up on the first well, G24 and is expected to spud on 20 April following a scheduled crew break. The preparatory clear and grade for the right of ways for the gas gathering and electrical cables is now complete. The trenching and construction activities to install these is scheduled to commence after Easter. The sorghum on the second pivot irrigation area is currently being cut. The continued good performance and yields from the crops provides confidence with the long- term sustainability of the current irrigation practices being used in conjunction with the CSG water from the Glenaras pilot. A new sorghum crop is currently being planted within the travelling irrigator area. Announcement • Mar 03
Galilee Energy Limited Announces Rig Secured for Glenaras Drilling Programme Galilee Energy Limited provided the following operations update and announce that a drilling rig has been secured for the upcoming drilling programme at the Glenaras multi-well pilot. Following the servicing and replacement of surface equipment at Glenaras 16 and 21, both of these wells are back online with the average gas rate from the Pilot stable at around 50 Mscfd, with total water production of approximately 17,000 BWPD. Reservoir pressure monitoring indicates that there has been significant progress in depressurisation of the Betts Creek coals but not at an acceptable rate to achieve commercial gas production in a sufficient timeframe. As previously reported, new modelling undertaken by Schlumberger, taking into account the southwestern permeability conduit fault zone, has confirmed that the significant pressure sink already created can be sufficiently enhanced within 6 to 12 months if five new vertical wells (Glenaras 24-28) are drilled around the southwestern flank of the Pilot. Following the successful capital raising of $11.8 million last week, the Company has now signed a drilling rig contract with Silver City for Rig 23. All landowner and environmental approvals have now been received for the new well locations and civil construction works are progressing with lease pads now under construction. Drilling is expected to commence in mid-April and all necessary long lead items have been ordered with several items already in storage on site. Planning is underway to construct the electrical, gas and water gathering systems for the five new production wells. All long lead items have also been ordered for the surface facilities, pipeline and electrical network. Work is well advanced on the design and procurement of a new mobile irrigation system to be constructed and commissioned shortly with the aim of beneficially managing water production. Importantly the water produced is essentially fresh requiring little to no processing and can therefore be used for irrigation, which provides scope for additional direct and indirect revenue streams to Galilee in the future. Announcement • Feb 25
Galilee Energy Limited announced that it expects to receive AUD 0.44 million in funding Galilee Energy Limited announced a private placement of 1,375,000 common shares at an issue price of AUD 0.32 per share for gross proceeds of AUD 440,000 on February 24, 2022. The transaction will involve participation from new and existing institutional and sophisticated investors. The investors will receive one unlisted option for each share allotted to them, exercisable at AUD 0.75, and expiring December 5, 2019. The transaction is expected to close on April 14, 2022. Announcement • Jan 28
Galilee Energy Limited Provides an Update on the 100% Owned and Operated Glenaras Multi-Well Pilot Programme Galilee Energy Limited provide an update on the 100% owned and operated Glenaras multi-well pilot programme ("Pilot") in the Galilee Basin ATP 2019. With the exception of G21 which tripped yesterday, all pumps have been back online continuously since the last workovers, with water production gradually restored to a peak rate of 19,300 BWPD in mid-December 2021. Water production prior to G21 shutting down was around 17,500 BWPD representing a 9% decline since the mid December peak. G21 shut down was due to a surface facilities issue, not downhole pump failure, and it should be back up and pumping next week. The reduction in water rates is associated with a reduction in reservoir pressure and the onset of modestgas desorption, although this does not necessarily translate to simultaneous increased gas production which is often delayed, particularly in low rank coals, requiring sustained pressure reduction over time. The challenge going forward is to expedite this process in the most cost-effective manner. Executive Departure • Dec 02
MD & Director David King has left the company On the 1st of December, David King's tenure as MD & Director of the company ended after less than a year in the role. As of September 2021, David still personally held 1.44m shares (AU$692k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.08 years. Under David's leadership, the company delivered a total shareholder return of -32%. Announcement • Jul 20
Galilee Energy Limited Provides Glenaras Gas Pilot - Operations Update Galilee Energy Limited provided an update on the 100% owned and operated Glenaras multi well pilot programme ("Pilot") in the Galilee Basin ATP 2019. Normal operations have been temporarily interrupted by a pump failure at the Glenaras 19 (G19) well, in addition there has been restricted site access following a period of wet weather. This interruption has slightly delayed the full extent of the planned testing of the optimised Pilot configuration following the recently completed pump enhancement programme (PEP). However, workovers on Glenaras 12 and Glenaras 16 were successfully completed and brought on- line, resulting in the Pilot water production rates achieving a new record of more than 20,000 BWPD prior to G19 going off-line and Glenaras 14 (G14) shut-in for pressure surveillance. Total gas rates excluding the contribution from current shut-in wells Glenaras 19 (workover) and Glenaras 14, (pressure surveillance) remained steady. Full field gas rates will be measured once all wells are back on-line and optimised. Importantly, the portion of total gas desorbing from the coals, as opposed to the gas being produced in the water phase, has increased significantly from ~45% to ~75% over the past month, which is consistent with the reservoir pressure in the central part of the Pilot dropping below the anticipated critical desorption pressure of ~600psi. This performance is consistent with the behaviour of a traditional CSG field. Gas rates from desorbing coal will continue to increase as the "pressure sink" expands in the Pilot area. This important transitional change in reservoir behaviour is now supported by the results from the direct measurements of pressure over the last few days at G14, which recorded a pressure of ~550psi. This direct measurement augurs well for achieving depletion in the outer field over the coming weeks and months, as explained in the paragraphs below. Irrigation at pivot 1 and 2 continued uninterrupted throughout the wet weather last week. An additional area has been prepared to handle future increase in water rates and the associated equipment is currently being installed. Recent workover activities have provided an opportunity to gather reservoir pressure information in the centre of the Pilot. The middle lateral well G14 was recently shut-in to gather this pressure information and this demonstrated a reservoir pressure of circa 550 psi, which is the first pressure measurement in the area below the anticipated critical desorption pressure. The pressure data demonstrates that following the PEP, the middle lateral well (G14) is now below anticipated desorption pressure and the other laterals are trending strongly towards this pressure. This reinforces the message that the current rate of pressure decline indicates that the critical desorption pressure is close to being achieved over the entire central Pilot area. Additionally, the reservoir pressure at the perimeter well G19 is in the mid 700's psi, a depletion of several hundred psi over the last few months. This trend is as per expectations and confirms that the outer wells are also experiencing a steady decline in reservoir pressure and hence greater gas rates. The technical objective of the Pilot is to remove water from the coal sequence in order to reduce the pressure in the coals. This depressurisation allows the gas stored in solid solution on the coal grains to be released and flow through the coal seams and into the wells. The current gas rate is a reflection of only relatively small amounts of coal immediately around the well bores being below the estimated critical desorption. Gas rates will continue to increase as this "pressure sink" expands inside the Pilot area and more coal is exposed to pressure below the critical desorption level. Recent results from the Glenaras Pilot continue to provide significant encouragement for the unlocking of a material gas resource. It is anticipated that following the collection and review of new data and with all wells back online over the coming weeks, we will be well positioned for a measured expansion of operations and able to provide a clear road map of future project milestones. Announcement • May 31
Galilee Energy Limited Provides an Update on the 100% Owned and Operated Glenaras Multi Well Pilot Programme ("Pilot") in the Galilee Basin ATP 2019 Galilee Energy Limited provided an update on the 100% owned and operated Glenaras multi well pilot programme ("Pilot") in the Galilee Basin ATP 2019. The recently completed pump enhancement programme (PEP) has resulted in optimisation of the pumps in each of the wells and the average natural gas rate from the Pilot has increased to approximately 70 Mscfd in aggregate. Natural gas is now being recorded in five of the outer vertical wells and the PEP has succeeded in its objective of increasing the water rate by over 30%, with the current water rate now below 19,000 BWPD from a peak of approximately 20,000 BWPD. Figure 1 demonstrates the history of the Pilot over the past 12 months and the material impact of the recent PEP in the space of less than three weeks. The chart displays overall water and natural gas rates as well as reservoir pressure measured at the edge of the central Pilot area. At the end of Phase 1, the water and natural gas rates had flattened, with reservoir pressure falling gradually and requiring acceleration. This was the rationale for the next phase of drilling. Following the vertical wells programme (Phase 2), the reservoir pressure decline accelerated, with consequent increases in both water and natural gas rates. However the vertical wells displayed potential to flow at even higher water rates, and as such an opportunity was identified to further accelerate the Pilot. The recently concluded PEP (Phase 3), which was implemented to maximise the water offtake potential from these wells, has achieved its objective of a 30% increase in water rate. The recent
production data demonstrates the anticipated falling off in water rate (as pressures decline) along with an increase in natural gas rate, indicating that the PEP has had a marked impact on the reservoir despite the wells only being at full production for less than three weeks. The current rate of measured pressure decline indicates that critical desorption pressure is very close to being achieved in the central Pilot area. Announcement • Mar 19
Galilee Energy Limited Provides Operations Update of Glenaras Gas Pilot Galilee Energy Limited announced that as previously advised, the Glenaras multi-well pilot ("Pilot") has been producing strongly. The average gas rate from the Pilot has been steady at approximately 50 Mscfd, with the gas measurement from the recently installed separator still constrained. The project to remove this constraint has been impacted by recent wet weather, however the equipment is onsite and will be installed as a priority. The workover rig has been contracted and is scheduled to mobilise in the last week of March and all other key enablers for the pilot enhancement programme are well placed. The larger capacity downhole pumps have arrived in Brisbane from overseas and the mobile camp is currently in Longreach to be transported to site once the council roads have re-opened. The manufacturing of all necessary surface equipment is complete and due onsite early next week with installation activities planned to commence immediately afterwards. Announcement • Feb 26
Galilee Energy Limited Provides an Update on the Glenaras Gas Project in the Galilee Basin in Queensland Galilee Energy Limited provided 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 3,200 km. 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 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 fulfil approximately 25% of eastern Australian domestic market needs for over 30 years (3C Contingent Resource at 650 PJ/year). Each of the eleven wells at the Pilot are now on continuous production. The aggregate water rate from the Glenaras multi-well pilot ("Pilot") is currently ~14,250 BWPD. The lateral wells have continued to decline and are now at ~4,400 BWPD, down from a monthly rate of 6,000 BWPD in November 2020 just prior to commencing production from the vertical wells. The production from the vertical wells has reached the capacity of the existing downhole pumps and the reservoir quality in these wells has been higher than expected, resulting in the potential well performance exceeding existing pump design specifications. The Schlumberger reservoir modelling indicated that a significant acceleration in gas rates would be achievable by increasing the water production rates from the vertical wells. To accelerate the process of achieving commercial gas production, the decision has been made to implement workovers in six of the vertical wells to optimise the production performance in these wells. The PEP is targeting an increase of over 30% in total Pilot water production, which is expected to have a material impact on the Pilot. The estimated cost of the programme is $2.5 million and is planned to commence in the second half of March. The average gas rate from the Pilot over the last week is approximately 50 Mscfd. There have been increased volumes of gas observed through the water line at the water storage facility, however this has been unable to be recorded due to technical limitations in the metering. Work is underway to remedy this situation and to increase the capacity of the separator metering to measure the full volume of gas produced. In addition, a reservoir surveillance programme has been designed to monitor the impacts of the PEP on the reservoir pressure of the Pilot on a regular basis. This programme will enhance understanding of the impact of the PEP on the overall reservoir pressure of the Pilot, as well as any changes at specific wells. The resultant information will be critical for field development planning, including compression requirements, pipeline specifications, well deliverability, well locations and well spacing. The Company is continuing to progress pre-development planning in accordance with its MoUs with Clarke Energy and Sunshot as well as holding new discussions with other companies regarding the commercialisation of early gas production. To assist in this work, Galilee has appointed Mr. David Woodley as Project Director. David is a highly experienced professional with 32 years in the oil and gas sector and has been involved in the development of a number of major conventional and unconventional projects. He has a wide range of experience in the oil and gas sector and brings global expertise in petroleum exploration, appraisal, development and production gained in Australia, North America, United Kingdom and Europe. David worked at Origin Energy for 13 years and held several positions with his final role being the Appraisal and Development Manager of Origin's Queensland coal seam gas business for the upstream business portion of the APLNG Project. He was responsible for the appraisal plans for proving up Reserves from the Resource base, which was in excess of 26,000 PJ and the associated field development plan to achieve gas production rates exceeding 525 PJ per annum. More recently, David worked at Shell for more than five years in a variety of senior roles which followed the natural progression of the CSG industry, ranging from roles as Appraisal Manager, Vice President Central Asset and Production General Manager. Galilee Managing Director Peter Lansom said that he was delighted such a high quality, technical professional was joining Galilee's executive team. Announcement • Feb 11
Galilee Energy Limited Provides an Update on the Glenaras Gas Project in the Galilee Basin in Queensland Galilee Energy Limited provided 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 3,200 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 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 fulfil approximately 25% of eastern Australian domestic market needs for over 30 years (3C Contingent Resource at 650 PJ/year). Glenaras Pilot Enhancement Programme: Each of the eleven wells at the Glenaras multi-well pilot ('Pilot') are now on continuous production. Since the commencement of production from the new vertical wells, there has been demonstrable gas production through the water line system. To enable to quantify this additional gas production, a separator has recently been installed in these lines to separate and measure this incremental gas volume. The metered gas rate, measured using an Accelabar flowmeter, has reached a daily average of 50 Mscfd in aggregate representing the highest recorded gas rate thus far at the Pilot. Water rates from the lateral wells have continued to decline and are now at 4,600 BWPD, which is a clear indication of pressure depletion in the central area of the Pilot. The water rates from the additional six wells are exceeding the estimated rates from the recent Schlumberger reservoir modelling which bodes well for achieving the Pilot's intended objective of accelerating the depressurisation process and achieving commercial gas flow rates. The total water rate from all eleven wells at the Pilot is 14,300 BWPD. Is New 90 Day High Low • Feb 11
New 90-day high: AU$0.81 The company is up 28% from its price of AU$0.64 on 13 November 2020. The Australian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 14% over the same period. Announcement • Dec 16
Galilee Energy Limited Provides an Update on the 100% Owned and Operated Glenaras Multi Well Pilot Programme in the Galilee Basin ATP 2019 Galilee Energy Limited provided an update on the 100% owned and operated Glenaras multi well pilot programme ("Pilot") in the Galilee Basin ATP 2019. All six new vertical wells at the Pilot have now been successfully completed. The completions rig and camp has now demobilised from site, with the completions rig due back in late January. Glenaras 19, 20 and 23 have been on continuous production following their commissioning over two weeks ago and are demonstrating excellent water rates, flowing in excess of 6,550 BWPD in aggregate. The total water rate from the full Pilot, including these five additional wells, now exceeds 13,200 BWPD which augurs well for achieving the Pilot's intended objective of accelerating the depressurisation process and achieving commercial gas flow rates. Direct communication has been confirmed between the new vertical wells and the existing lateral wells, with water rates continuing to decline on the lateral wells and gas rates remaining steady. Glenaras 21 and 22 were commissioned late last week and have undergone initial flow production tests as part of the rod pump commissioning process and both of these wells have now been brought online for continuous production. These new wells are also demonstrating excellent water rates, flowing in excess of 1,100 BWPD in aggregate with minimal initial drawdown. Surface pump installation and commissioning on the final well (Glenaras 17A) will follow shortly and is expected to be on production mid next week. Recent Insider Transactions • Dec 08
Insider recently sold AU$715k worth of stock On the 30th of November, Stephen Copulos sold around 1m shares on-market at roughly AU$0.68 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought AU$1.7m more than they sold in the last 12 months. Announcement • Nov 19
Galilee Energy Limited Provides Operations Update Galilee Energy Limited provided an update on the 100% owned and operated Glenaras multi well programme ("Pilot") in the Galilee Basin ATP 2019. Glenaras 19, 20 and 23 have undergone initial flow production tests as part of the ESP commissioning process and each of these wells have now been brought online for continuous production. These new wells are demonstrating excellent water rates, flowing at rates in excess of 3,000 BWPD in aggregate as the fluid level in these wells is continuing to be drawn down. The water rates from these additional wells are in line with the recent Schlumberger modelling. The aggregate water rate for the entire Pilot is now in excess of 9,000 BWPD which augurs well for achieving the Pilot's intended objective of accelerating the depressurisation process and achieving commercial gas flow rates. It remains the expectation that three to six months of production drawdown from the entire Pilot, including the six additional wells, will be required in order for material gas production rates to be observed. Further operational updates will be provided to the market as the remaining wells are completed and brought onto production. Announcement • Nov 17
Galilee Energy Limited Provides Operations Update Galilee Energy Limited provided an update on the 100% owned and operated Glenaras multi-well pilot programme ("Pilot") in the Galilee Basin ATP 2019. As previously announced, Silver City Rig 25 Schramm T200XD successfully completed the recent drilling campaign with the drilling of five additional vertical wells. The completions rig has now successfully installed ESPs in Glenaras 19, 20 and 23. All surface facilities have now been installed, with the commissioning of Glenaras 19, 20 and 23 now complete. These three wells will now be brought on to full production this week. The remaining three wells are awaiting pumping equipment from the U.S. where shipping delays have been experienced associated with COVID-19. The first item of this equipment has landed in country and is expected on site in approximately two to three weeks. All surface production equipment for the remaining three wells has been delivered to location and spotted on the well-sites. Remarkable progress has been made with the Glenaras irrigation trial, with the centre pivot irrigation system now fully operational. This Pilot utilizes produced water without any treatment required due to the high quality of the water. The forage sorghum crop is growing rapidly as can be seen in Figure 2 below and will result in significant assistance to landholders for livestock management and is providing proof of concept for a scalable, low-cost solution for produced water at the Project. Announcement • Nov 11
Galilee Energy Limited announced that it expects to receive AUD 15 million in funding Galilee Energy Limited (ASX:GLL) announced a private placement of 23,809,524 common shares at a price of AUD 0.63 per share for gross proceeds of AUD 15,000,000.12 on November 11, 2020. The transaction will include participation from institutional and sophisticated investors. The company expects to close the transaction on November 18, 2020. Announcement • Oct 20
Galilee Energy Limited Provides Drilling Update and Forward Programme Galilee Energy Limited provided 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 km. The Project has one of the 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 at 650 PJ/year). Conversion of these material Contingent Resources to Reserves is the Company's primary focus. 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. 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. The construction crews have also completed 75% of the underground power network, with the power generation site now complete and ready for the delivery of the generation units which are scheduled to be received at the end of this month. The wellsite metering skid fabrication and assembly has progressed significantly with the first of the 6 units now fully completed, with the remaining units in the final stages of fabrication for installation following the pump completions in each well. The Company is targeting the first new wells to be on-line by mid-November and further updates will be provided as progress is made throughout the programme. Announcement • Oct 13
Galilee Energy Limited Announces an Update on the Drilling Operations At Its 100% Owned and Operated Glenaras Multi-Well Pilot Programme Located in the Galilee Basin Galilee Energy Limited announced an update on the drilling operations at its 100% owned and operated Glenaras multi-well pilot programme ("Pilot") located in the Galilee Basin. The Glenaras 20 vertical well was spudded on 28 September 2020. This well was successfully drilled through to planned total depth, intersecting the full Betts Creek coal section. All coals were encountered on prognosis with excellent development throughout all targeted seams. A total of 25m of net coal was intersected with a complete set of wireline logs run to characterise the coal seams prior to production. The Glenaras 20 well has been cased and suspended for future production in what is a further successful step in the five well pilot enhancement programme. Glenaras 22 was spudded 11 October and as at 8am on 13 October 2020, surface casing has been cemented to 208 metres and the rig is drilling ahead in the 8 ½" hole section at 330 metres. Further operational updates will be provided to the market throughout the drilling programme. Announcement • Oct 04
Galilee Energy Limited Provides Update on the Drilling Operations At Its 100% Owned and Operated Glenaras Multi-Well Pilot Programme Located in the Galilee Basin Galilee Energy Limited provided an update on the drilling operations at its 100% owned and operated Glenaras multi-well pilot programme ("Pilot") located in the Galilee Basin. The Glenaras 21 vertical well was spudded on 22nd September 2020. This well was successfully drilled through to planned total depth, intersecting the full Betts Creek coal section. All coals were encountered on prognosis with excellent development throughout all targeted seams. A total of 25.5m of net coal was intersected with a complete set of wireline logs run to characterise the coal seams prior to production. The Glenaras 21 well has been cased and suspended for future production in what is another successful step in the five well pilot enhancement programme. Announcement • Sep 24
Galilee Energy Limited Provides an Update on the Drilling Operations at its 100% Owned and Operated Glenaras Multi-Well Pilot Programme Located in the Galilee Basin Galilee Energy Limited provided an update on the drilling operations at its 100% owned and operated Glenaras multi-well pilot programme ("Pilot") located in the Galilee Basin. The Glenaras 23 vertical well was spudded on 14th September 2020. This well was successfully drilled through to planned total depth, intersecting the full Betts Creek coal section. All coals were encountered on prognosis with excellent development throughout all targeted seams. A total of 29m of net coal was intersected with a complete set of wireline logs run to characterise the coal seams prior to production. The Glenaras 23 well has been cased and suspended for future production in what is a successful first step in the five well pilot enhancement programme. Glenaras 21 was spudded 22nd September and as at 8am 23 September 2020, surface casing has been cemented to 205 metres and the rig is running in hole to commence drilling to planned total depth. Further operational updates will be provided to the market throughout the drilling programme. Announcement • Sep 21
Galilee Energy Limited Provides Glenaras Gas Project Drilling Update Galilee Energy Limited provided an update on the Glenaras multi-well pilot programme in the Galilee Basin in Queensland. The Pilot is part of the Glenaras Gas Project located in ATP 2019, which is 100% owned and operated by Galilee. The Permit covers an area of approximately 4000 km2. There has been considerable field activity since the last update. Each of the five new lease sites have been constructed along with road access and the installation of conductor pipe. The Silver City Rig 25 Schramm T200XD drill rig arrived on site last week and has commenced drilling operations, with the Glenaras 23 well spudding on 14th September. As at 8am on 15th September, the surface hole was successfully drilled down to 207m and currently the rig is preparing to run the 9 5/8" casing prior to cementing. As previously reported, the five Glenaras vertical wells will be drilled with the Silver City Rig 25 drill rig, with the full drilling program extending over 4-5 weeks (6-7 days/well). Al five wells will be drilled vertically to just below the R7 coal resulting in a total depth of approximately 1050m. 
