- Brisbane-based oil and gas explorer Galilee Energy (GLL) has completed all six new vertical wells at its Glenaras pilot program in central Queensland
- All of the wells are on continuous production and, when combined with the five existing lateral wells, the pilot is putting out 14,500 barrels of water per day
- Since the addition of the new vertical wells, the water output from the lateral wells has decreased by 20 per cent which indicates a depletion of pressure
- The Brisbane based company hopes the high water output from the new wells will accelerate the depressurisation process to achieve commercial flow rates
- Shares have been trading 4.7 per cent lower at 60.5 cents
Galilee Energy (GLL) has completed all six new vertical wells at its Glenaras pilot program in central Queensland.
The Brisbane-based oil and gas explorer is developing the Glenaras Gas Project in the Galilee Basin as its flagship asset.
All of the wells are on continuous production and putting out more than 9600 barrels of water per day.
When combined with the five existing lateral wells, the Glenaras pilot is producing 14,500 barrels of water per day.
Since the addition of the new vertical wells, the water output from the lateral wells has decreased by 20 per cent, which indicates a depletion of pressure in the central zone of the pilot area.
The explorer anticipates the high water output from the new wells, above that of recent modelled, will accelerate the depressurisation process to achieve commercial flow rates.
Despite heavy rain with the arrival of the wet season, Galilee has been able to continue the pilot without any delays so far.
Shares have been trading 4.7 per cent lower at 60.5 cents at 2:56 pm AEDT.