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- Oil and gas explorer Galilee Energy (GLL) has entered a trading halt ahead of a capital raise
- At this stage, it is unclear how much Galilee wants to raise or what the funds will be used for
- Galilee is focused on building infrastructure and drilling wells to begin gas production at its Glenaras Gas Project in the Galilee Basin of Queensland
- This aligns with its goal of becoming a significant gas supplier in the east coast market
- Company shares last traded for 71 cents on Monday, November 9
Galilee Energy (GLL) has entered a trading halt ahead of a proposed capital raise.
The company will remain in a trading halt until the earlier commencement of trading on Thursday, November 12, unless details of the raise are announced earlier.
Galilee Energy is aimed at becoming a mid-tier explorer and producer of coal seam gas in Queensland.
Yesterday, the oil and gas explorer provided an operations update for its flagship Glenaras Gas Project which is located in the Galilee Basin in central Queensland.
All surface facilities have been installed and a water production flowline connecting the pilot to the water storage facility has been constructed.
Commissioning of the Glenaras 19, 20 and 23 wells are now underway.
“The aim of these additional vertical wells is to enhance the reservoir pressure drawdown and to accelerate the onset of gas production,” Managing Director Peter Lansom said.
“Galilee is now well placed to deliver on its strategy of becoming a significant gas supplier into the east coast market,” he added.
Galilee also has operations within the Surat Basin and Bowen Basin where it is assessing coal seam gas and conventional oil and gas opportunities.
At this stage, how much the company will raise and what the funds will be used for remains unknown.
Company shares last traded for 71 cents on Monday, November 9.
