Galilee Energy to Focus on Queensland Coal Seam Gas Project

Galilee Energy will work on the progress of its flagship Glenaras Gas Project (GGP), located in the Galilee Basin, Queensland, Australia.

The company said in a statement published Friday that GGP is a highly strategic asset with an opportunity to supply meaningful volumes of gas into the structurally undersupplied east coast gas market.

“The strategic review and focus on Glenaras is a strong message that we will be pro-active in addressing the deteriorating global oil and gas equity market conditions. We are seeing increasing interest from a variety of parties in the potential of the Glenaras Gas Project and we are focused on translating this into shareholder value,” Chairman David King said. “Whilst it is still early, the R1 coal seam test is progressing and will be crucial in converting our recently expanded contingent resources into commercial reserves”.

The R1 coal seam production testing is underway at the GGP with initial results expected in early 2016.