Funds will be applied to a new five-well drilling programme to accelerate pressure drawdown and initiate gas desorption at Glenaras project in Queensland.
ASX-listed Galilee Energy was seeking $10 million to spend on its Glenara project, which it reckons has enough gas to meet a quarter of eastern Australia’s domestic needs for over 30 years.
Galilee Energy has provided an update on the 100% owned and operated Glenaras multi-well pilot programme in the Galilee Basin ATP 2019. Following years of continued pumping, the Glenaras Pilot is at a critical inflection point which should result in increasing gas rates as it starts to transition through the desorption process.