Galilee Energy Awarded Surat Basin Acreage

Source: www.gulfoilandgas.com 5/28/2019, Location: Not categorized

Galilee Energy has announced success in being appointed thePreferred Tenderer for block PLR2018-1-8 by the Queensland Government in the most recent release of new petroleum resource areas.

The award of this acreage is designed to stimulate exploration in Queensland and provide sustainable benefits to local communities in the region and energy benefits for all Queenslanders. Galilee Managing Director Peter Lansom said the Company was delighted to have the opportunity to play its role in exploring for and delivering a new gas supply to the east coast of Australia.

'Galilee applaud the efforts of the Queensland Government in addressing gas supply concerns by opening up the market to junior and mid-tier explorers to provide diversity and efficiency, to explore and develop new areas and thereby drive growth in regional areas,' Mr Lansom said.

Galilee was successful with its targeted approach for this high-graded block and was awarded the acreage following a non-cash consideration as part of a competitive tender process. The acreage has dual prospectivity within both the world-class Walloon CSG fairway and the oil and gas prone eastern flank of the Taroom Trough, proximal to the Moonie Field.

This new acreage is less than 10 kms from established CSG production facilities andadjacent to the south of the Ironbark CSG asset which was recently acquired by APLNG for $231 million.

The area is significantly under-explored and will benefit greatly from Galilee applying contemporary exploration technology to advance the understanding of this highly prospective area. PLR2018-1-8 is also strategically close to existing production and pipeline infrastructure, which provides improved access to the eastern Australian markets.

Galilee will leverage off its experienced, high quality operatorship of ATP 2019 in the Galilee Basin, with the existing management team also having a proven track record of successfully exploring, appraising and developing CSG tenures in the Surat Basin.

Importantly Galilee has sufficient resources in place to drive both ATP 2019 and this Surat Basin acreage forward in parallel.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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