In its latest quarterly report, Galilee Energy noted that analysis of the upgraded reservoir model for Glenaras continues.
Currently, the Glenaras Pilot in Queensland remains online, which is consistent with the previous quarter, and a rotation strategy is in place to collect further subsurface data to assist in determining the extent of any reservoir characteristics.
The integrated subsurface model has been updated with the pressure data and Glenaras Pad 3D seismic survey, which has provided increased resolution of the structural architecture of the Betts Creek Beds.
“Galilee’s recent activity remains focused on analysis of the comprehensively upgraded reservoir model for Glenaras,” Galilee Energy executive chairman Ray Shorrocks said.
“This activity is a critical step for the project and for potential reserves certification.”
Shorrocks said that the east coast gas market remains a good opportunity for the company.
“Recent forecasts made by the ACCC of longer term shortages continue to underscore that the market needs material sources of new gas supply,” he said.
“The company’s ambitions to play a role in supplying this much needed gas remain unchanged.”
As of the end of the quarter, Galilee had a cash equivalent of $3 million retained with no debt.
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