Following the company’s strong performance across the latest quarter, Galilee Energy has recorded a cash balance of $8.6 million with no debt.
The company also executed a non-binding memorandum of understanding (MoU) with Essar Exploration & Production, to cover potential collaboration on each company’s respective upstream assets.
The company also secured $4.5 million in funding through the Australian Taxation Office’s (ATO) Research and Development (R&D) tax incentive.
Galilee Energy executive chairman Ray Shorrocks said the company continued to make steady progress throughout the quarter.
“In recent times, particularly in the last quarter, Galilee has collected and assessed a wealth of data, including the first ever 3D survey of the project, and has increased its understanding of what’s happening in the subsurface of Glenaras more than at any time in the last decade,” he said.
“We see encouraging signs that the impact of the shield wells on reducing reservoir pressure is only now being realised and the pilot is exhibiting signs typical of a reservoir in transition.
“Galilee now has all the critical information it needs to progress discussion with existing and any potential new counterparties to accelerate commercialisation of the project.”