9 Apr 2018drilling result▲ GoodMajor
First lateral, Glenaras 10L, was drilled with about 520m of net coal in the R3 seam, on time and on budget, and flowed freely during connections. The rig has moved on to the first shield well, Glenaras 11L.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Apr 2018drilling result▲ Good
Glenaras 10 vertical test hole reached 1,083m and found 29m of net coal, described as one of the largest pay sections in the project area. The R3 coal was chosen as the target and the first lateral has landed in it; drilling is on schedule and budget.
26 Mar 2018drilling spud▲ GoodMajor
Glenaras 10 spudded on 23 March, starting the three-lateral pilot that the October 2017 raising funded. The vertical test hole was at 762m, heading to 1,100m, with six weeks of drilling expected and production start-up targeted for early June.
15 Mar 2018drilling scheduled● Neutral
Easternwell Rig 101 is mobilising to the Glenaras pilot site, with drilling now expected around 26 March after a minor rain delay. Production start-up is targeted for early June, and Jemena has begun pre-FEED planning for the pipeline, now described as delivering gas from 2022.
6 Sept 2016drilling result▲ GoodMajor
Glenaras lateral well completed on time and within budget, with 400 m of lower R1 coal opened and intersecting Glenaras 3. Strong pressure response at Glenaras 4 exceeded expectations. Production restart is expected within a week, weather permitting; gas results are still to come.
16 Aug 2016drilling progress report● Neutral
Rig has mobilised and the Glenaras 3 workover began 15 August, starting the lateral well project. Drilling and workover should take about three weeks, then the pilot returns to production.
26 July 2016drilling scheduled● NeutralMajor
Galilee has contracted a lateral well through the Glenaras R1 pilot, with mobilisation by mid-August 2016. The vertical pilot is likely at equilibrium without more offtake. Success could allow a first reserves booking in early 2017, delayed from earlier hopes of mid-2016.
11 Dec 2015drilling result▼ BadMajor
Hoffer A1 hit over 140 ft of Midcox sandstone but none judged commercial; the well will be plugged and abandoned. Galilee suspends US investment and starts a strategic review, with focus on Glenaras, where R1 test results are expected early 2016. Contradicts the hoped-for Hoffer follow-up.
11 Nov 2015drilling spud▲ GoodMajor
Hoffer A1 spudded 8 November 2015, a 12,250 ft offset to the Hoffer B1 discovery, with Galilee's interest rising to 43.5% (34.8% after payout). Dry-hole cost ~US$1.9M (100%); success could give ~US$2.0M net revenue in year one. Drilling takes 30-40 days.
9 Oct 2015drilling result▲ Good
All five Glenaras workovers at ATP 529P finished on time and under budget. Commissioning starts next week, then six to nine months of production testing of the R1 coal seam to see if commercial gas flows are possible.
17 Sept 2015drilling scheduled▲ GoodMajor
A workover rig has mobilised to ATP 529P to recomplete the five Glenaras pilot wells in the R1 coal seam. Workover should take about 6 weeks, then 6-9 months of production testing, which is key to converting contingent resources to reserves.
1 Sept 2015resource reserve update▲ GoodMajor
New MHA assessment lifts ATP 529P contingent gas resources to 308 PJ (1C), 2,507 PJ (2C) and 5,314 PJ (3C), from 259 PJ 2C in 2011, covering a larger area with new well data. No reserves yet; R1 test early Q4 2015.
21 Apr 2015drilling result▲ GoodMajor
Cased hole logs on Hoffer B1 show about 90 ft of gross sandstone in the primary target and about 30 ft more elsewhere, giving roughly 200 ft of combined zones of interest. Net pay cannot be measured through casing; perforating and testing plans are being prepared.
7 Apr 2015drilling progress report● Neutral
Cased hole logging at Hoffer B 1 has started, delayed just under two weeks by wet weather. Logging should finish later this week, with completion and testing to follow once the data are analysed.
18 Mar 2015drilling progress report● Neutral
Production casing has been run and cemented in Hoffer B 1 to 14,150 ft over all potentially productive intervals. The rig will be released, with cased hole logging in 7-10 days, then a completion and testing crew once data are analysed.
12 Mar 2015drilling result● NeutralMajor
Hoffer B 1 reached 14,150 ft (350 ft short of target) with thirteen significant shows; production casing is being run to complete it for testing. Dworsky Haas 1 reached 11,600 ft but its Midcox sands were tight, so the deep section is plugged and shallower zones will be tested. Kansas 3D data quality is excellent.
23 Feb 2015drilling result▲ GoodMajor
Logs on Hoffer B1 show 43 ft of net gas pay in the Middle Midcox, a secondary target, and a possible 40 ft in the Yegua. The company says the 43 ft alone could make the well commercial at current prices, subject to flow testing. Primary target still to be drilled.
16 Feb 2015drilling progress report● Neutral
Hoffer B 1 is at 13,000 ft after strong gas shows and higher-than-expected pressures; cost may run 10-20% over budget (US$112k-225k to Galilee). Dworsky Haas 1 spud on 14 February, about US$786,000 to casing point to Galilee, 21 days to drill.
28 Jan 2015drilling progress report▲ Good
Hoffer B 1 reached 11,209 ft with very strong gas shows in two shallower sandstones that may offer an extra completion zone. Dworsky Haas 1 is now due to spud in early February (slipped from mid-January). Kansas 3D seismic recording is finished, with initial results due late February or early March.
7 Jan 2015drilling spud▲ GoodMajor
Hoffer B, the Lavaca County, Texas well in which Galilee holds 35%, was spud on 6 January 2015, targeting 14,250 ft in the Lower Wilcox. Expected to take 40-60 days. Total exposure including entry cost is put at under US$1.5m; the partner's prospect estimate is 70 Bcf gas plus 1.8m bbl oil, not certified.
12 Nov 2014drilling result▼ BadMajor
Wenzel 1, the fourth Illinois well, reached 2,757 ft and a test found no commercial hydrocarbons, so all four wells were dry. Galilee and partners suspend field activity until early Q2 2015 to review results, and the company says they support further exploration.
30 Oct 2014drilling result▼ BadMajor
Cunningham 1, the third Illinois well, reached 2,556 ft. Oil shows were weak or the zones tight, and no commercial hydrocarbons were recovered; the well is being plugged. Shale shows again extend the resource-play study area. Wenzel 1, the final well, is next.
24 Oct 2014drilling result▼ BadMajor
Kramer 1, the second Illinois well, reached 2,625 ft. Strong oil and gas shows in the Racine zone were tested without commercial hydrocarbons, and the well is being plugged. Shale shows widen the area of interest for a resource-play study. Rig moves to Cunningham 1.
16 Oct 2014drilling result▼ BadMajor
Hanner 1 reached 2,268 ft; the main Racine reef reservoir was poorly developed and a test of the Trenton zone found no commercial hydrocarbons. The well is being plugged. About 300 ft of oil shows are said to show a working petroleum system; the first Illinois well is a dry hole.
8 Oct 2014drilling scheduled▲ GoodMajor
The first Illinois well, Hanner 1 (Logan County, target depth 2,990 ft), is due to spud this week, with Kramer 1 next. Dry hole cost is expected under US$200,000. The MD calls it Galilee's first drilling in a number of years.
18 June 2014farm in farm out agreement▲ GoodMajor
Galilee enters a joint venture to drill shallow oil prospects in Illinois, funding the first well on each prospect to earn a 75% working interest. Dry hole costs are under $200,000 each; drilling is planned for Q4 2014. Second diversification move after Chile.
11 Dec 2012drilling result▲ GoodMajor
Hillview 06 in ATP 799P (Galilee 100%) hit two coal seams of 5.51m and 7.15m, with the best early gas indications yet in the permit; oil was seen in Toolebuc Shale. 386m of core taken; the well is plugged. Core tests due Q1 2013 for a possible resource booking.
30 June 2011resource reserve update▲ GoodMajor
First resource estimate for ATP 529P by SRK: contingent resources of 259 PJ (2C) and 1,090 PJ (3C, 1.043 TCF), covering 450 km2 of 5,929 km2 (100% basis; Galilee holds 50%). This delivers the first booking targeted for 2011.
2 Sept 2010drilling result● NeutralMajor
The two ATP 799P coreholes, Dunrossie-01 and Dotswood-01, found pipeline-quality gas with average gas content of 2.6 and 2.5 m3/t (peaks 4.26 and 6.8). Permeability reached 15.7 and 32.8 md. Galilee calls results encouraging and commits to a 2010/14 work programme.
16 July 2010drilling progress report▲ Good
Laugharne Creek-1 reached 1,350.6m with coal seams as predicted and is suspended for testing. Mt Myth-1 and Acacia-1 have spudded. Glenaras pilot stays suspended pending pumps. ATP 799P data shows Permian coals extend across the permit area.