Galilee Energy completes A$11.8mn placement
Sydney-listed Galilee Energy has completed a share placement programme to raise approximately A$11.8mn ($8.5mn), it said on February 24. The placement is a part of an overall equity capital raising of approximately A$15mn.
Funds raised in the placement will be applied to a new five-well drilling programme to accelerate pressure drawdown and initiate gas desorption at Glenaras project in Queensland to achieve commercial gas production in support of a material maiden reserve booking, the company said.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
According to the Galilee, the Glenaras project has one of the largest certified uncontracted contingent resource positions on the east coast of Australia.
“The company’s updated strategy aims to facilitate transformational value uplift and progress Galilee towards becoming a multi-TCF gas development company,” it said.
In addition to the placement, Galilee intends to issue up to A$440,000 of new shares to certain Galilee directors on the same terms as the placement. The director placement is subject to shareholder approval to be sought at an upcoming general meeting.
Galilee said it also intends to offer eligible shareholders the opportunity to participate in a share purchase plan targeting to raise up to A$3mn on the same terms as the placement. In the event of oversubscriptions, the directors may also, at their discretion, increase share purchase plan acceptances by a further A$2mn.