Australia's Galilee Energy gains on technology license agreement

Gulf Stream Energy

24/03/2025 03:34

** Shares of Galilee Energy GLL.AX rise 16.7% to A$0.007, set for strongest session since March 11, if current gains hold

** Sustainable energy co announces a technology license agreement with Novus Energy Trading Company

** Says will collaborate with co on technical assessment to identify permeability modifications for improving drainage and production efficiency at Glenaras Gas Project in Queensland, over a four-month period

** Under the agreement, Novus will receive A$300,000  ($188,430) per month in license fees

** GLL more than doubled in value to A$0.012 earlier in the day, their highest level since January 28

** 14.7 mln shares change hands, 11.4x the 30-day average of 1.3 mln

** Stock flat as of YTD, including current session's moves

($1 = 1.5921 Australian dollars)

 (Reporting by Manasi Dasa in Bengaluru)

 ((Manasi.DasaSundeep@thomsonreuters.com;))