Australia's Galilee Energy rises on positive Queensland gas project update

Gulf Stream Energy

29/04/2022 06:50

** Shares of Galilee Energy Ltd  GLL.AX  rise as much as
12.3% to A$0.365
    ** Co says http://galilee-energy.com.au/wp/wp-content/uploads/2022/04/March_2022_Quarterly_Report-Appendix5B_20222904.pdf
 100%-owned Glenaras Gas Project in Queensland was producing
60Mscfd of natural gas and 17,000 BWPD by quarter end
    ** Glenaras is well-placed to achieve commercial production
along with an anticipated maiden reserve booking at the project
in the upcoming 12 months - Galilee 
    ** Says co well-capitalised to pursue gas development plans
after recent capital initiatives with a cash balance of A$17.3
mln ($12.36 mln)
    ** Stock set for third straight day of gains
    ** About 1.3 mln shares change hands, compared with the
30-day average volume of 369,004 
    ** Stock down 34.4% this year, as of last close

     ($1 = 1.4002 Australian dollars)

 (Reporting by Anan Ashraf)
 ((Anan.Ashraf@thomsonreuters.com;))