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Galilee Energy Limited (ASX:GLL)

ALERT: Price-sensitive ASX Announcement for GLL
Current share price for GLL : $0.006 0 (0%)+
Announcement
Release
24 Jun 2026 8:21AM
Price at Release
$0.006
Full Release
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Summary
Galilee Energy Limited has completed the construction of the Zydeco-1 drilling site in Acadia Parish, Louisiana, marking a significant milestone in its US Gulf Coast oil and gas business strategy. The site is prepared to support the upcoming drilling operations targeting a significant gas accumulation. Galilee, holding a 100% working interest in the project, is poised to commence drilling in early July 2026, with aspirations for near-term production and cash flow. This development aligns with Galilee's scalable growth strategy, supported by an experienced US Advisory Board, aimed at leveraging successful execution for future opportunities in the Gulf Coast region.
Key Points
  • Zydeco-1 drilling site construction completed in Acadia Parish, Louisiana.
  • Galilee holds a 100% working interest and a 70% net revenue interest in the Zydeco Oil & Gas Project.
  • Zydeco-1 is targeting a significant Gulf Coast gas accumulation of 13.7 Bcf and 610,000 barrels of condensate.
  • Drilling operations are scheduled to commence in the first week of July 2026.
  • The project marks the first step in Galilee's strategy to build a scalable US Gulf Coast oil and gas business.
  • The project is supported by Galilee's US Advisory Board consisting of experienced oil and gas operators and specialists.
  • The site is ready to receive the drilling rig and associated services for upcoming operations.
  • The aim is near-term production and cash flow generation with strategic growth in the Gulf Coast region.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.