Galilee Energy
Financials:
Primary ticker: ASX:GLL
Stage of development: Exploration
Primary minerals: Natural Gas
Project to promote: Glenaras Gas Project
Project location: Australia
Website: galilee-energy.com.au
Galilee Energy is well advanced on a pathway to becoming an integrated and diversified sustainable energy company and a key supplier of natural gas to the east coast market of Australia. The company is the 100% owner of one of the largest uncontracted natural gas resources on the east coast of Australia at a time of acute gas shortages. The location and environmental credentials of the project, including low CO2 natural gas and freshwater production to facilitate agricultural activities for CO2 sequestration and potential hydrogen production, uniquely positions Galilee as a future material supplier of sustainable energy
Cash: AUD$5,800,000
Debt: NIL
Major shareholders:
Carpe Diem Asset Management – 9.8%
Woodross Nominees Pty Ltd – 9.15%
Morgan Stanley Australia Securities – 5.87%
Ecarlate Pty Ltd – 5.69%
HSBC Custody Nominees Australia – 3.65%
Management Ownership – 2%
Management Profile
David Casey – Managing Director & CEO
David has over 30 years experience in the management and evaluation of all aspects of the energy business from exploration and appraisal, initial reservoir characterisation and fairway identification through to drilling, testing and production operations. He has worked on assets in Australia, the US, Canada, China, Europe South America and Africa.
He has held various technical and management positions in Australian listed public companies up to the level of Managing Director and CEO where in a previous role he was he oversaw the building of one of New South Wales’ most successful gas companies, growing it from modest beginnings (<$50m) to an ASX200 company, before ultimately being the subject of takeover and a valuation in excess of a billion dollars. David is currently a non-executive director of Talon Energy Limited and most recently was CEO Australia and Asia Pacific at Warrego Energy Limited.
What is your rationale for taking part in 121 Mining Investment?
To introduce Galilee Energy to a new potential investor base
What are your key goals in 3 months, 6 months, 12 months?
3 Months:
Finalise R&D rebate to fund company to back of 2023
6 Months:
Book first reserves at Glenaras Gas Project
12 Months:
Identify Joint Venture partner to fund development going forward
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
Delays to gas production impacting financing which will be managed through a R&D grant which will fund operations to back of 2023
What do you think makes your company such a compelling investment?
Galilee is in the process of unlocking one of the largest uncontracted gas resources on the east coast of Australia and thereby has the opportunity to become a truly integrated and diversified sustainable energy company
What are the top 3 key investor takeaways?
– Massive multi TCF resource potential in high priced gas market
– 100% project ownership allows partial divestment at appropriate time for development funding
– Multiple decarbonisation strategies (CO2 sequestration and potential hydrogen production) to mitigate and manage future emissions