Galilee engages with Novus to develop Glenaras solutions

Key points

• Galilee Energy signs technology license agreement with Novus Energy
• Collaboration to identify permeability modifications for improving drainage and production efficiency at Glenaras Gas Project
• Findings could have broader implications for the coal seam gas industry

Full summary

Galilee Energy Limited (ASX:GLL) has announced a technology license agreement with Novus Energy Trading Company Pty Ltd (Novus) to explore solutions for key reservoir challenges at its Glenaras Gas Project in Queensland's Galilee Basin. The Australian coal seam gas (CSG) industry is evolving, requiring innovative approaches to maximise resource recovery. Galilee is committed to applying the latest technology to address challenges such as water influx and complex reservoir dynamics, ensuring the best path to commercialising its assets, commencing with Glenaras. Novus is a Queensland-based oil and gas company specialising in subsurface engineering, permeability modification, and lateral well developments. Novus will collaborate with Galilee on a technical assessment to identify permeability modifications for improving drainage and production efficiency at Glenaras, by utilising Novus' proprietary subsurface intellectual property over an initial four-month period. Novus will receive $300,000 per month in licence fees and will also second five Novus staff to Galilee for the duration of the engagement. The findings generated from this engagement will inform potential applications across Galilee's broader portfolio, including the Denison Trough. Galilee is committed to using the best available technology to enhance its assets, and the insights from this assessment could have broader implications for the CSG industry, demonstrating how advanced subsurface technologies, including permeability control, can improve resource development.

Outlook

Galilee remains focused on applying innovative, commercially driven technologies to create long-term value.