Quarterly Activities/Appendix 5B Cash Flow Report

• Acquisition of Zydeco Gas Project in Louisiana, USA
• $6.5 million capital raise approved by shareholders
• Board refresh with new appointments

Galilee Energy Ltd (ASX: GLL) has provided a quarterly update, highlighting the transformative acquisition of the Zydeco Gas Project in Louisiana, USA, and a successful $6.5 million capital raise. The Zydeco Gas Project is a low-risk development with a proven gas and condensate field, featuring simple, low-cost production and a short gas spur line to the Texas Gas Pipeline. Galilee has now secured the rights to the project and can commence planning for drilling works. The company also completed a $6.5 million placement of new shares, with shareholder approval for the second tranche expected on 2 February 2026. In corporate matters, Galilee announced a board refresh, with the appointment of Joseph Graham as Managing Director, Eduardo Robaina as Non-Executive Chairman, and Dale Hanna as Non-Executive Director. The new board is expected to bring fresh perspectives and relevant experience to support Galilee's strategic direction. The company's Glenaras Gas Project in Queensland remained offline during the quarter, with ongoing monitoring of reservoir pressure. Galilee's other tenement, Springsure Project, was relinquished during the period.

Galilee's immediate goal is to work with key stakeholders and service providers in Louisiana to ensure all regulatory approvals and logistics are in place to enable drilling to commence at the Zydeco Gas Project in a timely manner.