• Established a US-focused oil and gas growth platform
• Secured and consolidated the Zydeco Gas Project acreage
• Advanced Zydeco-1 to a drill-ready candidate with completed 3D seismic interpretation and well planning

During the quarter, Galilee Energy advanced the Zydeco Gas Project in Louisiana, USA, progressing the asset from acquisition and planning into a drill-ready development opportunity. Zydeco represents the first execution of the company's strategy to build a scalable US Gulf Coast production business, targeting low-risk wells, near-term production and repeatable growth. The project is located within a proven gas-condensate fairway with existing infrastructure and direct access to premium US gas and liquids markets. Galilee secured additional mineral leases across the Zydeco project area, enabling consolidation into a single unified block. This milestone allowed for optimised well placement and development planning, supporting efficient execution of the initial drilling program and future expansion opportunities. The company also established key partnerships to support development of the project, including a Master Service Agreement with US-based drilling consultants and a co-operation agreement with Louisiana-based Kitty Hawk. Galilee completed a comprehensive 3D seismic interpretation program during the quarter, materially strengthening the subsurface understanding of the Zydeco structure. This work confirmed extensive sand development across the Upper and Lower Tweedel formations, improved structural definition and reservoir continuity, and supported optimal well placement targeting stacked pay zones. The company finalised the Zydeco-1 bottom-hole location, maximising exposure to the primary reservoir targets while also identifying additional upside potential. Galilee progressed multiple workstreams to support drill readiness for the Zydeco-1 well, including rig inspections, site access verification, and finalisation of drilling location and pad positioning. The project is designed as a low-cost, near-term development, leveraging existing infrastructure and a straightforward tie-in strategy, with a target of first production within approximately six months of successful drilling.

Zydeco-1 is designed as a dual appraisal and production well targeting up to 8 Bcf of natural gas and 0.5 MMbbl of condensate. The project is exposed to established US Gulf Coast pricing benchmarks, including Henry Hub (natural gas) and WTI / LLS (oil and condensate).

Galilee is transitioning from planning into execution and is well positioned to deliver on its objective of becoming a cash-generative US producer. The company remains on track to commence drilling Zydeco-1 in Q2 2026.