GLL.ASX: Zydeco-1 Drilling Rig Contract Executed, Drilling Imminent

Zydeco-1 Drilling Rig Contract Executed, Drilling Imminent

Stock	Galilee Energy Ltd (GLL.ASX)
Release Time	18 May 2026, 8:17 a.m.
Price Sensitive	Yes

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Galilee Energy Secures Drilling Rig for Zydeco Project

Key Points

Formal drilling contract executed with RFC Drilling, LLC for Rig 103
Drilling of Zydeco-1 well planned for the first week of July 2026
Target of up to 8 Bcf gas and 0.5 MMbbl of condensate/oil

Full Summary

Galilee Energy Limited (ASX: GLL) has announced the execution of a formal drilling contract with RFC Drilling, LLC for Rig 103, marking a significant milestone for the Company's Zydeco Gas Project in Louisiana. The contract secures rig availability for the drilling of Zydeco-1 to a planned depth of approximately 10,000 feet, with drilling set to commence in the first week of July 2026. The well is targeting up to 8 Bcf of gas and 0.5 MMbbl of condensate/oil across multiple reservoir targets. Securing the rig materially reduces scheduling and cost risk via a fixed price contract, providing full cost certainty covering daily rate, mobilization & de-mobilization, and core drilling services. The Company is now focused on final operational readiness and site preparation ahead of spud.

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