Zydeco Sidetrack to Unlock Seven Oil and Gas Targets

Key points

• Galilee Energy expands Zydeco sidetrack to evaluate seven oil and gas targets
• Five new shallow oil targets identified with significant prospective resources
• Stafford Formation shows gas-condensate potential, Upper Tweedel remains primary target
• Sidetrack design to maximize potential from a single wellbore
• Immediate focus on finalizing sidetrack design and evaluation program

Full summary

Galilee Energy Limited has announced a significant expansion of its Zydeco Oil & Gas Project in Louisiana, with the planned Zydeco-1 sidetrack now designed to evaluate seven separate oil and gas targets from a single wellbore. The original Zydeco well has identified and quantified five additional shallow oil targets above the previously targeted Stafford and Upper Tweedel intervals. The five shallow targets contain a combined gross Prospective Resource of 317.0 kbbl on a 2U basis and 422.6 kbbl on a 3U basis, adding substantial near-term upside. Gas readings indicate the original well was terminated in the Stafford Formation, with a direct Lower Frio Stafford analogue demonstrating gas-condensate potential. Upper Tweedel remains the primary deep target in the sidetrack program. The sidetrack is designed to evaluate the five shallow intervals before continuing to Stafford and Upper Tweedel. The Company's immediate priorities are to finalize the sidetrack design, data-acquisition program, contractor arrangements, and mobilization planning.

Outlook

Galilee Energy is committed to completing the evaluation of Zydeco-1 and will provide further updates as material information becomes available.