Key points
- Received $1.9 million R&D tax refund
- Terminated merger with Vintage Energy, exploring alternative options
- Ongoing analysis of Glenaras integrated subsurface model
Full summary
Galilee Energy Ltd has released its quarterly activities and cash flow report for the period ending December 2024. Key highlights include the receipt of a $1.9 million R&D tax refund, the mutual termination of the previously announced merger with Vintage Energy, and ongoing analysis of the updated Glenaras integrated subsurface model. The company maintains a single well online at the Glenaras Gas Project, with reduced expenditure consistent with prior quarters. Galilee's cash balance as at 31 December 2024 was $4.38 million, with no debt, following the recent capital raise and R&D refund. Technical evaluation of the conventional gas prospectivity at the Springsure Project is also ongoing. The company retains a disciplined approach to expenditure as it continues to progress its key projects.