Galilee Energy Limited has successfully completed its acquisition of the remaining 50% interest in ATP 529P from AGL Energy Limited. ATP 529P is a coal seam gas project located in the prolific Galilee Basin in Queensland. The acquisition was announced by Galilee on 4 June 2015.
The transaction allows Galilee to accelerate testing on the alternate completion design at Glenaras. The coal seam gas parameters in ATP529 provide excellent resource concentration but are yet to deliver commercial gas rates. The R1 coal seam test will target the production potential of the uppermost R1 coal seam, allowing pressure drawdown of the coal without any contribution from neighbouring sands. Testing is planned to commence early in 4th quarter 2015.
Managing Director Peter Lansom said, “The completion of the ATP 529P acquisition allows Galilee to expedite the testing of the production potential of the R1 coal seam. We thank AGL for their ongoing cooperation and significant investment in the project since 2008.”