Galilee Energy Limited reported Thursday that it has successfully completed the acquisition of the remaining 50 percent interest in ATP 529P, where a coal seam gas project is located in the Galilee Basin in Queensland, Australia from AGL Energy Limited (AGL).
The transaction allows Galilee to accelerate testing on the alternate completion design at Glenaras. The company added that the coal seam gas parameters in ATP529 provide excellent resource concentration but have 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 neighboring sands. Testing is planned to commence early in fourth quarter 2015.
“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,” Managing Director Peter Lansom said in the press release.
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