Galilee Energy Ltd completes its acquisition of the remaining 50% interest in ATP 529P, a coalbed methane (CBM) project situated in the Galilee Basin in Queensland, from AGL Energy Ltd.
Through this transaction, Galilee will be able to speed up testing on the alternate completion design at Glenaras. The R1 coal seam test will target the production potential of the uppermost R1 coal seam, enabling pressure drawdown of the coal without any contribution from neighbouring sands. Testing is planned to commence early in 4Q15.
Managing Director, Peter Lansom, commented: “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.”
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/cbm/27082015/galilee-energy-complete-atp-529p-acquisition-2785/