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Galilee acquires 100% of ATP 529P

Published by
World Coal,

Galilee Energy Limited has announced that AGL Energy Limited has agreed to transfer its 50% interest in ATP 529P to Galilee.

Galilee has no upfront cost to pay for the transaction that is subject to the finalisation of a formal sale and purchase agreement, audits into the asset and Queensland government approval. As part of the transaction AGL will also contribute US$590 000 to Galilee to support future operations at Glenaras.

Finalisation and completion of the transaction is expected in late July or early August 2015.

Managing Director Peter Lansom commented “I am very pleased that we have reached agreement with AGL on this transaction. This allows the planning and execution of the R1 pilot test to progress as soon as practical. If successful, this will unlock a new material source of gas for east coast Australia”

Adapted from press release by Joseph Green

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