Galilee Energy Limited (AU:GLL) has released an update.
Galilee Energy Limited and Vintage Energy have signed an agreement to merge, aiming to become a stronger player in Australia’s east coast gas market. The merger will pool their resources, including significant gas reserves and production capabilities, to address the increasing demand for gas. The all-scrip deal will see Galilee shareholders receive two Vintage shares for each Galilee share they hold, reflecting a modest premium over recent trading prices.
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