Galilee Energy Limited (AU:GLL) has released an update.
Galilee Energy Limited has announced a merger with Vintage Energy Ltd, where Vintage will acquire all Galilee shares, with Galilee shareholders receiving two Vintage shares for every Galilee share they own. Upon completion, the merged entity will see Vintage and Galilee shareholders owning approximately 60% and 40% respectively. The merger aims to capitalize on the eastern Australian gas market by combining resources to address the expected gas shortfall and benefit from potential price increases and cashflow generation.
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