Galilee Energy Reports R&D Refund, Ends Merger with Vintage

Galilee Energy Limited ( (AU:GLL) ) has provided an announcement.

Galilee Energy Limited’s quarterly report highlights a received R&D tax refund of $1.9 million and the termination of a merger with Vintage Energy Ltd. The company continues to analyze its Glenaras integrated subsurface model, aiming to achieve commercial gas rates. With a current cash balance of $4.38 million, Galilee Energy is exploring alternative strategic options following the merger termination and is progressing with its gas projects to enhance future well configurations and evaluate gas prospectivity in new areas.

More about Galilee Energy Limited

Galilee Energy Limited operates in the energy sector, focusing on gas projects. It is involved in the exploration and development of gas resources, primarily through its 100% owned Glenaras Gas Project and Springsure Project in Australia.

YTD Price Performance: 40.0%

Average Trading Volume: 634,564

Technical Sentiment Consensus Rating: Buy

Current Market Cap: A$7.8M

For an in-depth examination of GLL stock, go to TipRanks’ Stock Analysis page.