Ann: Glenaras Gas Project - Production Operations Update, page-5

patersons released an updated research note on 10 july, upgrading valuation to $0.64.

Of note, "we continue to feel our valuation is grounded in a tangible reality",

"The pressure in the well still needs to fall below the critical desorption pressure before gas will be desorbed from the coal. This desorption process was previously expected to take around three to four months before a representative gas flow can be measured. However given the strong water flows to date and the physical nature of the coals encountered, we estimate a gas flow may be reported within weeks."

"What is the upside? GLL plans to book a potential 500 PJ of 2P reserves from the current Glenaras gas project. Using the lowest recent industry 2P reserves transaction multiple ($0.44/GJ) would imply a value GLL of around $1.16/share. We note that some of GLL’s east coast gas explorer peers trade at over $1.20/GJ on a 2P basis"

http://galilee-energy.com.au/wp/wp-content/uploads/2018/07/GLL_Valuation_180710.pdf

new preso slides released

http://galilee-energy.com.au/wp/wp-...7-Non-deal-Investor-Roadshow-Presentation.pdf