What’s going on with the Galilee Energy (ASX:GLL) share price?

The Galilee Energy share price isn’t making the same big moves as it did following the ASX energy share’s last Glenaras project update.

| More on:
oil drill in sunset

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Galilee Energy Ltd. (ASX: GLL) shares are edging lower in late morning trade. At the time of writing, the Galilee Energy share price is trading 0.6% lower at 74 cents.

Below we take a look at the ASX energy share’s latest operations update.

What update did Galilee report?

The Galilee Energy share price is edging lower after the company released an operations update for its 100% owned Glenaras gas pilot program in Queensland’s Galilee Basin.

That’s a different market reaction from the last time the company provide an update at its Glenaras gas project on 26 March, when shares soared more than 50% during intraday trading.

The program involves upgrades – including larger, higher horsepower pumps – to all 6 of the vertical wells, intended to speed the process towards commercial gas production at Glenaras.

In today’s update on its pump enhancement program (PEP), Galilee reported that the program was running on schedule despite the recent rainfall. Three out of the 6 vertical well upgrades are now complete and those wells are back on production. The company intends to increase the water production rates from the new pumps over the next weeks.

There were no sediment or fill issues encountered, negating the need for additional clean-out activities. Galilee said this “augurs well for longer term pump reliability”.

The new, larger pumps required power generation upgrades. Galilee reported that all these upgrades have been completed. It also reported that “progress on a second pivot irrigation system to process increased water rates is well underway”. It expects commissioning to occur by end of April.

With rig related works continuing until mid-May, the company advised that several wells will be shut during that time. Pumps will progressively come back online throughout the program.

Galilee Energy share price snapshot

The Galilee Energy share price is up 14% over the past 12 months. That trails the 31% gains posted by the All Ordinaries Index (ASX: XAO).

So far in 2021, Galilee Energy shares have gained 9%.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Energy Shares

a man sits on a rocket propelled office chair and flies high above a city
Energy Shares

Up 26% in a month, is the Paladin Energy share price on the comeback trail?

Will this rally stick for the ASX uranium share after a tough trading year to date?

Read more »

boy dressed as an eco warrior and holding a globe.
Energy Shares

Origin share price dips amid fresh climate pressure from shareholders

Shareholders are asking the company to put climate sensitivity analysis front and centre.

Read more »

share price ASX mining shares buy coal miner thumbs up
Energy Shares

Why are ASX coal shares having such a stellar end to the week?

It's proving a cracking end to the week for these three ASX 200 coal shares.

Read more »

share price ASX mining shares buy coal miner thumbs up
Record Highs

Why did the Whitehaven Coal share price just hit an 11-year high?

Whitehaven shares have been on fire in 2022.

Read more »

a miner wearing a hard hat smiles as he stands in front of heavy earth moving equipment on a barren mine site.
Energy Shares

Here’s why the Pure Hydrogen share price is soaring 22% today

Shares in the clean energy company are flying high on Wednesday.

Read more »

gas and oil worker on pipeline equipment
Energy Shares

ASX 200 energy shares mixed amid bearish oil price outlook

How did a bleak broker note affect energy shares today?

Read more »

A woman standing on a path flanked by big green trees is surrounded by colourful balloons tumbling from the sky.
Share Gainers

Why did the Pure Hydrogen share price pop 21% today?

Why did Pure Hydrogen shares have such an amazing day today?

Read more »

Two miners stand in front of a large black wall of coal.
Energy Shares

ASX coal shares in the spotlight amid fresh supply warnings

Could this be an opportunity for Australian coal company's.

Read more »