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Galilee Energy Targets 13.7 Bcf Gas at Zydeco-1 Well
Galilee Energy expects to spud Zydeco-1 well in Louisiana early next month, targeting 13.7 Bcf of gas and 0.61 MMbbl of condensate. The company aims for first production within six months if the well succeeds.
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Galilee Energy (ASX:GLL) expects to spud the Zydeco-1 well in Louisiana early next month. The well targets 13.7 billion cubic feet of gas and 0.61 million barrels of condensate across multiple stacked reservoirs.
Managing director Joseph Graham told shareholders the drilling site is ready. Construction of the access road and drilling pad is complete. Staging areas for equipment are also in place.
Zydeco-1 is the first well under Galilee's pivot from Australian exploration to U.S. Gulf Coast redevelopment. The company describes the strategy as building a scalable business focused on low-risk development and near-term cash flow. The well sits near existing pipeline infrastructure. The company says a commercial discovery could mean first production within about six months.