Galilee Energy (ASX:GLL) has secured additional mineral leases for its Zydeco Gas Project in Louisiana, USA, marking a key milestone that enables the project area to be unitised into a single block and optimises drilling locations and development planning.
The expanded land position allows the Louisiana-based project team to progress with finalising a drilling rig for the Zydeco-1 Production Well, positioning the company to advance toward near-term production.
Managing Director and CEO Joseph Graham said the achievement strengthens Galilee's ability to deliver early production and cash flow, supporting the board’s strategic objective of growing the business into a mid-tier US gas producer with the potential to generate significant shareholder value.
At the time of reporting, Galilee Energy's share price was $0.0080.