Galilee Energy Ltd. (ASX: GLL) says that AGL Energy Ltd. has agreed to transfer its 50% interest in ATP 529P to Galilee.
The transaction will be at no upfront cost to Galilee and is subject to the finalization of a formal sale and purchase agreement, audits into the asset, and Queensland government approval. As part of the transaction AGL will also contribute $590,000 to Galilee to support future operations at Glenaras.
Completion of the transaction is expected in late July or early August, with an effective date of June 1. Galilee will become operator of the permit from the effective date, subject to completion of audits on different elements of the asset.