Galilee Energy Limited · ASX:GLL
Galilee Energy — Merger or Acquisition (August 2024)
11 slides from Galilee Energy's merger presentation, Aug 15, 2024
Slide 1: Galilee Energy and Vintage Energy merger proposal
Galilee Energy and Vintage Energy merger proposal A stronger,Vali-2 better resourced Stimulation operations gas supplier to eastern Australia 15 August 2024
Slide 2: Important notice and disclaimer
Important notice and disclaimer Summary information This presentation has been prepared by Vintage Energy Limited (“Vintage” or the “Company”), for the purpose of providing general information about the Heads of Agreement between Vintage Energy Limited and Galilee Energy Limited announced to the ASX
Slide 3: Important notice and disclaimer
Important notice and disclaimer Future performance This presentation includes both information that is historical in character and information that consists of forward-looking statements. Forward-looking statements are not based on historical facts, but are based on current expectations of future re
Slide 4: Galilee Energy and Vintage Energy have signed a Heads of Agreement to merge
Galilee Energy and Vintage Energy have signed a Heads of Agreement to merge to create a better equipped company for gas supply to eastern Australia in the near and long term. If approved by shareholders, the merged company will feature: ▪ a stronger balance sheet, with greater capacity to advance ex
Slide 5: Key details
Key details Board commitment to Heads of Agreement on merger of Galilee Energy and Vintage Energy ▪ Heads of Agreement (HoA) for merger through Vintage acquisition of 100% of Galilee shares on issue post capital raising announced by Galilee 15 August 2024 “capital raising” ▪ Implementation subject t
Slide 6: Merger rationale
Merger rationale Complementary resource base, project maturities. Stronger financial, cost base to prosecute projects. ✓ More gas ▪ Merged entity to possess ~50 PJ 2P gas reserves; ~2,600 2C Contingent Resource 1 ▪ Galilee holders gain exposure to producing 2P reserves ~50 PJ1, supplying gas under l
Slide 7: Vintage and Galilee assets
Vintage and Galilee assets Combined portfolio covers most onshore eastern sedimentary basins supplying gas 1 Cooper Basin ▪ Odin & Vali gas fields 1 Glenaras gas project 5 ▪ Appraisal production ▪ 2,500 PJ 2C CSG resource ▪ Gas supply contracts ▪ Transport MOU (non-binding) ▪ Gas and oil exploration
Slide 8: Key gas assets
Key gas assets Merger portfolio to hold currently producing reserves with long term potential Odin & Vali gas projects Glenaras gas project Currently producing and supplying gas Multi-TCF CSG Resource, ideally located for local and LNG markets ▪ 2C Contingent Resource 2,508 PJ, independently certifi
Slide 9: Merged group outcome
Merged group outcome Combination of 2P and 2C gas. Stronger balance sheet and liquidity Proforma combination Vintage Galilee Mergeco Single listed company, with single office $ million unless otherwise specified to be located in Adelaide 2P Sales gas Reserves 1petajoules 48.7 - 48.7 2C Resources 1 p
Slide 10: Wrap up
Wrap up A stronger better resourced company for near-term and long-term gas supply to eastern Australia What’s proposed: ▪ Heads of Agreement signed by the boards of directors of Galilee and Vintage for merger ▪ Merger to be effected through all-scrip acquisition of Galilee by Vintage ▪ Scheme meeti
Slide 11: Glossary
Glossary $ Australian dollars GJ Gigajoule (1 GJ is equivalent to 1x109 joules) 1C Contingent resource low estimate1 JV Joint Venture 2C Contingent resource medium estimate1 Km2 Square kilometres 3C Contingent resource high estimate1 Km Kilometre 2D Two dimensional LNG Liquefied Natural Gas 3D Three