Australian (ASX) Stock Market Forum

GLL - Galilee Energy

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Galilee Energy on the move in the last couple of days after reporting good flow test results at their Glenaras Gas Project in Queensland.

big.chart-GLL.gif
 
GLL on fire. Lot of accumulation and FOMO going on from the looks of things.

No measurable hydrocarbons yet at the Glenaras Gas Project but the production tests appear to be going well. Currently at 42c and near its high of the day.

big.chart-GLL(2).gif
 
Not much more for me to say. The chart says it all. A great month for Galilee Energy. :)

big.chart-GLL(3).gif
 
They had a Balance Sheet of around $10 million at the end of the March Quarter with expected outflows of around $6 million for the Quarter we have just had …..

Cap Raise announced today of $5.6 million so I assume Balance Sheet will remain similar at around $10 million.

The Market seemed to appreciate the Cap Raise being done at what was a 9% premium at 40 cents per share. Share price closed today at 48.5 cents …… which means the sophisticated chaps are already 20% in profit.

With a $90 million market cap it looks a little over priced to me considering its "pre" results but if the Gas kicks in big time maybe it will prove to be undervalued …..
 
Right at a cross road technically now.
Testing the high on fair volume after
a few days of really low volume showing lack of supply.
 
Galilee Energy have announced the first gas from Glenaras today and the share price has continued its almost relentless two month trek north from 15c to 75c.

I'm just wondering how much further it has left to go.

big.chart-GLL.gif
 
GLL showing a bit of fight lately. Volumes are light, but its poking its head above an early Dec selling zone. My channel is not perfect, but it captures a fair chunk of the downwards action since September. A breakout over 63c may be on the cards here.

GLL-daily-2019-01-13 22-24-54.jpg
 
Efficient move up today. Volumes are lighter than I typically like, but chance to tighten the stops now. We'll probably catch some supply to 70c but its a nice swing up from its 46c low.
 
Posted in P2 week-end review;

cgc0105a.PNG

I didn't place any orders for the model portfolio (ASX40P) as it's fully invested. Unfortunately or is it more(?) I didn't place any buy orders for my own portfolios. This post is penance.

After an impulsive move up in 2018 price has drifted lower in a corrective manner (chaotic). However price has consolidated at the 50-62% retracement zone (box). This is a reasonable level for the anticipated next move (which should be impulsive) to start and there's an acceptable RR setup to use.

gll0105b.PNG
 
Any one still following this play..
Glenoras seems to do well.
Shares are in within trend line.
We are at turning point..
Break up or down .
Your view appreciate
 
themarketherald.com.au

Galilee Energy (ASX:GLL) signs MoU with Oil India

Galilee Energy (ASX:GLL) has signed a memorandum of understanding (MoU) with Oil India, a central public sector enterprise of the India government.
themarketherald.com.au themarketherald.com.au
Galilee Energy (GLL) has signed a memorandum of understanding (MoU) with Oil India, a central public sector enterprise of the Indian government.

The purpose of the MoU is to explore collaboration possibilities in potential coal seam gas (CSG) assets and in advanced technology implementation for oil and gas projects in Australia, India, and other countries of “common interest”.

Further, the MoU serves as a stepping stone towards a potential formal partnership between the two companies.

Live price chart: https://uk.advfn.com/p.php?pid=staticchart&s=ASX^GLL&p=5&t=1
 

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