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BRIEF-Galilee Energy updates on strategic review outcomes

Published 21/12/2015, 11:42 am
© Reuters.  BRIEF-Galilee Energy updates on strategic review outcomes
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Dec 21 (Reuters) - Galilee Energy Ltd GLL.AX :

* Strategic review outcomes GLL.AX

* Says assets in Kansas and Texas will not be a cash burden on the company in the coming 12 months

* Intends to continue discussions with potential gas customers, infrastructure and investment partners

* Company has suspended all further capital expenditure in the US, other than abandonment obligations at hoffer b1 and a1"

* Says cash position in excess of $11.0 million expected at the end of December 2015

* Actively minimising existing expenditure and its executives and directors have agreed to take significant cuts in salaries

* Says "these changes will be reviewed at the end of June 2016"

* Source text for Eikon ID:nASXbHH3pV

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