Gallic announces final approval of Australia exploration rights
Gallic Energy Ltd. along with its wholly owned subsidiaries announce the award of exploration rights for Block L05-8 in the Canning Basin, Western Australia. Gallic has been engaged in the application process for these Canning Basin rights since 2006. The Canning Block comprises an area approximately 294,000 hectares (726,489 acres). Gallic has identified exploration potential that would be the focus of its anticipated future oil exploration activities in the area.
As a result of prolonged and un-encouraging responses from the relevant authorities, Gallic has elected to discontinue its remaining, outstanding permit application in western Europe. Gallic’s objective is to now develop its current inventory of oil and gas prospects in France and Australia and will commence those efforts once it has completed the current private placement financing.
The common shares of Gallic Energy Ltd. are listed on the TSX Venture Exchange under the symbol GLE.A.