State Gas Limited (ASX:GAS) is pleased to advise it has successfully completed an A$8 million placement at $0.32 per share (Placement). The offer received strong interest and was supported by a number of Australian institutional and sophisticated investors.
State Gas Limited
State Gas Limited (ASX:GAS) is a Queensland-based developer of the Reid's Dome gas field, originally discovered during drilling in 1955, located in the Bowen Basin in Central Queensland. State Gas is 100%-owner of the Reid's Dome Gas Project (PL-231) a CSG and conventional gas play, which is well-located 30 kilometres southwest of Rolleston, approximately 50 kilometres from the Queensland Gas Pipeline and interconnected east coast gas network.
Permian coal measures within the Reid's Dome Beds are extensive across the entire permit but the area had not been explored for coal seam gas prior to State Gas' ownership. In late 2018 State Gas drilled the first coal seam gas well in the region (Nyanda-4) into the Reid's Dome Beds and established the potential for a significant coal seam gas project in PL 231. The extension of the coal measures into the northern and central areas of the permit was confirmed in late 2019 by the Company's drilling of Aldinga East-1A (12 km north) and Serocold-1 (6 km to the north of Nyanda-4).
State Gas is also the 100% holder Authority to Prospect 2062 ("Rolleston-West"), a 1,414 km2 permit (eight times larger than PL 231) that is contiguous with the Reid's Dome Gas Project. Rolleston-West contains highly prospective targets for both coal seam gas (CSG) and known conventional gas within the permit area. It is not restricted by domestic gas reservation requirements.
The contiguous areas (Reid's Dome and Rolleston-West), under sole ownership by State Gas, enable integration of activities and a unified super-gasfield development, providing economies of scale, efficient operations, and optionality in marketing.
State Gas is implementing its strategic plan to bring gas to market from Reid's Dome and Rolleston-West to meet near term forecast shortfalls in the east coast domestic gas market. The strategy involves progressing a phased appraisal program in parallel with permitting for an export pipeline and development facilities to facilitate the fastest possible delivery of gas to market. State Gas' current focus has been to confirm the producibility of the gas through production testing of the wells.
State Gas Limited (ASX:GAS) has received gas content and final composition results for the recently drilled Rougemont-1 and Rougemont-2 wells in its 100% owned Rolleston-West Project (ATP 2062).
This Quarter has been a defining period for State Gas (ASX:GAS) in its march towards commercial production from its 100% owned Reid's Dome Project (PL231) in 2023.
State Gas Limited (ASX:GAS); Production Log Testing (PLT) at Nyanda-4 has confirmed that in addition to gas production from coal seams between 400m and 1000m, gas is being successfully produced at Reid's Dome at depths below 1150m.
State Gas Limited (ASX:GAS) is pleased to announce that the Rougemont-2 test results have confirmed a new Bandanna coal seam gas (CSG) play. The Rougemont-2 well was drilled, logged and tested and has been suspended pending production testing.
State Gas Limited (ASX:GAS) is pleased to announce that its second Rolleston-West well, Rougemont-2, has intersected gas-bearing Bandanna coal measures very similar to the coals identified during drilling last month at its Rougemont-1 well in Central Queensland.
State Gas Limited (ASX:GAS) advises that the Rougemont-2 well within its 100%-owned Rolleston-West Gas Project has reached the depth at which coring, that is the taking of coal samples, will commence.
State Gas Limited (ASX:GAS) is pleased to announce the spud of Rougemont-2, the second well in its new Rolleston-West Gas Project (ATP-2062) in Central Queensland.
State Gas Limited (ASX:GAS) is pleased to announce that its first well in its new Rolleston-West Gas Project (ATP 2062) in Central Queensland has confirmed the existence of gas-bearing coal seams in the Bandanna coal measures within the Project area.
State Gas Limited (ASX:GAS) has commenced drilling the first well in its new Rolleston-West Gas Project in ATP 2062. Rougemont-1 was spudded at 9:00pm on 14th May 2021. At 6am this morning the well was at 75m.