Half Year Accounts
Brisbane, Mar 5, 2018 AEST (ABN Newswire) - Brisbane-based conventional gas developer State Gas Limited (
ASX:GAS) is pleased to provide its inaugural Half-Yearly Operations Report for the half-year ended December, 2017.
HIGHLIGHTS
- Initial Public Offering (IPO) Completed, raising $5.25 million (prior to Issue costs), with tradingcommencing on the Australian Securities Exchange (ASX) on 10 October 2017.
- Successful flow-testing and gas sampling and analysis of existing gas wells at Reid's Dome -Cattle Creek conventional gas project (PL 231) undertaken during December 2017.
- Cattle Creek gas samples confirmed by analysis at PetroLab as pipeline-quality gas, with anaverage Methane (C1) content of approximately 96%, average Carbon Dioxide (CO2) content ofapproximately 1.5% and very low levels of interts.
- Reprocessing of historical seismic survey data for the Reid's Dome - Cattle Creek projectcommenced during November.
- Engagement of a drilling and completions co-ordinator during December to source long-leaditems and co-ordinate the 2018 drilling and completion program.
- Lucy Snelling LLB, BA, G.Dip Finance and Investment was appointed as inaugural CEO on 22February. Lucy was formerly Manager Gas Development for AGL Energy Limited and comesfrom a specialist background as a commercial and legal advisor in the oil and gas sector and asthe former Partner and head of oil and gas in a Queensland-headquartered law firm.
To view the full report, please visit:
http://abnnewswire.net/lnk/49Z923DK
About State Gas Limited
State Gas Limited (ASX:GAS) (OTCMKTS:STGSF) is a Queensland-based gas exploration and development company with highly prospective gas exploration assets located in the southern Bowen Basin. State Gas Limited's mission is to support east coast energy markets through the efficient identification and development of new high quality gas assets.
It will do this by applying an agile, sustainable but low-cost development approach and opportunistically expanding its portfolio in areas that are well located to gas pipeline infrastructure.
State Gas is 100%-owner of the contiguous Reid's Dome (PL-231) and Rolleston-West (ATP 2062) gas projects, both of which contain CSG and conventional gas. The Projects, together some 1,595km2 , are located south of Rolleston, approximately 50 and 30 kilometres respectively from the Queensland Gas Pipeline and interconnected east coast gas network. State Gas intends to accelerate commercialisation of these assets through the application of an innovative virtual pipeline ("VP") solution which will see the Company transport compressed gas by truck to existing pipeline infrastructure or to an end user.
State Gas also holds a 35% interest in ATP 2068 and ATP 2069 in joint venture with Santos QNT Pty Ltd (65%). These two new areas lie adjacent to or in the near vicinity of State Gas and Santos' existing interests in the region, providing for the potential of an alignment in ownership interests across the region over time and enabling synergies in operations and development.
State Gas is also participating in a carbon capture and sequestration initiative with minerals explorer Rockminsolutions Pty Ltd in respect of EPM 27596 which is located on the western border of ATP 2062. This project is investigating the potential of the unique basalts located in the Buckland Basaltic Sequence (located in EPM 27596) to provide a variety of in-situ and ex-situ carbon capture applications.
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