Brisbane-based conventional gas developer State Gas Limited (ASX:GAS) is pleased to advise it has appointed Lucy Snelling as its inaugural Chief Executive Officer (CEO).

HIGHLIGHTS

- State Gas Limited has appointed as its inaugural Chief Executive Officer Lucy Snelling LLB (Hons), BA, G.Dip Finance and Investment.

- Lucy was formerly Manager Gas Development for AGL Energy Limited and comes from a specialist background as a commercial and legal advisor in the oil and gas sector and as the former Partner and head of oil and gas in a Queensland-headquartered law firm.

- The CEO services contract includes incentive-based remuneration including an Options package linked to share price growth and key program and commercial milestones.

Lucy's appointment is a strategic appointment for State Gas as the Company progresses towards the appraisal and development of its Cattle Creek - Reid's Dome conventional gas project (PL 231) South West of Rolleston in the Bowen Basin in Central Queensland.

In her former role as Manager Gas Development, Upstream Gas at AGL Energy Limited, Lucy was responsible for a range of commercial upstream activities including leadership of gas and oil exploration projects, budgeting and forecasting, economic analysis of proposals and operations, negotiation and management of product sales, gas transportation contracts and major procurement activities.

Lucy was also responsible for joint venture management and administration of a number of AGL Energy upstream gas projects.

Lucy is a Solicitor of the Supreme Court of Queensland was Partner of a Queensland- headquartered law firm for seven years, where she led the firm's oil and gas work. As the oil and gas Partner of the firm, she was the principal legal advisor to a number of major gas pipeline companies, oil and gas joint ventures and related fundraising initiatives. In her role as a senior legal advisor Lucy has been a trusted adviser in the development, acquisition and divestment of major infrastructure and resources projects and businesses, including gas pipelines, resource projects and infrastructure.

During her legal career, she was a key proponent in the establishment of the Infrastructure Association of Queensland Inc. and subsequently worked in the infrastructure sector with the Queensland Government as a Director in the Queensland Department of Transport.

Lucy is also a director of the Cross River Rail Delivery Authority, responsible for delivering the Queensland Government's $5.4bn Cross River Rail infrastructure project.

State Gas Chairman, Tony Bellas, said that the appointment of Lucy Snelling was a very strategic move for the Company and will provide the right mix of talent, expertise and management skills to progress the Company's Cattle Creek and Reid's Dome Project through the drilling and pipeline approvals phases.

"With Lucy's career experience in the upstream oil and gas sector and joint venture management, and infrastructure and development approvals, and the Board's existing skill set, State Gas is strongly placed to deliver on our plans for the PL 231 project and future opportunities."

Among her formal qualifications, Lucy holds a Bachelor of Laws (2A Hons), a Bachelor of Arts, a Graduate Diploma in Finance and Investment and is a graduate of the AICD Company Director's Course.

The appointment is effective immediately on a half-time basis and is for a term of two years. It includes base pay of $170,000 inclusive of superannuation (on the basis of half time commitment) and incentive-based remuneration including an Options package under the Company's Equity Option Plan linked to share price growth and key program and commercial milestones.

Subject to vesting conditions including the achievement of agreed performance milestones regarding the progress of the Cattle Creek and Reid's Dome conventional gas project, Ms Snelling will receive 1,000,000 Options with an exercise price of $0.40 each and 1,000,000 Options with an exercise price of $0.60 each. Subject to satisfaction of vesting conditions 25% of each tranche of options will vest after 3 months, with the balance vesting at the conclusion of the two year term.


About 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 prog

 

Contact

Greg Baynton
Executive Director
State Gas Limited
M: +61-414-970-566
E: greg@stategas.com

Tony Bellas
Chairman
State Gas Limited
M: +61-412-244-385
E: tony@stategas.com



Link: Appointment of CEO


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