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) 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: Half Year Accounts


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