- Received results of flow testing and sampling of historic wells undertaken during previous Quarter, indicating significant flows of pipeline quality gas.
- Completion of Phase 1 reprocessing of seismic for the northern permit area.
- Identification of new potential gas pool target in the north-west of PL 231 from seismic reprocessing.
- Commenced planning for drilling new potential gas pool target, with drilling of one firm and one contingent well expected during the September Quarter.
- Commenced Phase 2 (Southern Area) seismic data reprocessing.
- Commenced desktop review of Reid's Dome (deeper) gas and oil targets within PL 231 using previously unavailable data.
- Continued investigation of monetisation options for Cattle Creek Formation gas.
- Appointment of Chief Executive Officer.
State Gas Limited (State Gas or the Company) has a 60% interest in, and is operator of, a petroleum lease (PL 231) in central eastern Queensland, approximately 545 km northwest of Brisbane and 50 km southwest of Rolleston, in the Bowen Basin Central Queensland.
PL 231 hosts a conventional gas project located in the Denison Trough, first discovered in the 1950s. PL 231 is not a coal seam gas target. The initial area of focus for State Gas is the shallow, conventional gas target in the Cattle Creek Formation, a marine sandstone source rock, with a major secondary target in the underlying Reid's Dome beds. Both targets have produced gas during the drilling of exploration and appraisal wells on PL 231. A number of historical wells have flowed gas from the Cattle Creek Formation, which was reached at depths of as shallow as 130 meters.
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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 Operator and 60%-owner of the Reid's Dome gas project which is well-located 30 kilometres southwest of Rolleston, approximately 50 kilometres from the Queensland Gas Pipeline.
Chief Executive Officer