The Placement will result in the issue of ~1.5 million new fully paid ordinary shares in State Gas.
The funds raised from the placement will be used to fully assess the outcomes of its current drilling and testing campaign and plan the pilot program to be undertaken in 2020, as well as to meet costs of the issue.
Settlement is scheduled for Wednesday 18 December, with allotment of new shares planned for Thursday 19 December.
Morgans Corporate Limited acted as Lead Manager to the placement.
About State Gas Limited
State Gas Limited (ASX:GAS) is a Queensland-based developer of the Reid's Dome gas field (PL 231), which includes both CSG and conventional gas, originally discovered in 1954 during oil drilling prior to the existence of a pipeline network and an east coast gas market. The Reid's Dome field is located in the Bowen Basin in Central Queensland on the apex of the Springsure-Sericold Anticline. State Gas is sole Operator of PL 231, which is well-located 30 kilometres southwest of Rolleston, approximately 47 kilometres from the Queensland Gas Pipeline.
Chief Executive Officer
Phone: 0439 608 241
Phone: 0458 517 850