Appointment of Chief Executive Officer
Brisbane, Nov 30, 2022 AEST (ABN Newswire) - State Gas Limited (ASX:GAS) (STGSF:OTCMKTS) has today appointed Mr Doug McAlpine to the position of Chief Executive Officer. Mr McAlpine has over twenty years experience in public company management across the finance, mineral exploration and construction sectors. He has significant experience in leading companies through periods of substantial organisational change and growth. Mr McAlpine has a strong commercial and financial background, with strong experience in prudent sourcing and allocation of capital and in the negotiation and management of complex commercial arrangements.
State Gas Executive Chairman, Mr Richard Cottee, said "The appointment of Mr McAlpine comes at a critical point in State Gas' evolution as a Company, particular as it focuses on demonstrating production capability from its existing asset base in the near term." The Board of State Gas believes that Mr McAlpine's experience and proven problem-solving capabilities will allow the Company to rapidly accelerate a range of important strategic initiatives and allow it to play an enhanced role in supporting Queensland's ongoing energy needs.
Mr McAlpine's compensation package is structured to align his total reward with share price growth and the delivery of key operational and commercial milestones which will create long term value for the Company and its stakeholders.
Mr Richard Cottee will remain Executive Chairman until further notice. With the appointment of the new CEO, Mr Greg Baynton has moved from an Executive Director role to Non-Executive Director.
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 program in parallel with permitting for an export pipeline and development facilities to facilitate the fastest possible delivery of gas to market. State Gas' current focus has been to confirm the producibility of the gas through production testing of the wells.
State Gas Limited