Share Purchase Plan Results
Brisbane, Sep 5, 2023 AEST (ABN Newswire) - State Gas Limited (
ASX:GAS) (STGSF:OTCMKTS) advises that the Share Purchase Plan ("SPP") announced on Tuesday, 8 August 2023 closed on Thursday, 31 August 2023. Under the terms of the SPP, eligible shareholders were entitled to be issued up to $30,000 worth of shares in the Company at the SPP issue price.
The SPP offer was made to 1,429 eligible shareholders, with valid applications received from 163 eligible shareholders for a total of $2,385,094 and an average application amount of approximately $15,000.
The SPP shares will be issued at $0.15 per share (SPP Issue Price), being a 16.7% discount to the volume weighted average market price of the Company's shares calculated over the last 5 days on which sales in the Company's shares were recorded before the SPP was announced on Tuesday, 8 August 2023.
State Gas expects the 15,900,675 new SPP shares to be issued on Wednesday, 6 September 2023 and to commence trading on ASX on Thursday, 7 September 2023.
Funds raised from the SPP will be used to fund additional drilling and working capital.
About State Gas Limited
State Gas Limited (ASX:GAS) (OTCMKTS:STGSF) is a Queensland-based gas exploration and development company with highly prospective gas exploration assets located in the southern Bowen Basin. State Gas Limited's mission is to support east coast energy markets through the efficient identification and development of new high quality gas assets.
It will do this by applying an agile, sustainable but low-cost development approach and opportunistically expanding its portfolio in areas that are well located to gas pipeline infrastructure.
State Gas is 100%-owner of the contiguous Reid's Dome (PL-231) and Rolleston-West (ATP 2062) gas projects, both of which contain CSG and conventional gas. The Projects, together some 1,595km2 , are located south of Rolleston, approximately 50 and 30 kilometres respectively from the Queensland Gas Pipeline and interconnected east coast gas network. State Gas intends to accelerate commercialisation of these assets through the application of an innovative virtual pipeline ("VP") solution which will see the Company transport compressed gas by truck to existing pipeline infrastructure or to an end user.
State Gas also holds a 35% interest in ATP 2068 and ATP 2069 in joint venture with Santos QNT Pty Ltd (65%). These two new areas lie adjacent to or in the near vicinity of State Gas and Santos' existing interests in the region, providing for the potential of an alignment in ownership interests across the region over time and enabling synergies in operations and development.
State Gas is also participating in a carbon capture and sequestration initiative with minerals explorer Rockminsolutions Pty Ltd in respect of EPM 27596 which is located on the western border of ATP 2062. This project is investigating the potential of the unique basalts located in the Buckland Basaltic Sequence (located in EPM 27596) to provide a variety of in-situ and ex-situ carbon capture applications.
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