State Gas Limited Stock Market Press Releases and Company Profile
Completes Institutional Component of Accelerated Non-Renounceable Entitlement Offer
Completes Institutional Component of Accelerated Non-Renounceable Entitlement Offer

Brisbane, Aug 6, 2024 AEST (ABN Newswire) - State Gas Limited (googlechartASX:GAS) (googlechartSTGSF:OTCMKTS) is pleased to announce that it has successfully completed the institutional component (Institutional Entitlement Offer) of its 1 for 2 accelerated non- renounceable entitlement offer of new fully paid ordinary shares (New Shares) at an offer price of $0.05 (Offer Price) per New Share, with one 12 month option exercisable at $0.08 attaching for every 2 New Shares issued (Entitlement Offer).

As announced on 5 August 2024, the institutional component of the Entitlement Offer closed on 2 August 2024, with the Company receiving strong support from existing shareholders. The Company has now completed allocations of approximately 59.3 million New Shares at $0.05 to raise approximately $3.0 million in the Institutional Entitlement Offer. This completed in conjunction with the institutional Placement on the same terms that raised approximately $2.0 million.

New Shares issued under the Placement and Entitlement Offer will each rank equally with ordinary shares already on issue.

Prospectus

The Prospectus relating to the Entitlement Offer was lodged with ASIC and ASX on 5 August 2024 and will be despatched to eligible retail shareholders on or around 8 August 2024. Further information regarding the Entitlement Offer can be found in the Prospectus.

*To the indicative timetable, please visit:
https://abnnewswire.net/lnk/0U10A216


About State Gas Limited

State Gas Limited ASX:GASState 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.

 

abnnewswire.com 


Contact

Doug McAlpine
Chief Executive Officer
Phone: 0488 007 889
Email: doug@stategas.com

Richard Cottee
Executive Chairman
Phone: 0458 517 850
Email: richard@stategas.com



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