REID'S DOME 2018 DRILLING PROGRAM OVERVIEW
REID'S DOME 2018 DRILLING PROGRAM OVERVIEW
Brisbane, Nov 7, 2018 AEST (ABN Newswire) - State Gas Limited (ASX:GAS) is pleased to present the REID'S DOME 2018 Drilling program overview:

ACTIVITY IS IMMINENT

Drilling to commence by 10 November, subject to weather

POTENTIAL NEW CSG PROVINCE

- The PL 231 area has been overlooked and never explored for CSG before

GOOD EVIDENCE FOR SUCCESS

- Conventional gas and coal seams in historical wells in Reid's Dome since 1955

THREE CHANCES OF SUCCESS FROM TWO WELLS IN LATE 2018

- Primero West-1: Shallow conventional gas target identified in seismic data

- Nyanda-4: CSG target identified from 1987 drilling results

- Nyanda-4: Known conventional gas targets within the Reid's Dome Beds

NOT LONG TO WAIT FOR RESULTS

- Drilling expected be completed by mid-December 2018, subject to weather

- Indicative results of drilling will be released to ASX

- Further testing will take three-four months for detailed analysis

EAST COAST GAS MARKET NEEDS THE GAS

- Wood Mackenzie says a "triple whammy" of high oil prices, tight LNG market conditions and a strong US dollar will put upward pressure on gas prices

- East coast gas market tightening further with the announcement of a freeze on Arrow's $400 million Tipton project expansion

- Wood Mackenzie notes that Asian LNG prices are trending towards a "netback" price in Australia of about $15 a gigajoule

To view the presentation, please visit:
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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 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.

 


Contact

Lucy Snelling
Chief Executive Officer
M: +61-439-608-241
E: lucy@stategas.com

Greg Baynton
Executive Director
M: +61-414-970-566
E: greg@stategas.com



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