UPDATE ON INCREASE OF INTEREST IN PL 231
UPDATE ON INCREASE OF INTEREST IN PL 231
Brisbane, Feb 8, 2019 AEST (ABN Newswire) - State Gas Limited (ASX:GAS) refers to its previous announcements on 5 December 2018 and 11 December 2018 regarding its initiation of the process to increase its Participating Interest in Reid's Dome Gas Project (PL 231) to 100% in accordance with the provisions of the Joint Operating Agreement (JOA) for the project which allow a Participant in the project to acquire the Participating Interest of another Participant if that other Participant's interest in the project falls below 25%.

Dome Petroleum Resources Plc (Dome) has failed to complete the transfer of its 20% Participating Interest in the project to State Gas in accordance with the requirements of the JOA.

State Gas has today commenced proceedings in the Supreme Court of Queensland seeking specific performance by Dome of its obligations under the JOA.

State Gas will continue to keep the market updated regarding the status and progress of its acquisition of Dome's final 20% Participating Interest in the project.


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 (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.

http://www.stategas.com

 


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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