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) (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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