Quarterly Activities Report
Brisbane, April 28, 2023 AEST (ABN Newswire) - State Gas Limited (
ASX:GAS) (STGSF:OTCMKTS) is pleased to advise that during the quarter to 31 March 2023 ("the Quarter") it made significant progress on its Reid's Dome and Rolleston West projects. This progress was achieved against a backdrop of increasing uncertainty caused by federal government regulatory intervention in the gas sector, with the Company moving closer to its vision of transitioning from exploration to production.
The Company is strategically well positioned with a portfolio of geographically contiguous, highly prospective exploration areas in the Southern Bowen Basin. These assets are located close to existing gas infrastructure and can produce low cost, pipeline quality gas. This is a key gas development precinct for Queensland and State Gas' projects, particularly Rolleston West, have the hallmarks of world class development assets. Gas from the Company's permits is not restricted by domestic gas reservation requirements, and therefore, can be sold to either local customers or export markets. On the back of strong production testing performance from the Rougemont 2/3 lateral well pair ("Rougemont") during the quarter, accelerating the delivery of pipeline quality gas from Rougemont is now a critical element of the Company's strategy to bring on new supply for the tightening eastern seaboard gas market.
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/4RMX2WHV
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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