Appointment of CEO
Brisbane, Feb 22, 2018 AEST (ABN Newswire) - Brisbane-based conventional gas developer State Gas Limited (
ASX:GAS) is pleased to advise it has appointed Lucy Snelling as its inaugural Chief Executive Officer (CEO).
HIGHLIGHTS
- State Gas Limited has appointed as its inaugural Chief Executive Officer Lucy Snelling LLB (Hons), BA, G.Dip Finance and Investment.
- Lucy was formerly Manager Gas Development for AGL Energy Limited and comes from a specialist background as a commercial and legal advisor in the oil and gas sector and as the former Partner and head of oil and gas in a Queensland-headquartered law firm.
- The CEO services contract includes incentive-based remuneration including an Options package linked to share price growth and key program and commercial milestones.
Lucy's appointment is a strategic appointment for State Gas as the Company progresses towards the appraisal and development of its Cattle Creek - Reid's Dome conventional gas project (PL 231) South West of Rolleston in the Bowen Basin in Central Queensland.
In her former role as Manager Gas Development, Upstream Gas at AGL Energy Limited, Lucy was responsible for a range of commercial upstream activities including leadership of gas and oil exploration projects, budgeting and forecasting, economic analysis of proposals and operations, negotiation and management of product sales, gas transportation contracts and major procurement activities.
Lucy was also responsible for joint venture management and administration of a number of AGL Energy upstream gas projects.
Lucy is a Solicitor of the Supreme Court of Queensland was Partner of a Queensland- headquartered law firm for seven years, where she led the firm's oil and gas work. As the oil and gas Partner of the firm, she was the principal legal advisor to a number of major gas pipeline companies, oil and gas joint ventures and related fundraising initiatives. In her role as a senior legal advisor Lucy has been a trusted adviser in the development, acquisition and divestment of major infrastructure and resources projects and businesses, including gas pipelines, resource projects and infrastructure.
During her legal career, she was a key proponent in the establishment of the Infrastructure Association of Queensland Inc. and subsequently worked in the infrastructure sector with the Queensland Government as a Director in the Queensland Department of Transport.
Lucy is also a director of the Cross River Rail Delivery Authority, responsible for delivering the Queensland Government's $5.4bn Cross River Rail infrastructure project.
State Gas Chairman, Tony Bellas, said that the appointment of Lucy Snelling was a very strategic move for the Company and will provide the right mix of talent, expertise and management skills to progress the Company's Cattle Creek and Reid's Dome Project through the drilling and pipeline approvals phases.
"With Lucy's career experience in the upstream oil and gas sector and joint venture management, and infrastructure and development approvals, and the Board's existing skill set, State Gas is strongly placed to deliver on our plans for the PL 231 project and future opportunities."
Among her formal qualifications, Lucy holds a Bachelor of Laws (2A Hons), a Bachelor of Arts, a Graduate Diploma in Finance and Investment and is a graduate of the AICD Company Director's Course.
The appointment is effective immediately on a half-time basis and is for a term of two years. It includes base pay of $170,000 inclusive of superannuation (on the basis of half time commitment) and incentive-based remuneration including an Options package under the Company's Equity Option Plan linked to share price growth and key program and commercial milestones.
Subject to vesting conditions including the achievement of agreed performance milestones regarding the progress of the Cattle Creek and Reid's Dome conventional gas project, Ms Snelling will receive 1,000,000 Options with an exercise price of $0.40 each and 1,000,000 Options with an exercise price of $0.60 each. Subject to satisfaction of vesting conditions 25% of each tranche of options will vest after 3 months, with the balance vesting at the conclusion of the two year term.
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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