Quarterly Activities Report
Brisbane, April 30, 2018 AEST (ABN Newswire) - Brisbane-based conventional gas developer State Gas Limited (
ASX:GAS) is pleased to provide its inaugural Quarterly Activities Report, for the March Quarter, 2018.
HIGHLIGHTS:
- Received results of flow testing and sampling of historic wells undertaken during previous Quarter, indicating significant flows of pipeline quality gas.
- Completion of Phase 1 reprocessing of seismic for the northern permit area.
- Identification of new potential gas pool target in the north-west of PL 231 from seismic reprocessing.
- Commenced planning for drilling new potential gas pool target, with drilling of one firm and one contingent well expected during the September Quarter.
- Commenced Phase 2 (Southern Area) seismic data reprocessing.
- Commenced desktop review of Reid's Dome (deeper) gas and oil targets within PL 231 using previously unavailable data.
- Continued investigation of monetisation options for Cattle Creek Formation gas.
- Appointment of Chief Executive Officer.
Background
State Gas Limited (State Gas or the Company) has a 60% interest in, and is operator of, a petroleum lease (PL 231) in central eastern Queensland, approximately 545 km northwest of Brisbane and 50 km southwest of Rolleston, in the Bowen Basin Central Queensland.
PL 231 hosts a conventional gas project located in the Denison Trough, first discovered in the 1950s. PL 231 is not a coal seam gas target. The initial area of focus for State Gas is the shallow, conventional gas target in the Cattle Creek Formation, a marine sandstone source rock, with a major secondary target in the underlying Reid's Dome beds. Both targets have produced gas during the drilling of exploration and appraisal wells on PL 231. A number of historical wells have flowed gas from the Cattle Creek Formation, which was reached at depths of as shallow as 130 meters.
To view the full report, please visit:
http://abnnewswire.net/lnk/3X34O025
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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