Reid's Dome Drilling Program and Analysis Outcomes
Brisbane, Jan 21, 2019 AEST (ABN Newswire) - State Gas Limited (
ASX:GAS) provides the Company's latest presentation.
Highlights: REID'S DOME UNLOCKED
PRODUCTION LEASE & PIPELINE SURVEY LICENCE
- PL-231 is located in central Queensland, granted under the 1923 Act over 181 km2 on the elongated apex of the Springsure-Sericold anticline for a 30 year term from 15/12/2005. Pipeline Survey Licence PSL-2028 was granted for a 2 year term from 01/08/2018
OWNERSHIP
- State Gas is Operator with 80% of PL-231 - transitioning to 100% under the terms of the Joint Operating Agreement (Offer/Acceptance Notices for remaining 20% issued December 2018)
PROVEN GAS FLOWS
- 17 wells drilled between 1955 - 2018. Gas flows both from sandstone reservoirs in the Cattle Creek Formation and Reid's Dome Beds
NEW PROVINCE - LARGE CSG PROJECT
- Permian Reid's Dome Beds coal measures are extensive throughout the entire PL-231
CSG CONFIRMED IN 2018 DRILLING
- Nyanda-4 (2018) was the first CSG well drilled in Reid's Dome/PL 231
- Nyanda-4 allowed first modern suite of core and logs over Reid's Dome Beds
CONVENTIONAL/ TIGHT GAS
- Cattle Creek Formation: 3-way dip closed structural and stratigraphic traps, over-pressured. Primero West-1 discovery in November 2018
- Reid's Dome Beds: ~1500m thick section with multiple prospective, overpressured sandstone reservoirs in an anticlinal setting. Regional conventional gas analogues nearby at APLNG's Westgrove/Merivale gas fields
SIGNIFICANT CSG PROJECT CONFIRMED IN REID'S DOME BEDS
- CSG confirmed in 40.4m of net coal and 25m of carbonaceous shale + conventional/tight gas in sands and shales of Reid's Dome Beds. Desorption ongoing, average gas content to date of 11.6m3/t in cored coal seams from 392m + gas bubbling/hissing from sandstones in Nyanda-4 core
CONSIDERING PARTNERING AND OTHER TRANSACTIONS
- State Gas operates successfully with a small team and limited resources and has received initial approaches and interest to progress the Reid's Dome Gas Project, including partnering and corporate transactions. The Board seeks to ensure that discussions include all qualified and interested parties
To view the full presentation, please visit:
http://abnnewswire.net/lnk/B9K47827
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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