Update on Supreme Court Proceedings
Brisbane, Sep 24, 2019 AEST (ABN Newswire) - Brisbane-based gas developer State Gas Limited (
ASX:GAS) refers to its announcement on 16 September 2019 regarding the outcome of proceedings in the Supreme Court of Queensland between the Company and its former joint venture partner, Dome Petroleum Resources Plc (Dome).
As advised in that announcement, the Court ordered Dome to execute documentation as may be necessary to effect the transfer of Dome's remaining interest in PL 231 to State Gas Limited for the consideration fixed by the Joint Operating Agreement, namely $233,333. Further orders were made in favour of State Gas Limited for costs.
Notwithstanding their failure to appear at the hearing, Dome, which is representing itself, has filed an appeal against the Judgement.
State Gas's legal advice is that the appeal is entirely without merit. State Gas will defend the appeal.
The application for appeal by Dome will not impact the 2019 drilling and production testing activities at the Reid's Dome Gas Project that are scheduled to commence later this week.
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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