Annual Report to shareholders
Brisbane, Sep 24, 2019 AEST (ABN Newswire) - The domestic gas market remains very tight and the extent to which it tightens is primarily driven by the rate of decline of Bass Strait production. Whilst only roughly a quarter of domestic gas is consumed in the electricity sector, with aging generators being replaced by intermittent power, the role of gas is becoming increasingly important in creating reliability in the grid. This dynamic looks as if it will increase over time and along with netback LNG prices will drive the domestic price. That being said, it is important that the supply /demand curve is not brought back into balance by what is euphemistically called "demand management" if that comes at the expense of industrial jobs.
State Gas Limited (
ASX:GAS) has a golden opportunity to not only help the nation but also reap the rewards from doing so. Hence our new strategy "Target 2021" for our Reid's Dome Project in Petroleum Lease 231. This is an ambitious target from a timing point of view, but your Board and State Gas management remains committed to it. This strategy has three phases, the first of which has already commenced and is fully funded.
To view the Annual Report, please visit:
https://abnnewswire.net/lnk/7JFMFJ01
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.
| ||
|
