APPEAL STRUCK OUT - 100% OWNERSHIP OF PL 231 IS CONFIRMED
Brisbane, Nov 27, 2019 AEST (ABN Newswire) - Brisbane-based gas developer State Gas Limited (
ASX:GAS) ("State Gas" or "the Company") is pleased to advise that the Court of Appeal in Queensland has today struck out the application made by its former joint venture partner, Dome Petroleum Resources PLC, to appeal the Supreme Court of Queensland decision of 16 September 2019 regarding its increase in ownership of the Reid's Dome Gas Project (PL 231).
The Court of Appeal also ordered that Dome pay State Gas' costs of the appeal on an indemnity basis.
As advised in September, 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 also made at that time in favour of State Gas Limited for costs.
The Court of Appeal outcome today confirms the final ownership interest for State Gas of the Reid's Dome Gas Project (PL 231) at 100%, which will enable the Company to focus on progressing the development of PL 231 in line with its Target 2021 Gas-to-Market strategy.
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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