Half Yearly Report and Accounts
Brisbane, Mar 11, 2022 AEST (ABN Newswire) - The December 2021 Half Year Period saw State Gas Limited (
ASX:GAS) focus on its program to confirm the commerciality of the Reid's Dome Project (PL231) in Central Queensland, as well as advance the exploration of its new Rolleston-West Project in adjacent ATP 2062. State Gas is appraising the Reid's Dome Project for rapid development to provide new gas supplies into the east coast gas market, with the gas at Rolleston-West envisaged to supplement and, over time, supersede the Reid's Dome supplies.
State Gas' previous programs have established very high gas contents in the Reid's Dome coal beds at PL231, and commercial levels of production at the Nyanda-4 well. The current works are to confirm the size and scope for development with production tests at additional wells.
At Rolleston-West the Company is targeting the Bandanna Formation coals, which are extensive across large areas of the permit. The potential of these areas is underpinned by Santos' commercial production of gas from the Bandannas at the Arcadia Valley field to the south-east, and Comet Ridge's progress towards commercial production from the Bandannas at Mahalo to the north-east.
The Period started with receipt of the final results from its drilling of the two Rougemont wells on ATP 2062. ATP 2062 was issued to the Company in October 2020, and the Company moved quickly, notwithstanding the challenges of Covid-19 and a heavy wet season, to obtain the relevant approvals and drill the two Rougemont wells in Q2 2021.
*To view the Half Year Report, please visit:
https://abnnewswire.net/lnk/7BAVTT24
About State Gas Limited
State Gas Limited (ASX:GAS) is a Queensland-based developer of the Reid's Dome gas field, originally discovered during drilling in 1955, located in the Bowen Basin in Central Queensland. State Gas is 100%-owner of the Reid's Dome Gas Project (PL-231) a CSG and conventional gas play, which is well-located 30 kilometres southwest of Rolleston, approximately 50 kilometres from the Queensland Gas Pipeline and interconnected east coast gas network.
Permian coal measures within the Reid's Dome Beds are extensive across the entire permit but the area had not been explored for coal seam gas prior to State Gas' ownership. In late 2018 State Gas drilled the first coal seam gas well in the region (Nyanda-4) into the Reid's Dome Beds and established the potential for a significant coal seam gas project in PL 231. The extension of the coal measures into the northern and central areas of the permit was confirmed in late 2019 by the Company's drilling of Aldinga East-1A (12 km north) and Serocold-1 (6 km to the north of Nyanda-4).
State Gas is also the 100% holder Authority to Prospect 2062 ("Rolleston-West"), a 1,414 km2 permit (eight times larger than PL 231) that is contiguous with the Reid's Dome Gas Project. Rolleston-West contains highly prospective targets for both coal seam gas (CSG) and known conventional gas within the permit area. It is not restricted by domestic gas reservation requirements.
The contiguous areas (Reid's Dome and Rolleston-West), under sole ownership by State Gas, enable integration of activities and a unified super-gasfield development, providing economies of scale, efficient operations, and optionality in marketing.
State Gas is implementing its strategic plan to bring gas to market from Reid's Dome and Rolleston-West to meet near term forecast shortfalls in the east coast domestic gas market. The strategy involves progressing a phased appraisal program in parallel with permitting for an export pipeline and development facilities to facilitate the fastest possible delivery of gas to market. State Gas' current focus has been to confirm the producibility of the gas through production testing of the wells.
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