Quarterly Activities Report
Brisbane, April 30, 2024 AEST (ABN Newswire) - State Gas Limited ((
ASX:GAS) (STGSF:OTCMKTS) is pleased to provide this update for the quarter ended 31 March 2024 ("the Quarter"). During the Quarter, the Company achieved both mechanical and practical completion of its "first-of-its-kind" in Australia, coal seam gas ("CSG") to compressed natural gas ("CNG") plant ("the CNG Facility").
Successful commissioning of the CNG Facility represents a significant milestone for the Company and is the culmination of a program of design, engineering and construction activities which commenced in early calendar 2023. The commissioned CNG Facility is a strategically critical asset for the Company as it:
1. demonstrates State Gas' credentials as an emerging provider of alternative fuels that can support decarbonisation initiatives in Queensland;
2. brings forward initial revenues and cashflow, thereby reducing the Company's ongoing reliance on new equity capital to support its activities; and
3. supports ongoing exploration and appraisal activities within Rolleston West (ATP 2062)
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/6SSP860R
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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