Access to Rolleston West Project Assets Restored
Brisbane, Nov 19, 2024 AEST (ABN Newswire) - Further to the announcement on 4 November 2024, State Gas Limited (
ASX:GAS) is pleased to provide an update on the Access Dispute which has arisen between itself and the landowner for the Rolleston West Project ("the Landowner").
Late on 18 November 2024, State Gas and the Landowner entered into a settlement arrangement that allows State Gas to immediately recommence the Company's gas production activities on the Landowner's property. The arrangement also allows State Gas to continue its planned two-well exploration program subject to continued implementation of access protocols for the well sites as prescribed in the Conduct and Compensation Agreement ("CCA"). As part of the settlement arrangement, State Gas has agreed to discontinue legal action against the Landowner, subject to its access rights being preserved while the parties continue to resolve the underlying dispute in accordance with the process set out in the CCA.
The Company is now in the process of mobilising its field teams to recommence its gas compression and exploration activities as soon as possible.
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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