Half Yearly Report and Accounts
Brisbane, Mar 14, 2025 AEST (ABN Newswire) - State Gas Limited (
ASX:GAS) (STGSF:OTCMKTS) has a highly prospective portfolio of gas acreage in the Southern Bowen Basin, which is in close proximity to productive gas projects which are targeting similar coal measures. These exploration areas are also close to critical existing pipeline infrastructure and in conjunction with initial revenues from HDNG sales, positions the Company well for continued exploration, appraisal and development.
While we continue to enjoy great support from the Qld Government, there is no doubt it is a difficult environment for early-stage gas companies to raise capital. In this context we are thankful for the support of new and existing shareholders who continue to support the Company.
Pricing and sourcing capital remains challenging, notwithstanding a macro-overlay of increasing gas demand. Prices for natural gas remain strong, reflecting continuing tightening of demand on the Eastern Seaboard. The stabilisation of Federal Government energy policy and the more public recognition that natural gas remains a critical part of the country's energy mix for longer are all encouraging macroeconomic drivers for the Company.
With the HDNG plant commissioned and expansion of gas volumes underway through execution of the current exploration program, many of the challenges during 2024 are behind us. I believe the right foundations are in place to allow us to restore the recently impacted share price and leverage the Company's diversified business model to begin to deliver long term shareholder value.
Phil St Baker
Non-Executive Chairman
*To view the Half Year Report, please visit:
https://abnnewswire.net/lnk/AE6AX617
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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