22 Nov 2018drilling spud● NeutralMajor
Nyanda-4 spudded on 22 November 2018, 13.5km south of Primero West-1, planned to 1,000m to test tight gas and coal seams. State Gas pays 60% of costs; first coal seam gas test of the permit.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Nov 2018agm notice● Neutral
Chairman's AGM address recaps 2018 planning, the CEO and COO hires, and the coal seam gas potential identified in PL 231. Says Primero West-1 is complete and Nyanda-4 is imminent. No new results or figures.
21 Nov 2018investor presentation● Neutral
AGM presentation repeats known facts on PL 231 (60% operator, 15 historical wells, ~60m of net coal never tested for coal seam gas), the drilling program and safety planning. States Primero West-1 gas at 132m. No new results.
19 Nov 2018well test result● Neutral
Primero West-1 found a 7.5m net gas zone from 131.5m and flowed a maximum 0.436 mmscf/d, in line with expectations. The well will be plugged and abandoned, since full Cattle Creek development needs more seismic. Rig now moves to Nyanda-4.
15 Nov 2018drilling progress report● Neutral
Primero West-1 reached total depth of 250.77m on 15 November. Logging, testing and cementing follow, with results to be released later. The rig then moves to Nyanda-4. No results yet.
13 Nov 2018drilling progress report▲ Good
Primero West-1 hit gas at 134m in the Cattle Creek Formation, as expected. The well is 100% funded by State Gas and will be plugged and abandoned after testing. Nyanda-4 is next, with State Gas paying 60%.
12 Nov 2018drilling spud▲ GoodMajor
Primero West-1 spudded on 10 November 2018 using Silver City's Rig-25. This begins the company's first drilling on PL 231 since 2006 and the well that completes its sole JV funding obligation.
7 Nov 2018investor presentation● Neutral
Presentation on the November-December 2018 drilling of Primero West-1 and Nyanda-4 repeats known facts: 60% operator of PL 231, 15 historical wells, about 60m of net coal never tested for coal seam gas. No new results.
31 Oct 2018quarterly activities report● Neutral
September quarter report: Silver City contracted 21 October for Primero West-1, Nyanda-4 approved, drilling due early November to early December. Southern seismic reprocessing completed and PSL 2028 issued. Planning has shifted toward coal seam gas after the geological review.
30 Oct 2018joint venture update▲ Good
The PL 231 Joint Operating Committee approved drilling Nyanda-4 (1,000m, coal seam and tight gas), to follow Primero West-1 in November 2018. Resolves the approval condition flagged on 22 October.
22 Oct 2018drilling scheduled▲ GoodMajor
Silver City Drilling engaged to drill Primero West-1 (250m, Cattle Creek gas sand) from November 2018, then Nyanda-4 (1,000m) to test coal seam gas and tight gas, subject to joint venture approval. First drilling on the permit since 2006; the plan now adds coal seam gas to the earlier conventional targets.
4 Sept 2018other● Neutral
2018 Corporate Governance Statement, approved 4 September, outlining board practices against ASX principles. Governance disclosure with no operational or financial news.
4 Sept 2018annual report▲ Good
First annual report as a listed company, to 30 June 2018. Chair says initial drilling is planned for the December 2018 quarter and calls 2018-19 'transformational'. PSL 2028 pipeline survey licence was granted 1 August, resolving the pending application. Financial figures not visible in the text provided.
4 Sept 2018other● Neutral
Appendix 4G lodged with the annual report, pointing to the corporate governance statement on the company website. Administrative form with no business information.
15 Aug 2018security holder rights change● Neutral
2,706,667 fully paid shares will be released from escrow on 1 September 2018, with quotation requested. Administrative Appendix 3B; no new shares issued and no money raised.
30 July 2018quarterly activities report● Neutral
June quarter report: preparing to drill the north-west prospect and a deeper target near Primero-1, with drilling now expected in Q4 2018 (previously Q3). A review suggests PL 231 may hold significant coal seam gas; a core-hole is under discussion with the JV partner. Crowley joined 2 July.
12 June 2018drilling scheduled▲ GoodMajor
Reid's Dome North-West-1 will be drilled in the September quarter 2018 to test the north-west gas prospect, which may span multiple zones to about 500m. Drilling will complete the company's sole funding obligations under the PL 231 joint operating agreement. Southern seismic reprocessing is also expected that quarter.
5 June 2018security holder rights change● Neutral
25,793,334 fully paid shares will be released from escrow on 21 June 2018, with quotation requested. Administrative notice; no new shares are being issued or money raised.
30 Apr 2018quarterly activities report● Neutral
March quarter report restates the flow-test results and the north-west gas prospect found by seismic reprocessing. Drilling of one firm and one contingent step-out well is expected in the September quarter. Southern seismic results are due late August 2018.
24 Apr 2018director officer appointment▲ Good
James Crowley, currently at AGL Energy with a 34-year petroleum career, is appointed Chief Operating Officer from the end of his notice period. He will also help assess new projects to expand the portfolio.
12 Mar 2018drilling scheduled▲ GoodMajor
Seismic reprocessing of the northern area of PL 231 found a new potential shallow gas pool in the north-west, at about 220m. Two to three existing wells look enough to produce the Central North pool. Southern reprocessing is under way; the company is investigating ways to monetise the gas.
2 Mar 2018half year report● Neutral
Half-year accounts to 31 December 2017 show a net loss of $314,462 in the period since the company's February 2017 incorporation. Restates the IPO ($5.25m before costs), December flow tests and CEO appointment. No new operational news.
22 Feb 2018director officer appointment▲ GoodMajor
Lucy Snelling, formerly of AGL Energy, appointed as State Gas's first CEO on a half-time, two-year contract at $170,000 base. She gets 1,000,000 options at $0.40 and 1,000,000 at $0.60, subject to vesting conditions.
29 Jan 2018quarterly activities report● Neutral
First quarterly report, for December 2017, recaps the $5.25m IPO, the December flow tests and the part-time drilling co-ordinator hired. Seismic reprocessing is due by end of February 2018, then well sites for the 2018 drilling campaign will be picked. Mostly repeats known facts.
9 Jan 2018flow test result▲ GoodMajor
Flow tests on three historical wells (Primero-1, Aldinga North-1, Reid's Dome-4) found all still flowed gas, at lowest stabilised rates of 357,000 to 658,000 cf/d. Gas is about 96% methane, similar to pipeline quality. Completes the flow-testing planned at listing; seismic reprocessing due February.
9 Jan 2018admin correction● Neutral
State Gas completed flow-testing of three existing PL 231 wells (Primero 1, Aldinga North 1, Reid's Dome-4). All flowed gas at lowest stabilised rates of 357,000-658,000 cf/d, with about 96% methane.
18 Dec 2017other● Neutral
Share registry Link Market Services changed its Brisbane address, with State Gas among the listed clients. Administrative notice from Link with no information about State Gas's business.
10 Nov 2017investor presentation● Neutral
Presentation at the Queensland Exploration Council showcase repeats known PL 231 facts: 60% operator, shallow Cattle Creek gas from about 150m, deeper Reid's Dome target, 15 historical wells. Adds a UBS view of east coast gas prices of $8-10/GJ. No new company results.
25 Oct 2017investor presentation● Neutral
First post-listing presentation: State Gas operates PL 231 with a 60% interest, a shallow Cattle Creek gas target from about 135m and a deeper Reid's Dome target. Notes a pipeline survey application, a 50km distance to the Queensland Gas Pipeline, and a work program starting with flow testing historical wells. Repeats prospectus facts.
25 Oct 2017investor presentation● Neutral
Triangle Energy, State Gas's 35.47% shareholder, notes State Gas has lodged a presentation. Repeats that State Gas holds 60% of and operates PL 231; no new information.