Past year: ▼ 68%(0.90c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Oct 2024director officer appointment● NeutralMajor
Chairman Richard Cottee will not stand for re-election at the November AGM after five years as a director. Philip St Baker is to become Chair if re-elected. This follows Cottee's September move to non-executive chairman.
27 Sept 2024other● Neutral
Annual corporate governance statement and Appendix 4G, describing board practices against ASX principles. Administrative; no new operational or financial information.
27 Sept 2024annual report● Neutral
FY2024 annual report. The chairman's letter says HDNG is now sold to two trucks, with at least five expected. Rougemont 4 and 5 wells are now proposed for October, aiming at reserve certification to support a pipeline connection. Drilling had been planned for August.
12 Sept 2024capital raising announcement● NeutralMajor
The retail entitlement offer closed, raising about $0.9 million (18.1 million shares at $0.05). Total raised is about $5.25 million, plus $660,371 from director placement shares needing shareholder approval. This is well short of the up to $8.9 million targeted in August.
What it means for a shareholder
18.1m new shares at A$0.050 to raise about A$900,000. That's 4.6% dilution: every existing holder's slice gets 4.6% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.00527% to 0.00503% of the company. To keep it you'd need 954 more shares - about A$48 at the issue price.
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10 Sept 2024director officer appointment● NeutralMajor
CEO Doug McAlpine joins the board as Managing Director, and Richard Cottee steps down as Executive Chairman to become Non-Executive Chairman. Daniel Marcus, a mining executive, is hired to lead alternative fuels (HDNG). The company says the aim is to become cash positive.
19 Aug 2024capital raising announcement● Neutral
State Gas extended the close of the retail part of its 1-for-2 entitlement offer at $0.05 from 22 August to 5 September 2024. Results are now due 12 September. Timetable change only; no new terms.
8 Aug 2024capital raising announcement● Neutral
Letter to shareholders not eligible for the offer, restating the $0.05 terms and timetable. Eligibility is limited to Australian and New Zealand addresses. Administrative notice with no new information; there were 274.2 million existing shares.
8 Aug 2024capital raising announcement● Neutral
The institutional placement and institutional entitlement offer settled, raising about $2.0 million and $3.0 million. About 100 million new shares are to begin trading on 9 August; the placement options need shareholder approval, expected in September 2024.
8 Aug 2024capital raising announcement● Neutral
State Gas despatched the prospectus and entitlement forms to eligible retail shareholders. The retail offer is 1 new share for every 2 held at $0.05, opening 8 August and closing 22 August 2024. Administrative step with no new terms.
6 Aug 2024capital raising announcement● Neutral
The institutional entitlement offer is complete, with about 59.3 million shares at $0.05 raising about $3.0 million. Together with the $2.0 million placement, about $5.0 million of the up to $8.9 million target is secured; the retail offer remains open.
What it means for a shareholder
59.3m new shares at A$0.050 to raise about A$3.0m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.00729% to 0.006% of the company. To keep it you'd need 4,325 more shares - about A$216 at the issue price.
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6 Aug 2024listing compliance notice● Neutral
ASX lifted the one-day suspension of State Gas shares, following the announcement of the institutional placement and entitlement offer results. Administrative notice only.
5 Aug 2024capital raising announcement● Neutral
Prospectus for the retail part of the entitlement offer: up to about 137 million new shares at $0.05 to raise about $6.85 million, with attaching options. Not underwritten; closes 22 August 2024. Repeats terms already announced.
What it means for a shareholder
137m new shares at A$0.050 to raise about A$6.8m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.00729% to 0.00486% of the company. To keep it you'd need 9,992 more shares - about A$500 at the issue price.
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5 Aug 2024listing compliance notice● Neutral
Trading in State Gas was suspended at the company's request for one day, to fit the timetable for its accelerated entitlement offer. Suspension is expected to end on 6 August 2024 when results of the institutional offer are announced.
5 Aug 2024capital raising announcement▼ BadMajor
State Gas is raising up to about $8.9 million at $0.05 per share: a roughly $2.0 million placement and a roughly $6.9 million 1-for-2 entitlement offer, with a free 1-for-2 option at $0.08. The price is a 46.8% discount to the last close, and the funds finish the HDNG plant costs and provide working capital. Much cheaper than the $0.15 raise of August 2023.
5 June 2024investor presentation● Neutral
June 2024 company update repeating known points: HDNG ramp-up, $5.5 million grant, two wells planned for August 2024, 534 PJ of 2C resource (unchanged). Adds a management estimate of 30-50 PJ for a maiden 2P at Rolleston West, not third-party verified.
20 May 2024production update▲ GoodMajor
State Gas shipped its first cargos of high-density natural gas (HDNG) to the Central Queensland coal mine under the 5 April 2024 offtake, resolving the long-delayed first-sales thread. Volumes are to rise over coming weeks; the company says supply will be at a premium to spot gas.
10 May 2024material agreement▲ GoodMajor
State Gas was awarded $5.5 million from Queensland's Frontier Gas Exploration Grants Program to drill two vertical appraisal wells next to Rougemont 2/3. Aim is a maiden 2P reserve and a petroleum lease application. This funds the planned step-out drilling without a share issue.
5 Apr 2024material agreement▲ GoodMajor
State Gas signed an initial CNG supply contract with Thiess for a hybrid mine-truck trial at Curragh Coal Mine, initially two trucks, at a premium to spot gas. First shipment is expected mid-April 2024. This is the first binding offtake, following the earlier non-binding MOUs.
14 Mar 2024half year report● Neutral
Half-year report to 31 December 2023. The Chairman says the CNG plant is complete and commissioning, and a formal initial offtake agreement is expected shortly. Revenue is meant to help fund Rougemont full-scale production for 2025/26. Financial figures are not visible in the text provided.
29 Feb 2024production update▲ GoodMajor
The CNG facility reached mechanical completion and commissioning began, 92 construction days from 19 October 2023 with no lost-time injuries. Rougemont 2/3 is dewatering again with higher water rates than before, suggesting gas above the prior 474,000 cubic feet per day. First sales are not yet dated.
18 Jan 2024production update● Neutral
Remaining key CNG plant components are due on site after third-party certification, with pre-commissioning starting next week. The company aims to begin initial gas sales later in January with its offtake partner, though terms are still being finalised.
12 Dec 2023production update▲ Good
Crews are back on site after the rain, the all-weather access road is finished and the gathering system to Rougemont 2/3 is complete. Mechanical completion and start of commissioning are now targeted for mid-January 2024, consistent with the January sales target.
30 Nov 2023other● Neutral
Chairman's AGM address says first CNG gas sales are still targeted for January 2024, with commissioning starting in January weather permitting. Rob Towner left the board at this AGM, having been a director since before the 2017 listing. No new results.
27 Nov 2023production update▼ Bad
Several days of continuous rain led State Gas to send CNG facility construction crews off site to limit standby costs. Only a few days of field work remain on the gathering system and pad. The schedule impact is not yet known; the January 2024 first-sales target is unconfirmed.
21 Nov 2023production update▼ BadMajor
Weather and difficult ground added about three weeks to CNG construction, with equipment compliance fixes within contingency. Commissioning is now by Christmas and first sales in January 2024, slipping from late November 2023 and the earlier July target.
11 Oct 2023contract award▲ Good
All major civil and construction subcontracts for the CNG facility are awarded, including to two local indigenous contractors, and site works start 16 October 2023. This follows the Wasco contract and moves construction forward; no schedule change stated.
29 Sept 2023production update▲ Good
Environmental and cultural heritage clearances are in hand for the CNG facility. Components ship in the week of 9 October, with a six to eight week build. First gas is still targeted for late November 2023.
28 Sept 2023other● Neutral
Corporate governance statement and Appendix 4G for FY2023, describing board policies against ASX principles. No new business information; board is all male, per the text.
28 Sept 2023annual report● Neutral
FY2023 annual report (year to 30 June 2023). The Chairman says first CNG cargoes will be sold before year end and additional drilling is planned after the wet season to support a reserve upgrade. Financial figures are not visible in the text provided.
5 Sept 2023capital raising announcement● NeutralMajor
The Share Purchase Plan raised $2,385,094 from 163 of 1,429 eligible holders, below the $3 million target, with 15,900,675 shares at $0.15 to be issued 6 September. Funds go to additional drilling and working capital.
What it means for a shareholder
15.9m new shares at A$0.150 to raise about A$2.4m. That's 6.0% dilution: every existing holder's slice gets 6.0% smaller. If you held A$1,000 of shares (6,667 at the issue price), your slice goes from 0.00266% to 0.0025% of the company. To keep it you'd need 423 more shares - about A$63 at the issue price.
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