Past year: ▼ 68%(0.90c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Mar 2025half year report● Neutral
Interim report to 31 December 2024. The chairman's letter says exploration and gas production have resumed and the two-well drilling began in March 2025. Financial figures are not visible in the readable text. Phil St Baker is now chairman.
12 Mar 2025drilling scheduled▲ Good
Field work has started on the two-well Rolleston West program, expected to finish within about three months and funded by the $5.5M grant. Success would support seeking a maiden 2P reserve of 30-50 PJ, after the wet-season delay.
19 Feb 2025regulatory community update● Neutral
Drilling for the $5.5M Queensland grant is now expected to start in March 2025. Grant money is paid in stages: about 30% on reaching target depth, 40% on well completion, and the rest after production testing. The company says supplier payments are matched to these milestones.
31 Jan 2025quarterly activities report● Neutral
December quarter: HDNG supplied two trucks in the trial before the access dispute halted production. Supply is to restart in late Q1 2025, with planning for six trucks pending customer fuelling upgrades. The two-well drilling program is deferred to early 2025.
3 Dec 2024production update▼ BadMajor
The 18-day landowner access block left the Rougemont 2/3 well needing a further six to eight weeks of dewatering. HDNG deliveries were suspended without penalty until late Q1 2025, and the drilling campaign was deferred to the March-April 2025 weather window.
21 Nov 2024agm notice● Neutral
Phil St Baker, standing in for the absent Richard Cottee, called the year mixed: HDNG plant completed and $5.5M grant won, but September's raise was at a deep discount. He confirmed the landowner settlement and intends to become Non-Executive Chairman.
21 Nov 2024investor presentation● Neutral
AGM company update slides. The presentation states its material was previously released to the ASX, and the contingent resource estimates are still as at 12 September 2022. No new figures visible in the readable text.
19 Nov 2024regulatory community update▲ Good
State Gas settled the Rolleston West access dispute late on 18 November, so it can restart gas production and continue its two-well drilling program under the existing access agreement. It drops its legal action; the underlying dispute remains unresolved. Resolves the 4 November blockade.
4 Nov 2024regulatory community update▼ BadMajor
The landowner at Rolleston West has blocked State Gas's access to its wells and compression facility, which the company says breaches the access agreement. It is considering legal options. This puts HDNG supply and the grant-funded drilling at risk (inference), though no impact is stated.
31 Oct 2024quarterly activities report● Neutral
September quarter: first gas sales revenue was achieved. Grant-funded drilling was delayed because the rigs were not released by the previous user. HDNG volumes are rising, and the customer plans to expand the trial to six trucks but must first upgrade its site infrastructure. Spent about $1.8M finishing the HDNG plant.
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.
15 Oct 2024agm notice● Neutral
The 2024 annual general meeting is set for 21 November 2024, with director nominations closing 22 October. Administrative notice only.
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.
31 July 2024quarterly activities report▲ Good
June quarter: the HDNG facility was commissioned in late May and first sales began in June, with a small first month. Supply is to grow from one truck to up to five (about 500 GJ/d); July revenue is expected at about $40,000. A capital raising was launched after quarter end.
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.
30 Apr 2024quarterly activities report▲ Good
March quarter: the CNG facility is commissioned and performing to design, with first sales waiting on final compliance certification of the gas trailers. The company is planning at least two new appraisal wells near Rougemont 2/3 and reports third-party inquiries for CNG.
