Past year: ▼ 68%(0.90c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Aug 2023capital raising announcement● Neutral
State Gas extended the Share Purchase Plan closing date to 31 August 2023, with results due 5 September. Other terms are unchanged, including the $0.15 price. The Chairman says first gas remains on track for November 2023.
24 Aug 2023material agreement▲ GoodMajor
State Gas signed non-binding MOUs for its CNG. Mine Energy Solutions will take CNG as exclusive supplier for mining-truck dual-fuel engines. Denison will jointly build an intake facility at its Rolleston plant and buy up to 1.0 TJ/day. This gives a first path to market, with sales from November 2023.
22 Aug 2023contract award● NeutralMajor
State Gas will shortly sign a construction contract with Wasco for the CNG facility, with a ten-week build. CNG shipments are now expected from late November 2023, later than the July 2023 target. Rougemont 2/3 could supply up to 0.75 TJ/day.
9 Aug 2023capital raising announcement● Neutral
Share Purchase Plan booklet for the capital raising: eligible holders at 7 August can buy up to $30,000 of shares at $0.15, aiming to raise about $3 million. It closes 28 August and shares are issued 1 September. It restates the offer terms already announced.
8 Aug 2023listing compliance notice● Neutral
ASX will lift State Gas's trading suspension immediately after the release of the capital raising announcement. This is an administrative notice only.
8 Aug 2023capital raising announcement● NeutralMajor
State Gas raised $5 million in a placement at $0.15 per share, well below October 2022's $0.28 placement. A Share Purchase Plan of up to $3 million at the same price follows. Funds go to the CNG facility, one more well, repaying director loans and working capital.
7 Aug 2023listing compliance notice● Neutral
State Gas extended its voluntary suspension to before trading on Tuesday 8 August 2023, to allow the placement to be completed in an orderly manner. No other new information.
3 Aug 2023listing compliance notice● Neutral
At State Gas's request, ASX suspended trading from 3 August 2023 after a trading halt on 1 August, pending the outcome of a placement to institutional and sophisticated investors. It is a voluntary suspension to complete the raising in an orderly way.
31 July 2023quarterly activities report● NeutralMajor
June quarter: the CNG facility will be built on the eastern side of ATP 2062 (Rougemont), not at Reid's Dome, with about three months to build. Pressure testing supports 0.75-1.0 TJ/day, and a 20-30 PJ 2P reserve is targeted. Funding for the remaining CNG construction is still being sought, so the July first-gas target is not met.
18 July 2023investor presentation● Neutral
July 2023 company presentation. The text provided is a disclaimer and a contingent resource appendix (estimates as at 12 September 2022), and says the material was previously released. No new information is visible.
30 May 2023production update▲ Good
The CNG compressor reached Brisbane on 17 May 2023 after offshore fumigation, matching the mid-May expectation. The dehydrator shipped from Shanghai on 27 May. State Gas says first CNG sales remain on track for July 2023.
18 Apr 2023well test result▲ GoodMajor
Rougemont 2/3 has shown a stable gas flow of about half a TJ per day with good coal permeability. The company will shut the well briefly for pressure build-up testing, then reopen it once the CNG facility is relocated to serve Rougemont and Reid's Dome.
20 Mar 2023production update● NeutralMajor
Rougemont flow exceeded 457,000 cubic feet per day. The CNG compressor was delayed by quarantine fumigation, so first CNG gas now slips from March to about July 2023, versus the earlier Feb/Q1 target. Queensland approved changes to the PL 231 environmental authority on 17 March.
14 Mar 2023flow test result▲ GoodMajor
Rougemont flow passed 350,000 cubic feet per day, rising 15-20,000 per day with coals still covered. State Gas is pursuing rapid reserve certification to support a roughly 20km pipeline, and may temporarily move the CNG compressor from Reid's Dome to Rougemont.
7 Mar 2023flow test result▲ Good
Rougemont test flow rose to over 250,000 cubic feet per day, with the first coal seam still 70m below the water level. The company is evaluating options to establish a substantial gas reserve in the area.
28 Feb 2023half year report● Neutral
Half-year report to 31 December 2022. The chairman's letter repeats known facts: CNG construction underway and Rougemont above 100,000 cubic feet per day. Financial figures are not visible in the text provided.
23 Feb 2023flow test result▲ GoodMajor
Rougemont-2/3 gas flow doubled to over 100,000 cubic feet per day, with coals still under 120m of water. ATP 2069 was also formally granted in the 35% Santos joint venture, resolving the pending native title wait.
16 Feb 2023flow test result▲ GoodMajor
Rougemont-2/3 reached early gas flow above 50,000 cubic feet per day on 14 February 2023, with the well surging gas and water. The water level is still 170m above the coal seams. This is the first measured gas rate from the test begun in November.
20 Dec 2022regulatory community update● Neutral
State Gas says its CNG project is unaffected by the government's $12/GJ gas price cap because it will sell on the spot market, with operating costs under $12/GJ. First CNG gas is now targeted for March 2023. Rougemont water output exceeds expectations, which it calls an early sign of permeability.
30 Nov 2022director officer appointment● NeutralMajor
Doug McAlpine appointed Chief Executive Officer on a $300,000 base salary, plus $50,000 of shares and performance rights tied to first gas delivery, pipeline decision, gas sales, a 70c share price and a change of control. Greg Baynton moves to non-executive director; Cottee remains Executive Chairman.
23 Nov 2022well test result● Neutral
Production testing of the Rougemont-2 and Rougemont-3 well pair began on 22 November 2022, drawing water down slowly. Initial gas flows are not expected for several months. It follows October's drilling and is the test of Rougemont's gas potential for a future pipeline.
23 Nov 2022other● Neutral
AGM address restating the three-stage plan: CNG trucking first, with gas delivery expected in the first half of 2023, then a pipeline of up to 15 TJ/d from as early as 2024. Rougemont test results are expected by end of the fiscal year. No new results.
16 Nov 2022investor presentation● Neutral
November investor update repeating the staged plan: CNG trucking of ~1 TJ/d first, then a 60km pipeline (expected 2024) for ~15 TJ/d. The deck says material was previously released, so there is no new result. The 2024 pipeline date and 15 TJ/d figure appear here.
16 Nov 2022director officer appointment● Neutral
Non-executive director Dr Ian Paton has retired from the board. He had served since before the 2017 listing and contributed technical knowledge of Reid's Dome and Bandanna coals. No reason beyond retirement is given.
10 Nov 2022material agreement▲ Good
State Gas signed a Memorandum of Understanding with Mine Energy Solutions securing access to compressed natural gas 'virtual pipeline' infrastructure for trucking Reid's Dome gas about 60km to the pipeline network. No price or other terms were disclosed.
24 Oct 2022drilling result▲ GoodMajor
Rougemont-3 drilling is finished and the rig released. The second lateral had 1,130m in coal (97%), and both laterals give ~2,400m of reservoir access, with gas shows averaging ~20%. Initial gas flows are expected in 2-3 months after the Rougemont-2 pump is replaced. Shows are not flow rates.
13 Oct 2022drilling progress report● Neutral
Drilling of the second Rougemont-3 lateral has started, after the first lateral was lined to produce from its full ~1,300m. The second will run ~30m below the first. Together they give more than 2 km of coal access; Rougemont-2 then gets a new pump.
11 Oct 2022security holder rights change● Neutral
Triangle Energy (Global) cut its State Gas holding to 10.1% of the expanded capital by selling 24,000,000 shares in a block trade on 10 October, following the strategic investment and placement announced that day. Buyers were Regal Funds Management and members of the St Baker family.
10 Oct 2022capital raising announcement▲ GoodMajor
State Gas raised $7.0m through a placement of 25,000,000 shares at $0.28, a 20% discount to the last price of $0.35. Trevor and Philip St Baker invest, taking their group to ~12%. Jon Stretch and Philip St Baker join the board. Funds go to Rougemont drilling and testing, CNG trucking and pipeline planning. Directors' $0.18m portion needs AGM approval.
What it means for a shareholder
25.0m new shares at A$0.280 to raise about A$7.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (3,571 at the issue price), your slice goes from 0.0018% to 0.0016% of the company. To keep it you'd need 451 more shares - about A$126 at the issue price.
Create a free account to see this worked out for your own holding.
4 Oct 2022drilling result▲ Good
Rougemont-3's first lateral reached its full ~1,300m target length, 97.8% within the coal seam, and passed close to Rougemont-2 for easy connection. Gas shows averaged 24%, peaking at 29.5%. A second lateral 30m below is next; no flow rates yet.
