Past year: ▼ 68%(0.90c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2024quarterly activities report▼ Bad
December quarter: Cyclones Jasper and Kirrily weather hit the commissioning timetable and project costs, with extra money spent weather-proofing the road and pad. Gas sales are now expected in mid-February 2024, slipping from January. Rougemont 2/3 can conservatively produce about 0.5 TJ/d.
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.
31 Oct 2023quarterly activities report● Neutral
September quarter: the placement and SPP raised $6.9 million net at $0.15. CNG construction began in October, with commissioning in December and first cargoes by December. Initial output of 0.5 TJ/d is planned to rise to 1.5 TJ/d with wells drilled early in 2024.
16 Oct 2023agm notice● Neutral
State Gas rescheduled its 2023 AGM to Friday 30 November 2023 at 11:00am AEST. The closing date for director nominations was extended to 19 October 2023.
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.
7 Sept 2023agm notice● Neutral
State Gas will hold its 2023 AGM on 16 November 2023. Director nominations close 19 September 2023. Administrative notice only.
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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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.
28 Apr 2023quarterly activities report▲ Good
March quarter: Rougemont gas at times exceeded 475,000 cf/day and the well is shut for pressure build-up testing. ATP 2069 was granted in the Santos JV, and CNG gas production is now expected from July 2023. Cash figure not shown in the text provided.
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.
