26 Sept 2022drilling progress report▲ Good
Rougemont-3's lateral entered the target coal seam, with gas shows up to 13.8% (average 11-12%), 99% methane. Drilling continues toward the intersect with Rougemont-2. Gas shows are not flow rates.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Sept 2022drilling progress report▲ Good
Rougemont-3 reached target vertical depth, intersecting ~9m net coal in two main seams (2.0m and 3.0m) as expected. Strong gas shows were seen, and the coals match Rougemont-1 and -2. Lateral drilling is next; no flow results yet.
16 Sept 2022drilling spud▲ GoodMajor
Rougemont-3 was spudded on 16 September, with the rig at 63m installing surface casing. Two laterals totalling ~2 km in-seam will be drilled to meet Rougemont-2, then the pair tested together. Confirms the spud expected in the 12 September notice.
14 Sept 2022annual report● Neutral
2022 Corporate Governance Statement and Appendix 4G, setting out how the company followed the ASX governance principles in FY22. Administrative disclosure with no new operational or financial information.
14 Sept 2022annual report● Neutral
2022 annual report to 30 June. The Chairman says first CNG gas should reach the pipeline by February 2023 and that Rougemont-3 spudding has begun. He says CNG capital would be repaid within 6 months if the price is about 90% of last quarter's average. Truncated, so financials are not shown.
12 Sept 2022drilling spud▲ GoodMajor
The rig is mobilising to drill Rougemont-3, a horizontal well with two laterals aiming to intersect Rougemont-2 and give ~2 km of in-seam length. Spud is expected within the week. This is the demonstration well planned for Aug/Sep, and the production test follows.
30 Aug 2022production update▲ GoodMajor
State Gas plans to truck compressed gas from Reid's Dome about 60km to the pipeline network, targeting first sales of ~1 TJ/d in early 2023. Initial sales go to the spot market; a physical pipeline follows. This would be its first revenue and brings forward the first-gas timing.
21 July 2022admin correction● Neutral
Amended re-release of the 20 July ATP 2068 grant announcement. The resource table now shows net 1C/2C/3C figures: a total of 275/542/1,301 PJ across the four assets, including Reid's Dome at 668 PJ 3C. The grant itself is unchanged.
20 July 2022asset acquisition disposition▲ GoodMajor
Queensland granted ATP 2068 (~702 km2) to the State Gas-Santos JV, under two months after preferred tenderer status. State Gas holds 35%, Santos 65% as operator. The second block, PLR2021-1-3, awaits native title resolution.
22 June 2022investor presentation● Neutral
June investor presentation repeating the acreage (2,630 km2), the Santos JV blocks (35%), market outlook and carbon project. Says the material was previously released; no new results or figures.
18 May 2022investor presentation● Neutral
APPEA conference presentation restating the gas market outlook, the two-stage plan from Reid's Dome and Rolleston-West, the Santos blocks and the carbon project. States the material was previously released to the ASX, so there is no new information.
17 May 2022farm in farm out agreement▲ GoodMajor
State Gas and Santos, in a joint venture, were named preferred tenderers for two new Bowen Basin blocks totalling 1,035 km2. State Gas holds 35%, Santos 65% and operates. This lifts State Gas acreage about 60% to 2,630 km2; no domestic gas reservation.
9 May 2022joint venture update● Neutral
State Gas agreed terms with Rockminsolutions for a carbon management joint venture, upgrading the October 2021 MoU. It will investigate Buckland basalt in EPM 27596 for carbon storage, farming in progressively; two chipholes are expected this year. Early-stage investigation only.
2 May 2022other▲ GoodMajor
Strategic review prioritises developing conventional Aldinga gas via a pipeline through Rougemont to the Rolleston compressor station, with Nyanda later. A horizontal well at Rougemont is planned next quarter; a first economic review is due in the September quarter.
17 Mar 2022well test result● Neutral
Rougemont-2 is flowing 7,500 cf/d with all coals exposed from 15 March; Nyanda-8 is at 9,000 cf/d, and Nyanda-7 is being refitted for testing. The company is reviewing whether Nyanda-4 plus Aldinga gas can underwrite a pipeline via Rougemont.
11 Mar 2022half year report● Neutral
Interim report to 31 December 2021, with the Chairman noting production testing is under way at both projects and high gas prices (January LNG netback $41.24/GJ). Text truncated, so financials are not shown.
15 Feb 2022drilling progress report● Neutral
Rougemont-2 gas has built for about four weeks, with water ~35m above the coals; a material increase is expected once they are exposed. Nyanda-8 keeps rising slowly. Serocold-1 is back on pump after its workover, with gas expected within days.
28 Jan 2022drilling progress report▼ Bad
Rougemont-2 gas flows are steady and growing with water still ~130m above the coals; Nyanda-8 gas is small but rising. Serocold-1 stopped after a pump failure (parted rods), with restart expected early February. Delay on an open Reid's Dome thread.
17 Dec 2021well test result● Neutral
Early test data: Rougemont-2 is making 8 mcfd gas after 32 days, which the Chairman calls unexpected. Nyanda-8 has a steady flare at 36% drawdown and Serocold-1 an intermittent flare. Flows are tiny versus Nyanda-4's ~140,000 cf/d.
6 Dec 2021drilling progress report● Neutral
Serocold-1 production test began 5 December, so all three wells (Nyanda-8, Serocold-1, Rougemont-2) are now on test. Rig work is finished; gas flows are expected after several weeks of slow water drawdown. No flow rates yet.
30 Nov 2021other● Neutral
Chairman's AGM address recaps Rougemont-2 testing (begun a year after ATP 2062 was granted), Nyanda-4's ~140,000 cf/d, and the Nyanda-8 and Serocold-1 fixes. Targets new production in 2023. No new results.
30 Nov 2021drilling progress report● Neutral
Nyanda-8 was jetted and its production test restarted on 28 November. Serocold-1 has had its foam squeeze and a test is expected to start early next week. Rougemont-2 testing continues. No flow rates yet; this advances the open Reid's Dome fixes.
17 Nov 2021drilling progress report● Neutral
Production testing of Rougemont-2 began on 15 November, the first production test in Rolleston-West. Water will be drawn down slowly, with gas expected at low rates that rise over time. This follows the 395mD permeability result; no production results yet.
15 Nov 2021other● Neutral
Statutory notice of JobKeeper payments: $45,000 in FY2020 and $74,700 in FY2021, each for five individuals, with no voluntary repayments. Administrative disclosure only.
9 Nov 2021investor presentation● Neutral
QUPEX presentation on gas market dynamics and their implications for State Gas, stating it repeats material previously released to ASX. Covers east coast supply shortfalls and the company's two-project position; text truncated.
5 Nov 2021drilling progress report● Neutral
Completion of Rougemont-2 for production testing has begun, with the test expected to start by the end of next week. All three wells are expected in production within three weeks. Also notes a radio interview by the Chairman.
2 Nov 2021drilling progress report● Neutral
Downhole equipment has been removed from Nyanda-8, and the rig is moving to Serocold-1 and then to Rougemont-2 to complete it for production testing. Baseline environmental surveys at Reid's Dome also continue. Preparatory work only; no results.
28 Oct 2021drilling progress report● Neutral
Works start at Reid's Dome on Nyanda-8 (abrasive jetting) and Serocold-1 (sealing off more wellbore), plus production testing at Rougemont-2. A services rig is mobilising, with tests due to start or restart by end November, weather permitting.
5 Oct 2021material agreement● Neutral
State Gas signed a non-binding-style MoU with Rockminsolutions to investigate low emission hydrogen made from gas, with carbon dioxide stored in basalt in the west of ATP 2062. It is an investigation only; the company says it remains focused on gas development.
29 Sept 2021other● Neutral
Appendix 4G, a standard form keying the governance statement to ASX recommendations, lodged with the annual report. Administrative only; no new information.