Past year: ▼ 68%(0.90c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
25 Jan 2023quarterly activities report● Neutral
December quarter: Rougemont-2/3 water has been drawn down to 120 metres, with the first coal at 356 metres, and it is producing small amounts of gas. The CNG compressor is due in February 2023. State Gas says it is exempt from the $12/GJ price cap. Cash figure not shown in the text provided.
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.
31 Oct 2022quarterly activities report▲ Good
September quarter: Rougemont-3 drilled, with gas flows expected within 2-3 months and peak in about 6 months. The CNG trucking equipment (compressor, dehydrator) is secured for a Q1 2023 start. A $7m raise followed in October. Cash balance not shown in the text provided.
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.
14 Oct 2022agm notice● Neutral
The 2022 AGM will be held on 23 November 2022. Director nominations close 21 October 2022. Notice of meeting to follow. Administrative only.
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.
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.
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.
