Past year: ▼ 68%(0.90c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Sept 2021annual report● Neutral
FY2021 annual report. The Chairman says reserve certification is the next step once Serocold-1 and Nyanda-8 tests perform, and Rougemont-2 production testing results are expected in the first quarter of next year. Text truncated; financials not shown.
29 Sept 2021other● Neutral
2021 Corporate Governance Statement, approved by the board as at 29 September 2021, describing governance practices against the ASX principles. Administrative; no operational or financial news.
24 Sept 2021capital raising announcement● NeutralMajor
State Gas completed an A$8 million placement of 25 million shares at $0.32, a 15.8% discount to the last close and 21.6% below the 30-day VWAP. Funds go to Rougemont-2 production testing and more drilling, Nyanda-8 and Serocold-1 testing, Reid's Dome development, and working capital.
What it means for a shareholder
25.0m new shares at A$0.320 to raise about A$8.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (3,125 at the issue price), your slice goes from 0.00181% to 0.00158% of the company. To keep it you'd need 452 more shares - about A$145 at the issue price.
Create a free account to see this worked out for your own holding.
24 Sept 2021investor presentation● Neutral
September 2021 investor update pitching Reid's Dome and Rolleston-West (about 1,594 km2, both 100% owned) against forecast east coast gas shortages, with a 2023 target. The presentation states it repeats material previously released; text truncated.
27 Aug 2021resource reserve update▲ GoodMajor
First contingent gas resources: Rolleston-West East Bandanna Fairway 53/91/161 PJ (1C/2C/3C) and Reid's Dome 74/126/223 PJ. Rougemont lab gas content is 5.15-6.20 m3/tonne and over 96% methane. Rougemont-2 production testing starts shortly. This is the long-awaited resource booking.
16 July 2021investor presentation● Neutral
Noosa conference presentation, stated to repeat material previously released to ASX. Reiterates the two-project strategy and a 2023 first-gas target, and lists funding options (gas presales, purchaser equity or debt, equipment supplier funding). No new information; text truncated.
24 June 2021well test result▲ GoodMajor
A production log at Nyanda-4 shows gas coming from below 1,150m as well as from 400-600m, which the company says supports its view that deep coals can produce unaided. Nyanda-4 is at 138,000 cf/d; Nyanda-8 at 38,000, Nyanda-7 at 7,000.
9 June 2021drilling result▲ GoodMajor
Rougemont-2 drill-stem tests show permeability that exceeded all expectations, and initial gas analysis suggests near-pipeline quality. The well is suspended pending production testing, and appraisal drilling is being planned. Reid's Dome wells flow over 220,000 cf/d combined, Nyanda-4 at 140,000.
7 June 2021drilling result▲ GoodMajor
Rougemont-2 reached 540m, with coals from about 295m (roughly 200m shallower than Rougemont-1) and 8m net coal, gas bubbling from cores. Field values suggest commercial gas content, matching Rougemont-1's 8m. Lab gas contents and further tests still to come.
2 June 2021drilling progress report● Neutral
Rougemont-2 has reached 324m, just above the top of the Bandanna coals. Coring starts later this week after steel casing is run. A short progress update with no new result.
31 May 2021drilling spud● Neutral
Rougemont-2 spudded 29 May, the second Rolleston-West well, 3.7 km northeast of Rougemont-1 and at 75m by release time. Coals are expected up to 100m shallower than Rougemont-1. (The release's '2014' spud date appears to be a typo; text elsewhere says 2021.)
27 May 2021investor presentation● Neutral
May 2021 investor presentation pitching Reid's Dome and Rolleston-West (1,593 km2 combined, both 100% owned) as a response to east coast gas shortages. Shows indicative first gas for Reid's Dome in H1-23 (from the timeline chart). Largely repeats known facts; text truncated.
24 May 2021drilling result▲ GoodMajor
Rougemont-1 reached 800m on 23 May, intersecting 8m of net coal with top coal at 495m and gas bubbling from cores. Early field readings are in line with the nearby Arcadia Valley and Mahalo Bandanna projects. Gas content and permeability testing is still under way.
17 May 2021drilling spud▲ GoodMajor
Rougemont-1 spudded 14 May, the first well on the new Rolleston-West permit (ATP 2062), targeting Bandanna coals at a planned 800m. Serocold-1 reached 35,700 cu ft/day, and Nyanda-4 is back up to 114,000. The first drilling on the new acreage.
16 Apr 2021well test result● Neutral
Serocold-1 workover finished 6 April with the pump set 330m deeper. Nyanda-4 has settled back to about 100,000 cu ft/day after the high rate, which the company attributes to draining of free gas in near-well fractures. Nyanda-7 is at 6,000 and Nyanda-8 at 42,000.
17 Mar 2021investor presentation● Neutral
Cottee's conference presentation sets out the company's thesis that natural fractures in the Reid's Dome coals aid gas flow. It cites Nyanda-4 rates and image logs from Nyanda-7 and -8 as support. Largely repeats known results; the text is truncated.
16 Mar 2021well test result▲ GoodMajor
Nyanda-4 produced 620,000 cubic feet in 24 hours, exceeding earlier test rates, which were cut short by pump breakdowns. Nyanda-8 is at 31,000 cu ft/day and Nyanda-7 at 5,000. Serocold-1 workover rig is on site. This is the strongest Reid's Dome flow so far.
11 Mar 2021half year report● Neutral
Interim report to 31 December 2020 covering the $14.5M October raising (placement and SPP at $0.55) and the Nyanda-7/-8 drilling. Its review of operations repeats the Chairman's letter. The financial statements were truncated in the text, so no figures beyond the raising are confirmed.
10 Mar 2021investor presentation▲ Good
Chairman Cottee's letter says testing has beaten his expectations: Nyanda-4 at 252,000 cu ft/day, Nyanda-7 6,000 and Nyanda-8 26,000, against a commonly cited 100,000 economic threshold. Rougemont approvals are expected by late April. Largely a recap with updated rates.
8 Mar 2021investor presentation● Neutral
March progress presentation largely repeating known results: Nyanda-4, -7 and -8 on production test, with Nyanda-7 water output three times Nyanda-4's. Shows Nyanda-4 at 249,000 cu ft/day. Rolleston-West drilling now targeted mid-late April, after the wet season.
8 Mar 2021investor presentation● Neutral
Amended re-release of the same March progress presentation; the text provided is identical to the original, so no change is visible. No new information.
18 Feb 2021well test result▲ Good
Nyanda-4 holds around 100,000 cubic feet a day, ahead of earlier tests. Water is now below the top of the coals in Nyanda-7 and -8, both showing gas flow and good recharge. Rolleston-West drilling planning is under way.
11 Feb 2021well test result▲ Good
Nyanda-4 is now producing 100,000 cubic feet a day and rising, higher than at similar stages in earlier testing. Nyanda-8 is making about 5,000 cubic feet a day; Nyanda-7 is nearly at the top of the coals, with gas expected shortly.
3 Feb 2021well test result▲ Good
Weekly update: Nyanda-4 is flowing at a reported 78 cubic feet per day (the figure as written, likely an error given earlier rates), which the company says is at least as good as earlier testing. Nyanda-7 began producing gas on 1 February; Nyanda-8 dewatering started.
27 Jan 2021well test result▲ Good
Production testing began: Nyanda-4 restarted on 19 January and was flowing 57,500 scf/d by 27 January; Nyanda-7 began testing on 25 January and Nyanda-8 is getting its pump. Remaining north and central wells are delayed by La Nina rain.
6 Jan 2021drilling result▲ GoodMajor
Nyanda-8 reached 1,200m on 3 January with 19.7m net coal and open fractures. With Nyanda-7, results are within the range expected from Nyanda-4. The rig stands down for the wet weather; all three wells should be dewatering by end January.
30 Dec 2020drilling spud● Neutral
Nyanda-8, the second Phase 2 well, has spudded. Drilling had reached 248m with gas detected from 151m. No results yet.
24 Dec 2020drilling result▲ GoodMajor
Further evaluation puts Nyanda-7 at 38.2 m net coal, with seams and gas shows similar to Nyanda-4 and numerous open natural fractures. The well is cased and suspended awaiting completion; the rig is moving to Nyanda-8.
22 Dec 2020drilling result▲ Good
Nyanda-7 reached target depth of 1,212m on 19 December with over 30 m of net coal and encouraging gas readings. The rig moves to Nyanda-8 next, with pumps and production testing planned for early in the new year.
15 Dec 2020drilling spud▲ GoodMajor
Nyanda-7 spudded on 15 December, the first Phase 2 well, a step-out about 2.6 km north of Nyanda-4 with planned depth of 1,200m. At least three more wells follow, weather permitting; two Rolleston-West coreholes are planned for the New Year.
