Past year: ▼ 68%(0.90c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 July 2022quarterly activities report● Neutral
June quarter: cash fell to $3.23m after $0.56m project spend and $0.20m other costs, from $3.98m. Route survey work was done for an export pipeline via Rougemont, and the Santos blocks were renumbered ATP 2068 and 2069. Cash is low, with no raising announced.
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.
29 Apr 2022quarterly activities report● Neutral
March quarter: cash fell to $3.98m after $1.88m project spend. Testing data is said to set development well designs. A horizontal demonstration well at Rougemont is planned for August or September, based on analogue wells of 400,000-1,400,000 cf/d.
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.
31 Jan 2022quarterly activities report● Neutral
December quarter: cash fell to $6.06m (from $7.65m) after $1.07m project spend. Baseline environmental studies are complete, a step toward production approvals hoped for next year. Nyanda-8 and Rougemont-2 gas is rising slowly; Serocold-1 is awaiting a workover.
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.
29 Oct 2021quarterly activities report● Neutral
September quarter: cash was $7.65m after the $8m placement, with $2.73m spent on project development. Rougemont-2 production testing is scheduled for mid-November, and Serocold-1 and Nyanda-8 are to return to production. The company hopes this leads to certified reserves and gas sales contracts.
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.
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.
