Past year: ▼ 68%(0.90c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Dec 2020drilling scheduled▲ Good
Silver City Rig 25 is mobilising to Reid's Dome to start Phase 2, which will drill at least four production wells around Nyanda-4. Nyanda-7 is first, spud expected next week. The aim is two wells drilled and three testing before the wet season.
18 Nov 2020investor presentation● Neutral
AGM presentation repeating known facts: four wells drilled at Reid's Dome, Nyanda-4 near 500 mscf/d, at least four new wells planned, ATP 2062 granted in October. Shows 173M shares and $14.4M cash at 31 October. No new results.
18 Nov 2020other● Neutral
AGM address by the Executive Chairman: approvals for Phase 2 are in place and roads and pads are being built, but the first spud date is hard to predict because of La Nina. Rougemont-1 and 2 core holes are targeted early next year. Plant late 2022, first gas 2023.
12 Nov 2020investor presentation● Neutral
Noosa conference presentation largely repeating known facts. Notes a share price of $0.52 on 10 November, market cap about $90M, 173M shares and cash of $14.4M at 31 October. At least four wells are still planned.
6 Nov 2020investor presentation● Neutral
Macquarie forum presentation repeating known facts. Acreage figures are restated after a datum change: PL 231 at 180 km2 and ATP 2062 at 1,413 km2. At least four new wells are planned, plus two Rougemont core-holes in the first permit year. No new results.
27 Oct 2020capital raising announcement▲ GoodMajor
The share purchase plan closed oversubscribed: about $4.9M of valid applications from 246 of 719 eligible holders, against a $2M target, and all were accepted. Combined with the $9.5M placement, State Gas has almost $14.5M for Phase 2 drilling and Rolleston-West.
13 Oct 2020investor presentation● Neutral
QEC presentation repeating known facts: 1,588 km2 combined acreage, four wells drilled at Reid's Dome, Nyanda-4 near 500 mscf/d, and 6-8 new wells planned. Notes cultural heritage clearance as the critical path. No new results.
9 Oct 2020security holder rights change● Neutral
Notice of lapse of 1,000,000 unlisted options, with an updated capital structure showing 164,129,744 ordinary shares. The $0.40 options expiring 9 October are no longer listed. Administrative notice.
8 Oct 2020contract award▲ GoodMajor
State Gas signed a Letter of Intent with Silver City Drilling for Rig 25 to drill at least four Phase 2 production wells at Reid's Dome. This rig drilled Primero West-1, Nyanda-4 and Serocold-1. Drilling is expected this quarter, weather permitting; a second rig is under discussion.
2 Oct 2020regulatory community update▲ GoodMajor
Authority to Prospect 2062 (Rolleston-West) was granted on 1 October, within a fortnight of State Gas being named Preferred Tenderer. This resolves the pending grant and lets work start on the 1,414 km2 block next to PL 231, including the planned Rougemont-1 well.
1 Oct 2020capital raising announcement● Neutral
Offer booklet for the share purchase plan announced 23 September: eligible holders can apply for up to $30,000 of shares at $0.55, a 4.1% discount to the 5-day average price, targeting about $2M. Opens 1 October, closes 22 October. Board may scale back or accept oversubscriptions.
1 Oct 2020drilling scheduled▲ GoodMajor
After Nyanda-4 flowed near 500,000 scf/d, State Gas plans Phase 2 drilling by mid-November: at least four step-out wells, with two optional extras. Nyanda-4's test is suspended until they are drilled; Serocold-1 (47% of targeted coals below pump) will be suspended. Rougemont-1 is planned at Rolleston-West.
23 Sept 2020capital raising announcement▲ GoodMajor
State Gas raised $9.5M via a placement of 17,272,730 shares at $0.55 to investors including Trevor St Baker, plus a targeted $2M share purchase plan at $0.55. Funds go to drilling at least three new wells and studies. This is its first raising since the roughly $0.65 placements in December 2019.
What it means for a shareholder
17.3m new shares at A$0.550 to raise about A$9.5m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (1,818 at the issue price), your slice goes from 0.00124% to 0.00111% of the company. To keep it you'd need 215 more shares - about A$118 at the issue price.
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23 Sept 2020asset acquisition disposition▲ GoodMajor
State Gas was named Preferred Tenderer, on a 100% basis, for the 1,414 km2 PLR2020-1-5 (Rolleston-West) acreage, contiguous with PL231 and eight times its size. The company says it could quadruple the resource position. Grant of the permit is still to come. Also notes Nyanda-4 approaching 500 mscf/d.
23 Sept 2020other● Neutral
Standard cleansing notice confirming the company can issue shares under the share purchase plan without a disclosure document. No new information; it is administrative.
18 Sept 2020well test result▲ Good
Nyanda-4 set a new record flow of more than 310 mscf/d, up from 240 mscf/d two days earlier, using the customised Canadian pumps. This extends the recovery from January's 227 mscf/d peak and supports the case for future wells in the 100%-owned permit.
16 Sept 2020other● Neutral
2020 Corporate Governance Statement, current to 16 September 2020, setting out board and governance policies against the ASX principles. At 30 June 2020 the board was 5 men and no women, and employees were 3 men and 2 women.
16 Sept 2020well test result▲ GoodMajor
Nyanda-4 flow jumped above 240 mscf/d overnight, passing the 227 mscf/d January peak, after eight weeks of dewatering with the Canadian-built pumps. This supports the producibility of the Reid's Dome coal seam gas and resolves the earlier pump-failure setback.
16 Sept 2020annual report● Neutral
2020 annual report. The chairman's letter says PL231 is now 100% owned, flow rates above 230 mscf/d at Nyanda-4 were encouraging, and facilities may be commissioned in late 2022 with gas sales in 2023. State Gas does not intend to own the pipeline. Text is truncated, so no financials are visible.
16 Sept 2020other● Neutral
Appendix 4G, the checklist accompanying the annual report, confirming the corporate governance statement is accurate as at 16 September 2020 and is published on the company website. Administrative filing only.
11 Sept 2020production update▲ Good
Nyanda-4 reached 128 mscf/d on the morning of 11 September, and Serocold-1 is also increasing. Water output at both wells remains low. The 46% of Serocold-1's targeted coals below the pump are unlikely to contribute to this test.
9 Sept 2020admin correction● Neutral
Corrects the earlier notice: the 1.5m options issued to director Ian Paton have not lapsed. They expire 9 October 2020, not 16 August, due to an administrative oversight in announcements since early 2018. Share count unchanged at 146,357,014.
9 Sept 2020security holder rights change● Neutral
1,500,000 unlisted options lapsed, the 500,000 at $0.20 and 1,000,000 at $0.40 that expired on 16 August 2020. The updated capital structure showed 146,357,014 ordinary shares plus remaining unquoted options and performance rights.
2 Sept 2020production update▲ Good
Nyanda-4 passed 100 mscf/d, reaching 114 mscf/d on 1 September, after under six weeks of pumping. Serocold-1 is building more slowly. PSL 2049 was issued on 27 August over the refined pipeline route area. Maiden certified resource still expected by end September.
26 Aug 2020production update▲ Good
Nyanda-4 gas flow is rising by more than 3% a day, reaching 89 mscf/d, with very low water. Serocold-1 output is building, though 46% of its targeted coals sit below the pump (earlier reported as 54% above). Certified resource still expected late September.
18 Aug 2020resource reserve update▲ GoodMajor
State Gas says Phase 1 appraisal is complete, with coal seam gas confirmed over at least 12km north to south and gas produced at all three wells. It has commissioned Netherland Sewell to certify first resources, due by late September 2020. Serocold-1 is at 13 mscf/d and Nyanda-4 above 70 mscf/d.
12 Aug 2020production update▲ Good
Nyanda-4 is flowing above 60 mscf/d with very low water. Serocold-1 flows constantly, but only 54% of its coal seams are above the pump. Aldinga East-1A flowed conventional gas at 363 mcf/d. These data will feed the Netherland Sewell & Associates resource estimate.
20 July 2020production update▲ Good
Customised pumps are installed and production testing has restarted at Nyanda-4 (16 July) and Serocold-1 (18 July). Nyanda-4 made 10 mscf of gas after three days of pumping. An Aldinga East-1A productivity test produced gas, confirming the conventional gas pool.
15 July 2020investor presentation● Neutral
Investor update for the Noosa virtual conference restates 100% ownership of PL 231, the 13.75 m3/t gas content at Nyanda-4 and the market case. It now targets facilities in late 2022 for first gas in early 2023. Largely repeats known facts.
2 June 2020director officer appointment● NeutralMajor
Management restructure: Mike Herrington becomes Chief Operating Officer, and Lucy Snelling moves from CEO to Head, Corporate and Commercial, both reporting to Cottee. Pump failures were traced to swelling of the pump rubber parts; new pumps are being made in Canada, with gas flowing again expected mid-to-late July.
