Past year: ▼ 68%(0.90c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Sept 2019joint venture update▲ GoodMajor
Supreme Court ordered Dome to transfer its final 20% of PL 231 to State Gas at the JOA-fixed price of $233,333, with costs on an indemnity basis. This resolves the trial set for September and moves State Gas from 80% toward 100%.
9 Sept 2019drilling scheduled▲ Good
Processing of the 1981 WOWCO seismic survey is complete, giving a first coherent picture of the Reid's Dome structure and supporting existing geological views. The first 2019 well, Aldinga East-1A (1,200m), is expected to spud in coming weeks, ahead of the planned Serocold-1.
21 Aug 2019drilling scheduled▲ GoodMajor
State Gas sets a 'Target 2021' plan for first gas in 2021: two new wells, Aldinga East-1A and Serocold-1, each to 1,200m, starting late Q3 2019. At least two production tests are planned to start in Q4 2019 and run 3-6 months, plus seismic reprocessing and pipeline route study.
3 June 2019director officer appointment▲ GoodMajor
Richard Cottee, former Managing Director of Queensland Gas Company (2002-2008), becomes Executive Chairman. Tony Bellas moves to non-executive director. Cottee's pay is mainly up to 5,000,000 performance rights tied to milestones including a Reid's Dome work program and a change-of-control deal.
3 June 2019capital raising announcement▲ GoodMajor
State Gas completed a $4.9 million placement at $0.70 per share to a single sophisticated investor, settling by 14 June 2019, with no fees. Funds go to further Reid's Dome drilling and appraisal, to be done before the wet season. Announced alongside Cottee's appointment.
3 June 2019capital raising announcement▲ Good
Addendum to the same-day release: $4.9 million raised at $0.70 per share from a sophisticated investor, settling by 14 June 2019, for further drilling and appraisal at Reid's Dome. Duplicates the placement announcement with a funding-focused heading.
31 May 2019joint venture update▼ BadMajor
Dome filed a counterclaim seeking to reverse State Gas's November 2018 purchase of 20%, so the 80% holding is now also challenged. Mediation on 30 May 2019 failed; trial is set for the latter part of the third quarter of 2019. State Gas says it is confident.
14 Mar 2019half year report● Neutral
Half-year to 31 December 2018 shows a net loss of $1,054,672, covering the Primero West-1 and Nyanda-4 drilling. Report repeats known results (40.4m net coal, Nyanda-4 extended to 1,200m). The directors' report text also says a 60% holding, which differs from the 80% registered 4 January 2019.
13 Mar 2019investor presentation● Neutral
Unredacted re-release of the March 2019 Reid's Dome technical presentation, with the same content: 80% of PL 231 moving to 100%, Nyanda-4 as first CSG well, ~47km pipeline route. Repeats known facts, no new results in the text shown.
13 Mar 2019investor presentation● Neutral
Technical update presentation (redacted version) on Reid's Dome: 80% interest moving to 100%, 17 wells drilled 1954-2018, ~47km to the Queensland Gas Pipeline, Nyanda-4 as first CSG well. Largely restates known facts; no new results in the text shown.
28 Feb 2019capital raising announcement● NeutralMajor
Offers eligible shareholders a Security Purchase Plan of up to $15,000 each, opening 4 March 2019, alongside a company update. Restates the drilling results, 80% interest (registered 4 January 2019), the court action against the 20% holder, and ongoing talks with interested parties.
27 Feb 2019capital raising announcement● NeutralMajor
State Gas raised $500,000 from sophisticated investors at $0.85 per share, settling by 6 March 2019. Funds go to legal costs for the move to 100% of PL 231, costs of pursuing possible transactions, and working capital.
8 Feb 2019joint venture update▼ BadMajor
Dome Petroleum failed to transfer its 20% stake, so State Gas started Supreme Court of Queensland proceedings seeking specific performance. The dispute flagged in December is now in court, and the path to 100% remains unresolved.
4 Feb 2019material agreement● Neutral
State Gas appointed Highbury Partnership as financial adviser to help respond to inquiries from potentially interested parties. Follows the approaches disclosed in December; no terms given.
21 Jan 2019investor presentation▲ Good
Presentation on the 2018 drilling reports 40.4m net coal and average gas content of 11.6 m3/t so far at Nyanda-4. Says the company is considering partnering and corporate transactions after approaches. Mostly restates known results.
14 Dec 2018price query▲ GoodMajor
Responding to ASX after shares rose from $0.72 to $1.00, State Gas said it knows of no undisclosed information. It confirmed it has been approached by several parties about possible transactions and is in preliminary talks with some.
11 Dec 2018joint venture update▼ BadMajor
The 20% holder, Dome Petroleum Resources, publicly disputes State Gas's right to buy its stake. State Gas rejected this through its lawyers, saying the 4 December notices are valid. The move to 100% is now contested.
5 Dec 2018asset acquisition disposition▲ GoodMajor
State Gas began the process under the joint operating agreement to lift its PL 231 interest from 80% to 100%, issuing notices to acquire the remaining partner's stake once it fell below the minimum interest. Completion not yet reached.
5 Dec 2018other● Neutral
ASX lifts the suspension of State Gas shares immediately after the Nyanda-4 results announcement. Administrative notice only.
5 Dec 2018drilling result▲ GoodMajor
Nyanda-4 was extended from 1,000m to 1,200m and suspended for re-entry rather than abandoned. It found 38m of net coal, gas shows from ~392m, ~100psi over-pressure and light oil in sandstones. The chairman says results far exceeded expectations; lab work continues.
4 Dec 2018other● Neutral
Shares suspended at the company's request, following a trading halt on 30 November, pending Nyanda-4 drilling and logging results. Directors hoped to lift the suspension by 5 December.
28 Nov 2018farm in farm out completion▲ GoodMajor
State Gas raised its PL 231 interest from 60% to 80% by acquiring 20% from its partner, offset against cash calls the partner owed. It now carries 80% of costs including Nyanda-4. Remains operator.
22 Nov 2018drilling spud● NeutralMajor
Nyanda-4 spudded on 22 November 2018, 13.5km south of Primero West-1, planned to 1,000m to test tight gas and coal seams. State Gas pays 60% of costs; first coal seam gas test of the permit.
21 Nov 2018investor presentation● Neutral
AGM presentation repeats known facts on PL 231 (60% operator, 15 historical wells, ~60m of net coal never tested for coal seam gas), the drilling program and safety planning. States Primero West-1 gas at 132m. No new results.
19 Nov 2018well test result● Neutral
Primero West-1 found a 7.5m net gas zone from 131.5m and flowed a maximum 0.436 mmscf/d, in line with expectations. The well will be plugged and abandoned, since full Cattle Creek development needs more seismic. Rig now moves to Nyanda-4.
15 Nov 2018drilling progress report● Neutral
Primero West-1 reached total depth of 250.77m on 15 November. Logging, testing and cementing follow, with results to be released later. The rig then moves to Nyanda-4. No results yet.
13 Nov 2018drilling progress report▲ Good
Primero West-1 hit gas at 134m in the Cattle Creek Formation, as expected. The well is 100% funded by State Gas and will be plugged and abandoned after testing. Nyanda-4 is next, with State Gas paying 60%.
12 Nov 2018drilling spud▲ GoodMajor
Primero West-1 spudded on 10 November 2018 using Silver City's Rig-25. This begins the company's first drilling on PL 231 since 2006 and the well that completes its sole JV funding obligation.
7 Nov 2018investor presentation● Neutral
Presentation on the November-December 2018 drilling of Primero West-1 and Nyanda-4 repeats known facts: 60% operator of PL 231, 15 historical wells, about 60m of net coal never tested for coal seam gas. No new results.
30 Oct 2018joint venture update▲ Good
The PL 231 Joint Operating Committee approved drilling Nyanda-4 (1,000m, coal seam and tight gas), to follow Primero West-1 in November 2018. Resolves the approval condition flagged on 22 October.
