Past year: ▼ 68%(0.90c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Oct 2018drilling scheduled▲ GoodMajor
Silver City Drilling engaged to drill Primero West-1 (250m, Cattle Creek gas sand) from November 2018, then Nyanda-4 (1,000m) to test coal seam gas and tight gas, subject to joint venture approval. First drilling on the permit since 2006; the plan now adds coal seam gas to the earlier conventional targets.
4 Sept 2018other● Neutral
2018 Corporate Governance Statement, approved 4 September, outlining board practices against ASX principles. Governance disclosure with no operational or financial news.
4 Sept 2018annual report▲ Good
First annual report as a listed company, to 30 June 2018. Chair says initial drilling is planned for the December 2018 quarter and calls 2018-19 'transformational'. PSL 2028 pipeline survey licence was granted 1 August, resolving the pending application. Financial figures not visible in the text provided.
4 Sept 2018other● Neutral
Appendix 4G lodged with the annual report, pointing to the corporate governance statement on the company website. Administrative form with no business information.
15 Aug 2018security holder rights change● Neutral
2,706,667 fully paid shares will be released from escrow on 1 September 2018, with quotation requested. Administrative Appendix 3B; no new shares issued and no money raised.
12 June 2018drilling scheduled▲ GoodMajor
Reid's Dome North-West-1 will be drilled in the September quarter 2018 to test the north-west gas prospect, which may span multiple zones to about 500m. Drilling will complete the company's sole funding obligations under the PL 231 joint operating agreement. Southern seismic reprocessing is also expected that quarter.
5 June 2018security holder rights change● Neutral
25,793,334 fully paid shares will be released from escrow on 21 June 2018, with quotation requested. Administrative notice; no new shares are being issued or money raised.
24 Apr 2018director officer appointment▲ Good
James Crowley, currently at AGL Energy with a 34-year petroleum career, is appointed Chief Operating Officer from the end of his notice period. He will also help assess new projects to expand the portfolio.
12 Mar 2018drilling scheduled▲ GoodMajor
Seismic reprocessing of the northern area of PL 231 found a new potential shallow gas pool in the north-west, at about 220m. Two to three existing wells look enough to produce the Central North pool. Southern reprocessing is under way; the company is investigating ways to monetise the gas.
2 Mar 2018half year report● Neutral
Half-year accounts to 31 December 2017 show a net loss of $314,462 in the period since the company's February 2017 incorporation. Restates the IPO ($5.25m before costs), December flow tests and CEO appointment. No new operational news.
22 Feb 2018director officer appointment▲ GoodMajor
Lucy Snelling, formerly of AGL Energy, appointed as State Gas's first CEO on a half-time, two-year contract at $170,000 base. She gets 1,000,000 options at $0.40 and 1,000,000 at $0.60, subject to vesting conditions.
9 Jan 2018flow test result▲ GoodMajor
Flow tests on three historical wells (Primero-1, Aldinga North-1, Reid's Dome-4) found all still flowed gas, at lowest stabilised rates of 357,000 to 658,000 cf/d. Gas is about 96% methane, similar to pipeline quality. Completes the flow-testing planned at listing; seismic reprocessing due February.
9 Jan 2018admin correction● Neutral
State Gas completed flow-testing of three existing PL 231 wells (Primero 1, Aldinga North 1, Reid's Dome-4). All flowed gas at lowest stabilised rates of 357,000-658,000 cf/d, with about 96% methane.
18 Dec 2017other● Neutral
Share registry Link Market Services changed its Brisbane address, with State Gas among the listed clients. Administrative notice from Link with no information about State Gas's business.
10 Nov 2017investor presentation● Neutral
Presentation at the Queensland Exploration Council showcase repeats known PL 231 facts: 60% operator, shallow Cattle Creek gas from about 150m, deeper Reid's Dome target, 15 historical wells. Adds a UBS view of east coast gas prices of $8-10/GJ. No new company results.
25 Oct 2017investor presentation● Neutral
First post-listing presentation: State Gas operates PL 231 with a 60% interest, a shallow Cattle Creek gas target from about 135m and a deeper Reid's Dome target. Notes a pipeline survey application, a 50km distance to the Queensland Gas Pipeline, and a work program starting with flow testing historical wells. Repeats prospectus facts.
25 Oct 2017investor presentation● Neutral
Triangle Energy, State Gas's 35.47% shareholder, notes State Gas has lodged a presentation. Repeats that State Gas holds 60% of and operates PL 231; no new information.
9 Oct 2017other● Neutral
Share distribution schedule as at 5 October 2017: 532 holders share 134,812,500 shares, with 76 holders of 100,001+ shares owning 90.18%. Administrative listing disclosure.
9 Oct 2017annual report● Neutral
First financial report, for the period from incorporation on 10 February 2017 to 30 June 2017: loss of $7,484, with $500,000 seed capital raised. Intends to drill appraisal and development wells in PL 231 within twelve months and lodged a pipeline survey application (PSL 2028).
9 Oct 2017other● Neutral
Listing information form: incorporated in Western Australia 10 February 2017, based in Brisbane, main activity conventional gas exploration. Names directors Baynton, Bellas, Towner and Paton, with BDO as auditor.
9 Oct 2017other● Neutral
ASX notice confirming quotation from 11am on 10 October 2017 under code GAS. Records the $5.25 million raised from 26,250,000 shares at $0.20, with Orbit Capital as lead manager.
9 Oct 2017other● Neutral
Cover notice listing the pre-quotation documents released with the listing (holder lists, listing forms, financial report, escrow details). Administrative, with no new substance of its own.
9 Oct 2017capital raising announcement● NeutralMajor
State Gas issued a prospectus to raise $5.25 million by offering 26,250,000 shares at $0.20 each, ahead of an ASX listing. Funds are for developing its PL 231 gas project in Queensland; the prospectus calls the investment speculative.
What it means for a shareholder
26.3m new shares at A$0.200 to raise about A$5.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
9 Oct 2017other● Neutral
Formal listing application to ASX for quotation of 29,299,999 fully paid ordinary shares. Standard form with no new business information.
9 Oct 2017capital raising announcement● Neutral
A supplementary prospectus widens the priority offer so all Triangle Energy shareholders on the register at 4 September 2017 can take part, not just those holding 20,000 or more shares. No other changes to the offer.
9 Oct 2017other● Neutral
Top 20 holders list: Triangle Energy (Global) holds 47,812,500 shares (35.47%), the largest holder, followed by Allegro Capital at 10.38%. The top 20 hold 80.42% of the 134,812,500 shares.
9 Oct 2017other● Neutral
Company confirms 35,312,500 shares were issued to Triangle Energy (Global) on conversion of B class shares, and 2,000,000 unquoted options were issued to director Ian Paton. Administrative confirmation.
9 Oct 2017other● Neutral
Oil and gas annexure to the listing form. Every resource-estimate item is marked 'Not applicable', so the prospectus quotes no formal reserve or resource estimates.
9 Oct 2017other▲ GoodMajor
State Gas was admitted to the ASX Official List on 9 October 2017. Quotation of 29,299,999 shares issued at $0.20 starts the next day.
9 Oct 2017other● Neutral
Company constitution lodged as part of listing documents. It is standard governance text with no new business information.
