Past year: ▼ 68%(0.90c – 3.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Nov 2025resource reserve update▲ GoodMajor
NSAI certified a maiden 2P gas reserve of 30.2 PJ (44.1 PJ 3P) for Rolleston West, resolving the reserve report due end September. The company cites gross undiscounted value of $360-510 million and a 10 TJ/d pipeline-connected project; no 1P reserves are included.
2 July 2025drilling result▲ GoodMajor
Rougemont 5 and 6 are completed with pumps installed, and dewatering and production testing can start. Each found 7.8 m of net coal. Results feed the resource model for an initial 2P reserve; the $5.5M Queensland grant fully funded the drilling.
22 Apr 2025drilling result▲ GoodMajor
Rougemont 5 reached 579 m, logging 7.8 m of net coal from about 419 m with elevated gas shows, matching Rougemont 6. Confirms coal continuity across the area; both wells now to be completed and flow tested, by mid-May 2025, toward the maiden 2P reserve.
7 Apr 2025drilling result▲ GoodMajor
Rougemont 6 reached 572 m, intersecting 8.1 m of net coal from about 404 m with elevated gas shows. It confirms coal continuity 1.5 km north-east of Rougemont 2/3, supporting the 30-50 PJ maiden 2P target. Rig is moving to Rougemont 5.
3 Apr 2025drilling spud▲ GoodMajor
Rougemont 5 and 6 wells spudded, ending the delay from the access dispute. Rougemont 6 had surface casing set at 152 m and a target depth of 540 m. The two-well program is expected to finish by end of May 2025.
12 Mar 2025drilling scheduled▲ Good
Field work has started on the two-well Rolleston West program, expected to finish within about three months and funded by the $5.5M grant. Success would support seeking a maiden 2P reserve of 30-50 PJ, after the wet-season delay.
24 Oct 2022drilling result▲ GoodMajor
Rougemont-3 drilling is finished and the rig released. The second lateral had 1,130m in coal (97%), and both laterals give ~2,400m of reservoir access, with gas shows averaging ~20%. Initial gas flows are expected in 2-3 months after the Rougemont-2 pump is replaced. Shows are not flow rates.
13 Oct 2022drilling progress report● Neutral
Drilling of the second Rougemont-3 lateral has started, after the first lateral was lined to produce from its full ~1,300m. The second will run ~30m below the first. Together they give more than 2 km of coal access; Rougemont-2 then gets a new pump.
4 Oct 2022drilling result▲ Good
Rougemont-3's first lateral reached its full ~1,300m target length, 97.8% within the coal seam, and passed close to Rougemont-2 for easy connection. Gas shows averaged 24%, peaking at 29.5%. A second lateral 30m below is next; no flow rates yet.
26 Sept 2022drilling progress report▲ Good
Rougemont-3's lateral entered the target coal seam, with gas shows up to 13.8% (average 11-12%), 99% methane. Drilling continues toward the intersect with Rougemont-2. Gas shows are not flow rates.
21 Sept 2022drilling progress report▲ Good
Rougemont-3 reached target vertical depth, intersecting ~9m net coal in two main seams (2.0m and 3.0m) as expected. Strong gas shows were seen, and the coals match Rougemont-1 and -2. Lateral drilling is next; no flow results yet.
16 Sept 2022drilling spud▲ GoodMajor
Rougemont-3 was spudded on 16 September, with the rig at 63m installing surface casing. Two laterals totalling ~2 km in-seam will be drilled to meet Rougemont-2, then the pair tested together. Confirms the spud expected in the 12 September notice.
12 Sept 2022drilling spud▲ GoodMajor
The rig is mobilising to drill Rougemont-3, a horizontal well with two laterals aiming to intersect Rougemont-2 and give ~2 km of in-seam length. Spud is expected within the week. This is the demonstration well planned for Aug/Sep, and the production test follows.
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.
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.
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.
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 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.
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.
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.
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.
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.)
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.
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.
