New RaaS Report issued - Extract belowRaaS has published an update on energy producer State Gas(ASX:GAS) following recent announcements including an initial compressednatural gas (CNG) supply contract with Thiess to support the Curragh coalmining operation, and better than expected commissioning at Rougemont 2/3 wellwhich points to higher than originally anticipated sustainable daily gasproduction.
Our full report can bedownloaded here: State Gas (ASX:GAS)RaaS Update 12 April 2024
Key points in our report:Please contact Andy Williams ([email protected])or me if you have any questions.
- With completion, commissioning and a contract secured, first gas is just around the bend. Production provides type curves and further drilling can underpin the declaration of initial 2P reserves to support expansion and financing options.
- Critically, with the company on the cusp of first gas, it can justifiably claim to hold a first mover advantage over peer group projects where first gas may well be 2026 or later. It’s worthwhile reiterating that whilst the initial project is small scale the path to growth begins with the first PJ (petajoule) and the opportunity set appears large.
- We assign a NAV of $198m or $0.72/share (down from $0.74/share due to spot gas price adjustment) to GAS against a reference share price of $0.15/share. With first gas imminent, we believe the share price to value gap should begin to close.
New RaaS Report issued - Extract belowRaaS has published an...
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