STTCOMP GAS FA Long
State Gas Ltd - CSG QLD.
MC = $107 Million.
SOI = 117 Million shares.
Share Price = .75c
Cash = $6.34 Million 30/6/19.
The well currently being drilled by Gas Field Services Rig 12 to a planned total depth of 1200m. The well will investigate the gas potential of the Reid’s Dome Beds coal measures in the northern area of the PL 231, following confirmation of gas presence in the coals at Nyanda-4 approximately 12km to the south of Aldinga East 1A, and the encouraging results of seismic processing.
Core samples will be obtained from the new well to confirm gas content and wireline logging will be used to determine net pay. Permeability measurements will be obtained by wireline formation testing.Following the drilling of Aldinga East-1A, the Company plans to drill Serocold-1, approximately half way between Aldinga East-1A and Nyanda-4, to explore the central portion of the Reid’s Dome anticline. The well is also planned to be drilled to 1,200 metres, again targeting the gas potential of the Reid’s Dome Beds coal measures. Wireline logging and testing will be used to determine net pay and permeability.
• Petroleum Lease, 30 years to 14/12/2035
• 181 km2 covering a classic north-south dome structure
• ~ 50 km from Queensland Gas Pipeline network
• State Gas holds 100%
• PSL held for route to market
State Gas Executive Chairman, Richard Cottee, said that the short-term focus for State Gas was on assembling the dataset for the Company’s Target 2021 gas supply strategy.
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