(MENAFN- ABN Newswire)
Brisbane-based gas developer State Gas Limited (ASX:GAS) is pleased to advise on the outcome of proceedings in the Supreme Court of Queensland in respect of its acquisition of the final 20% interest in PL 231 and the Reid's Dome Joint Venture.
Highlights
- State Gas Limited successful in Supreme Court action to acquire final 20% interest in Reid's Dome.
- Court order made 16 September 2019 requiring Dome Petroleum Resources Plc (Dome) to execute transfer of its remaining 20% interest in PL 231.
- The provisions of the JOA executed in February 2017 fix the price for the acquisition of the 20% interest at $233,333.
- Dome ordered to pay the costs of State Gas on an indemnity basis.
As previously advised to the market, Dome failed to complete the transfer of its remaining 20% Participating Interest in PL 231 to State Gas in accordance with the requirements of the Joint Operating Agreement for PL 231 (JOA). State Gas Limited's right to increase its Participating Interest arises under the provisions of the JOA which facilitate the acquisition of the remainder of another Participant's Participating Interest where that Participating Interest has reduced below 25% (Compulsory Acquisition). Dome's Participating Interest reduced below 25% when State Gas acquired 20% of its Participating Interest in PL 231 in November 2018, as announced on 28 November 2018 (the November 20% Acquisition).
The provisions of the JOA executed in February 2017 fix the price for the Compulsory Acquisition of Dome's final 20% interest in PL 231 at $233,333.
The Company commenced proceedings in the Supreme Court of Queensland on 8 February 2019 seeking specific performance by Dome Petroleum Resources Plc (Dome) of its obligations under the JOA. The matter was heard in the Supreme Court this morning. The Judge made orders in favour of State Gas requiring Dome to execute a transfer and such other documents as may be necessary to affect the transfer of Dome's remaining interest in PL 231 to State Gas Limited. Further orders were made in favour of State Gas Limited for costs.
State Gas Limited( ASX:GAS ) is a Queensland-based developer of the Reid's Dome gas field (PL 231), which includes both CSG and conventional gas, originally discovered in 1954 during oil drilling prior to the existence of a pipeline network and an east coast gas market. The Reid's Dome field is located in the Bowen Basin in Central Queensland on the apex of the Springsure-Sericold Anticline. State Gas is sole Operator of PL 231, which is well-located 30 kilometres southwest of Rolleston, approximately 47 kilometres from the Queensland Gas Pipeline.
http://www.stategas.com
Greg BayntonExecutive DirectorM: +61-414-970-566E:
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