(MENAFN- ABN Newswire)
State
gas Limited (ASX:GAS) (OTCMKTS:STGSF) is pleased to announce the successful completion of the retail component (Retail Entitlement Offer) of its 1 for 2 accelerated pro rata non-renounceable entitlement offer (Offer) announced on 5 August 2024.
The Retail Entitlement Offer closed at 5:00pm AEST on 5 September 2024, raising $959,151. Eligible retail
shareholders applied for 18,101,687 New Shares (and 9,050,857 attaching options) pursuant to their entitlements, including 3,957,803 New shares (and 1,978,902 attaching options) under the shortfall facility.
This follows a successful placement (Placement) and institutional component of the Offer (Institutional Entitlement Offer) which jointly raised approximately $4,348,513, as announced to ASX on 8 August 2024.
The Retail Entitlement Offer gave eligible retail shareholders (Eligible Shareholders) the opportunity to take up their pro-rata entitlement by applying for New Shares and attaching options. Eligible Shareholders were also able to apply for additional New Shares (and attaching options) under a shortfall facility allocated as set out in the Company's Prospectus dated 5 August 2024. Total proceeds from the Retail Entitlement Offer were $905,084.
A total amount of approximately $5,253,598 was raised through the Placement, the Institutional Entitlement Offer and the Retail Entitlement Offer. A further $660,371 has been raised from the Placement, representing 13,207,421 New Shares and 6,603,711 attaching options, and is subject to Shareholder approval.
New Shares taken up under the Retail Entitlement Offer, which rank equally with existing shares on issue, are expected to be issued on 12 September 2024 and commence trading on ASX on 13 September 2024.
*To view details of the offer, please visit:
![](https://menafn.com/updates/pr/2024-09/12/AN_69586684-2_Image_In_Body.png)
(ASX:GAS ) is a Queensland-based developer of the Reid's Dome gas field, originally discovered during drilling in 1955, located in the Bowen Basin in Central Queensland. State Gas is 100%-owner of the Reid's Dome Gas Project (PL-231) a CSG and conventional gas play, which is well-located 30 kilometres southwest of Rolleston, approximately 50 kilometres from the Queensland Gas Pipeline and interconnected east coast gas network.
Permian coal measures within the Reid's Dome Beds are extensive across the entire permit but the area had not been explored for coal seam gas prior to State Gas' ownership. In late 2018 State Gas drilled the first coal seam gas well in the region (Nyanda-4) into the Reid's Dome Beds and established the potential for a significant coal seam gas project in PL 231. The extension of the coal measures into the northern and central areas of the permit was confirmed in late 2019 by the Company's drilling of Aldinga East-1A (12 km north) and Serocold-1 (6 km to the north of Nyanda-4).
State Gas is also the 100% holder Authority to Prospect 2062 ("Rolleston-West"), a 1,414 km2 permit (eight times larger than PL 231) that is contiguous with the Reid's Dome Gas Project. Rolleston-West contains highly prospective targets for both coal seam gas (CSG) and known conventional gas within the permit area. It is not restricted by domestic gas reservation requirements.
The contiguous areas (Reid's Dome and Rolleston-West), under sole ownership by State Gas, enable integration of activities and a unified super-gasfield development, providing economies of scale, efficient operations, and optionality in marketing.
State Gas is implementing its strategic plan to bring gas to market from Reid's Dome and Rolleston-West to meet near term forecast shortfalls in the east coast domestic gas market. The strategy involves progressing a phased appraisal program in parallel with permitting for an export pipeline and development facilities to facilitate the fastest possible delivery of gas to market. State Gas' current focus has been to confirm the producibility of the gas through production testing of the wells.
Doug McAlpine
Chief Executive Officer
Phone: 0488 007 889
Email: ...
Richard Cottee
Executive Chairman
Phone: 0458 517 850
Email: ...
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