InvestSMART

State Gas Limited (ASX:GAS)

ALERT: Price-sensitive ASX Announcement for GAS
Current share price for GAS : $0.012 -0.015 (-55.56%)+
Announcement
Release
30 Apr 2026 3:39PM
Price at Release
$0.027
Full Release
download
Summary
State Gas Limited, in its quarterly activities report for March 2026, highlighted the initiation of the Rolleston West Concept Study to explore pipeline-supported gas projects. The company re-evaluated subsurface analyses at Reid's Dome to assess deeper oil and gas potential and engaged with partners for investment opportunities. Amidst disruptions in energy markets, State Gas emphasized the growing demand for local gas as a secure energy source. The company reported net cash used in operations of $369,000, with substantial exploration expenditures. Cash reserves stood at $1.411 million, supported by $3.2 million from convertible notes with additional R&D grants anticipated. State Gas is focused on leveraging its gas reserves to meet Australia's energy supply needs.
Key Points
  • Commenced Rolleston West Concept Study to evaluate pipeline supported project.
  • Re-evaluated PL231 (Reid’s Dome) for deeper oil and gas targets.
  • Engaged strategic partners for farm-in and co-investment opportunities.
  • Observed energy market disruptions influencing demand for local oil and gas.
  • Focused on natural gas as an immediate fuel source for Australia's energy needs.
  • Quarterly cash flow report indicates net cash used in operating activities of $369,000.
  • Capitalized exploration and evaluation expenditure totaled $581,000.
  • Cash and cash equivalents at the quarter end were $1.411 million.
  • Convertible notes raised $3.2 million, expecting R&D grant payments.
  • State Gas intends to accelerate the commercialization of its gas assets.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.