State Gas (ASX:GAS) announced financial results for the full-year ended 30 June 2022.
The principal activity of the company during the financial year was the exploration and evaluation of PL231 (Reid's Dome) and ATP 2062 (Rolleston West).
No significant change in the nature of these activities occurred during the year,
The Directors do not recommend the payment of a dividend. No dividend was paid during the year.
Excellent results from Rougemont drilling in Rolleston-West Project and commencement of production testing of Rougemont-2 well.
First announcement of estimated Contingent Resources.
Initiation of carbon management project with specialist mineral exploration company Rockminsolutions Pty Ltd.
Responded to East Coast gas market by prioritising rapid access to market for Reid's Dome conventional gas.
Initiation of on-the-ground route surveys for export pipeline route.
Awarded two new exploration permits in joint venture with Santos QNT Ltd (with first granted in July 2022).
During the financial year the Company raised $8,000,000 through the issue of 25,000,000 fully paid ordinary shares at $0.32 per share through a private placement.
During the financial year the Company issued 1,800,000 fully paid ordinary shares on the vesting of 1.8M performance rights.
During the financial year the Company was appointed preferred tender, in Joint Venture with Santos QNT Pty Ltd, of two new strategic gas exploration areas, PLR2021-1-2 (subsequently issued as ATP2068) and PLR2021-1-3.
Following the announcement the company?s share price fell 6.250%.