STATE GAS TO INCREASE ITS INTEREST IN PL 231
ASX:GAS) advises it has initiated the process to increase its Participating Interest in the Reid's Dome Gas Project (PL 231) from 80% to 100% in accordance with the provisions of the Joint Operating Agreement (JOA) for the PL 231 Reid's Dome Joint Venture. The election to increase State Gas's Participating Interest is being completed through the provisions of the JOA (clause 14(c)) facilitating the acquisition of a Participant's Participating Interest where it has reduced to less-than Minimum Interest as defined in the JOA.
State Gas has issued the relevant notices to commence this process under the terms of the JOA.
State Gas Limited remains sole Operator and, upon completion and settlement of these arrangements, will hold 100% of the Reid's Dome Gas Project and PL 231. Further updates will be provided on or before completion and settlement of these arrangements.
About State Gas Limited
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 and 80%-owner (transitioning to 100%) of PL 231, which is well-located 30 kilometres southwest of Rolleston, approximately 47 kilometres from the Queensland Gas Pipeline.
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