UPDATE ON INCREASE OF INTEREST IN PL 231
Dome Petroleum Resources Plc (Dome) has failed to complete the transfer of its 20% Participating Interest in the project to State Gas in accordance with the requirements of the JOA.
State Gas has today commenced proceedings in the Supreme Court of Queensland seeking specific performance by Dome of its obligations under the JOA.
State Gas will continue to keep the market updated regarding the status and progress of its acquisition of Dome's final 20% Participating Interest in the project.
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.
State Gas Limited