APPEAL STRUCK OUT - 100% OWNERSHIP OF PL 231 IS CONFIRMED
The Court of Appeal also ordered that Dome pay State Gas' costs of the appeal on an indemnity basis.
As advised in September, the Court ordered Dome to execute documentation as may be necessary to effect the transfer of Dome's remaining interest in PL 231 to State Gas Limited for the consideration fixed by the Joint Operating Agreement, namely $233,333. Further orders were also made at that time in favour of State Gas Limited for costs.
The Court of Appeal outcome today confirms the final ownership interest for State Gas of the Reid's Dome Gas Project (PL 231) at 100%, which will enable the Company to focus on progressing the development of PL 231 in line with its Target 2021 Gas-to-Market strategy.
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 of PL 231, which is well-located 30 kilometres southwest of Rolleston, approximately 47 kilometres from the Queensland Gas Pipeline.
State Gas Limited