APPEAL STRUCK OUT - 100% OWNERSHIP OF PL 231 IS CONFIRMED
APPEAL STRUCK OUT - 100% OWNERSHIP OF PL 231 IS CONFIRMED
Brisbane, Nov 27, 2019 AEST (ABN Newswire) - Brisbane-based gas developer State Gas Limited (ASX:GAS) ("State Gas" or "the Company") is pleased to advise that the Court of Appeal in Queensland has today struck out the application made by its former joint venture partner, Dome Petroleum Resources PLC, to appeal the Supreme Court of Queensland decision of 16 September 2019 regarding its increase in ownership of the Reid's Dome Gas Project (PL 231).

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:GASState 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.

http://www.stategas.com

 


Contact

Lucy Snelling
Chief Executive Officer
Phone: 0439 608 241
e-mail: lucy@stategas.com

Richard Cottee
Executive Chairman
Phone: 0458 517 850
e-mail: richard@stategas.com



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