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State Gas Limited

State Gas Limited is a Queensland-based gas exploration and development company with highly prospective gas exploration assets located in the southern Bowen Basin. State Gas Limited’s mission is to support east coast energy markets through the efficient identification and development of new high quality gas assets. It will do this by applying an agile, sustainable but low-cost development approach and opportunistically expanding its portfolio in areas that are well located to gas pipeline infrastructure. State Gas intends to accelerate commercialisation of its gas assets through the application of an innovative virtual pipeline (“VP”) solution which will see the Company transport compressed gas by truck to existing pipeline infrastructure or to an end user.

As a small market participant in the Queensland gas sector, State Gas has developed the capability to undertake its exploration activities quickly and efficiently and is well positioned to support the much-needed expansion of domestic gas supply. The Company’s historical track record of expediting exploration activities and furthering Queensland understanding of petroleum geology is evidenced by the work the company has conducted since its formation in 2018. Since that time, the company has invested more than $40 million in exploration and appraisal activities in Queensland, $10 million of which is in the ATP-2062 project area. A further $8 million has been invested in designing, engineering and constructing a bespoke CSG compression facility that allows State Gas to capture, compress and dehydrate CSG for delivery to customers using a virtual pipeline trucking solution. This solution transforms flowed gas into sales gas out of the production testing stage.

State Gas is 100%-owner of the contiguous Reid’s Dome (PL-231) and Rolleston-West (ATP 2062) gas projects, both of which contain CSG and conventional gas. The Projects, together some 1,595km2, are located south of Rolleston, approximately 50 and 30 kilometres respectively from the Queensland Gas Pipeline and interconnected east coast gas network. State Gas also holds a 35% interest in ATP 2068 and ATP 2069 in joint venture with Santos QNT Pty Ltd (65%). These two new areas lie adjacent to or in the near vicinity of State Gas and Santos’ existing interests in the region, providing for the potential of an alignment in ownership interests across the region over time and enabling synergies in operations and development.

Suite 4, Level 1, 40 Edward Street, Brisbane Qld 4000

PO Box 10348, Adelaide Street, Brisbane Qld 4001