State Gas Limited (ASX:GAS) Quarterly Activities Report

Brisbane, Australia, April 30, 2024 - (ABN Newswire) - State Gas Limited ((ASX:GAS) (OTCMKTS:STGSF) is pleased to provide this update for the quarter ended 31 March 2024 ("the Quarter"). During the Quarter, the Company achieved both mechanical and practical completion of its "first-of-its-kind" in Australia, coal seam gas ("CSG") to compressed natural gas ("CNG") plant ("the CNG Facility").

Successful commissioning of the CNG Facility represents a significant milestone for the Company and is the culmination of a program of design, engineering and construction activities which commenced in early calendar 2023. The commissioned CNG Facility is a strategically critical asset for the Company as it:

1. demonstrates State Gas' credentials as an emerging provider of alternative fuels that can support decarbonisation initiatives in Queensland;

2. brings forward initial revenues and cashflow, thereby reducing the Company's ongoing reliance on new equity capital to support its activities; and

3. supports ongoing exploration and appraisal activities within Rolleston West (ATP 2062)

*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/6SSP860R

About State Gas Limited:

State Gas Limited (ASX:GAS) is a Queensland-based developer of the Reid's Dome gas field, originally discovered during drilling in 1955, located in the Bowen Basin in Central Queensland. State Gas is 100%-owner of the Reid's Dome Gas Project (PL-231) a CSG and conventional gas play, which is well-located 30 kilometres southwest of Rolleston, approximately 50 kilometres from the Queensland Gas Pipeline and interconnected east coast gas network.

Permian coal measures within the Reid's Dome Beds are extensive across the entire permit but the area had not been explored for coal seam gas prior to State Gas' ownership. In late 2018 State Gas drilled the first coal seam gas well in the region (Nyanda-4) into the Reid's Dome Beds and established the potential for a significant coal seam gas project in PL 231. The extension of the coal measures into the northern and central areas of the permit was confirmed in late 2019 by the Company's drilling of Aldinga East-1A (12 km north) and Serocold-1 (6 km to the north of Nyanda-4).

State Gas is also the 100% holder Authority to Prospect 2062 ("Rolleston-West"), a 1,414 km2 permit (eight times larger than PL 231) that is contiguous with the Reid's Dome Gas Project. Rolleston-West contains highly prospective targets for both coal seam gas (CSG) and known conventional gas within the permit area. It is not restricted by domestic gas reservation requirements.

The contiguous areas (Reid's Dome and Rolleston-West), under sole ownership by State Gas, enable integration of activities and a unified super-gasfield development, providing economies of scale, efficient operations, and optionality in marketing.

State Gas is implementing its strategic plan to bring gas to market from Reid's Dome and Rolleston-West to meet near term forecast shortfalls in the east coast domestic gas market. The strategy involves progressing a phased appraisal prog

Contact:

Doug McAlpine
Chief Executive Officer
Phone: [phone]
Email: [e-mail]

Richard Cottee
Executive Chairman
Phone: [phone]
Email: [e-mail]

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