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- State Gas (GAS) enters a mid-week trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until September 24 or when more details are released, whichever occurs first
- On August 27, State Gas released a resource estimate for its Rolleston-West Project in Queensland
- The company announced a resource estimate of between 53 petajoules (pj) and 161pj for the East Bandada Fairway within the Rolleston well
- Shares in State Gas last traded at 38 cents on September 21
State Gas (GAS) has entered a mid-week trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until September 24 or when more details are released, whichever occurs first.
State Gas is yet to disclose how much it intends to raise or what it will use the funds for once received.
On August 27, State Gas released a resource estimate for its Rolleston-West Project in Queensland after receiving results from drilling at the Rougemont wells.
The company announced a resource estimate of between 53 petajoules (pj) and 161 pj for the East Bandana Fairway at Rolleston with a peak of 91pj.
Additionally, the neighbouring Reid’s Dome Project was assigned a resource estimate between 74pj to 223pj with a peak of 126pj.
State Gas last tapped investors for cash in September 2020 when it undertook an $11.5 million capital raising.
This capital raising consisted of a $9.5 million private placement and a $2 million share purchase plan.
Once received, State Gas used the money to drill and test new gas wells and provide additional funding for field geology, seismic reprocessing and infrastructure studies.
Shares in State Gas last traded at 38 cents on September 21. The company has a $65.75 million market cap.
