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State Gas Ltd. ( (AU:GAS) ) has shared an update.
State Gas Ltd has abandoned talks over a proposed material sale of its High Density Natural Gas pilot plant and associated long-term gas supply agreement after failing to agree definitive terms with the unsolicited bidder. The decision means the company will retain ownership of the “first-of-its-kind” CSG-to-CNG facility, which underpins its virtual pipeline strategy to move compressed gas from its Bowen Basin assets to market.
Separately, the Australian Taxation Office has extended its review of State Gas’s R&D incentive claim for costs linked to the pilot plant and requested additional information. The company is working with the regulator to accelerate the review and the release of expected grant funds, while indicating it sees no reason its voluntary trading suspension on the ASX should remain in place once the market is updated.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
More about State Gas Ltd.
State Gas Ltd is a Queensland-based gas exploration and development company focused on highly prospective gas assets in the southern Bowen Basin. The company owns the contiguous Reid’s Dome and Rolleston West projects, targeting both conventional and coal seam gas, and aims to supply east coast energy markets via traditional and virtual pipeline infrastructure. State Gas has also developed a first-of-its-kind CSG-to-CNG facility in Australia, designed to truck compressed natural gas to pipeline hubs or end users lacking direct pipeline access.
The company holds a 35% interest in additional permits ATP 2068 and ATP 2069 in joint venture with Santos, creating potential regional synergies. Its projects have demonstrated commercial gas flow rates and high-quality methane, with the HDNG technology enabling the capture and sale of production testing gas that would otherwise be vented, supporting both environmental and commercial objectives.
Average Trading Volume: 553,537
Technical Sentiment Signal: Hold
Current Market Cap: A$13M
For detailed information about GAS stock, go to TipRanks’ Stock Analysis page.