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State Gas Ltd.
(Sydney:GAS)
State Gas Ltd. (GAS) vs. iShares MSCI Australia ETF (EWA)
State Gas Ltd. Business Overview & Revenue Model
State Gas Ltd. Financial Statement Overview
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 111.96K | 17.41K | 0.00 | 0.00 | 0.00 |
| Gross Profit | 111.96K | -313.00K | -293.00K | -209.00K | -3.56K |
| EBITDA | -2.85M | -3.21M | -895.48K | 1.55M | -2.94M |
| Net Income | -3.28M | -3.63M | -1.19M | 1.34M | -2.95M |
Balance Sheet | |||||
| Total Assets | 51.21M | 48.32M | 40.91M | 33.88M | 29.54M |
| Cash, Cash Equivalents and Short-Term Investments | 2.16M | 31.75K | 453.35K | 3.23M | 3.16M |
| Total Debt | 1.79M | 2.14M | 200.00K | 0.00 | 0.00 |
| Total Liabilities | 8.55M | 8.01M | 4.31M | 2.58M | 4.36M |
| Stockholders Equity | 42.66M | 40.32M | 36.61M | 31.30M | 25.18M |
Cash Flow | |||||
| Free Cash Flow | -8.77M | -10.84M | -10.59M | -7.41M | -11.79M |
| Operating Cash Flow | -2.55M | -2.13M | -1.33M | -1.20M | -1.10M |
| Investing Cash Flow | -189.00K | -7.41M | -8.31M | -6.24M | -11.03M |
| Financing Cash Flow | 4.87M | 9.11M | 6.87M | 7.50M | 14.42M |
State Gas Ltd. Technical Analysis
State Gas Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
56 Neutral | AU$37.41M | -0.51 | -13.12% | ― | -13.55% | -8.96% | |
56 Neutral | AU$25.87M | -8.19 | -3.11% | ― | 7.09% | -275.00% | |
52 Neutral | AU$12.12M | -2.13 | -147.07% | ― | ― | -36.92% | |
44 Neutral | AU$5.56M | 2.86 | ― | ― | ― | ― | |
43 Neutral | AU$10.24M | -2.33 | -7.92% | ― | ― | 16.52% | |
39 Underperform | AU$8.35M | -1.59 | -15.46% | ― | -9.56% | 87.68% |
State Gas Ltd. Corporate Events
State Gas Limited has reported that all resolutions put to shareholders at its 21 January 2026 general meeting were passed by poll, providing formal board and shareholder backing for its current strategic and operational direction. The outcome reinforces the company’s plans to accelerate commercialisation of its southern Bowen Basin assets, including early-stage production at its Rolleston West (Rougemont) project and deployment of its modular HDNG facility and virtual pipeline solution, developments that could strengthen its position as a flexible gas supplier to east coast industrial users lacking direct pipeline access and support its role in the ongoing energy transition.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has secured a waiver from ASX Listing Rule 10.1, allowing it to grant security over all its assets in favour of entities associated with non-executive directors Philip St Baker and Jon Stretch for both new working capital finance facilities and existing legacy loans, without seeking prior shareholder approval. The board, excluding the interested directors, determined the funding to be on arm’s length terms after conventional lenders declined to provide debt finance within the required timeframe, and the ASX waiver is conditional on detailed disclosure of the rationale, terms and protections, including that security will be discharged once loans are repaid and that any enforcement sale of assets to related parties would still require shareholder approval, thereby balancing the company’s urgent funding needs with safeguards for ordinary security holders.
The most recent analyst rating on (AU:GAS) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has called a general meeting of shareholders for 21 January 2026 in Brisbane to vote on several capital-raising and incentive-related resolutions. The board is seeking shareholder approval to issue up to 200 convertible notes and 83,333,400 attaching options to investors, as well as up to 9,600,000 options to lead manager Ignite Equity Pty Ltd, and a specific package of 13 convertible notes and 5,416,671 attaching options to related party director Philip St Baker, moves that would provide additional funding and align stakeholders through equity-linked securities while diluting existing holders if approved.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has announced a proposed issue of securities, including convertible notes, CN options, and broker options, totaling over 74 million securities. This strategic move is aimed at raising capital to support the company’s operations and growth initiatives, potentially enhancing its market position and offering new opportunities for stakeholders.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited has raised $3.2 million through the issuance of unsecured convertible notes at a 33% premium, with additional support from directors converting $0.5 million of their debt into notes. This funding will accelerate predevelopment activities for the Rolleston West Project, following the recent certification of a maiden 2P Reserve, and reflects strong investor confidence in the company’s commercialisation strategy. The funds will be used for engineering, commercial resources, gas processing studies, and securing a project partner to support the development of a new gas project.
The most recent analyst rating on (AU:GAS) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on State Gas Ltd. stock, see the AU:GAS Stock Forecast page.
State Gas Limited held its Annual General Meeting on November 20, 2025, where all resolutions were passed by poll. Key resolutions included the adoption of the remuneration report and the re-election of directors Mr. Philip St Baker, Mr. Greg Baynton, and Mr. Jon Stretch. Additionally, the approval of a 10% placement capacity was secured, indicating strong shareholder support and positioning the company for potential future capital raising activities.
State Gas Ltd. has provided an update on its gas projects, highlighting the contingent resource estimates for its Reid’s Dome and Rougemont Gas Projects, as well as its interests in ATP 2068 and ATP 2069. The company is focusing on addressing contingencies to confirm the commercial viability of these resources, which could potentially be reclassified as reserves. This development is crucial for State Gas’s strategic positioning in the energy market, as it seeks to capitalize on its gas exploration and production capabilities.
State Gas Ltd. has announced a significant milestone with the conversion of 30 petajoules of contingent resources into 2P reserves at its Rolleston West Project. This development underpins the economic viability of a substantial gas project, valued between $360 million and $510 million, and opens up new funding and partnership opportunities. The company is focused on advancing project development milestones, including infrastructure studies and commercial discussions with potential gas offtakers. The positive macroeconomic outlook for energy markets in Australia, coupled with the company’s pioneering technology, positions State Gas well to address the east-coast gas shortfall and support the transition to renewable energy.
State Gas Limited has announced the independent certification of a maiden 2P gas reserve of 30.2 petajoules for its Rolleston West Project in central Queensland. This certification marks a significant milestone for the company, providing a strong economic foundation for future project development, including pipeline infrastructure and gas sales agreements. The reserve certification, conducted by Netherland, Sewell & Associates, Inc., validates the company’s geological work and production testing, and supports their High Density Natural Gas strategy. The project is expected to have a gross economic value between $360 million and $510 million, with potential for further upside from ongoing exploration.
State Gas Limited announced the late lodgement of Appendix 3Y notices due to an administrative oversight, confirming no changes to directors’ holdings other than the lapse of options. The company has implemented additional checks to prevent future occurrences and remains committed to compliance with ASX Listing Rules. This announcement emphasizes State Gas’s dedication to maintaining operational integrity and transparency, reinforcing its position in the energy market.
State Gas Limited has made significant progress in its Rolleston West project, advancing towards a maiden 2P reserve certification with independent verification. The company’s strategic initiatives include engaging with potential HDNG customers and exploring monetization options for its gas discoveries. The establishment of a 2P reserve is expected to bolster the company’s project economics, facilitate infrastructure negotiations, and support financing solutions, positioning State Gas as a competitive player in the CSG market.