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State Gas Ltd. (AU:GAS)
ASX:GAS
Australian Market
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State Gas Ltd. (GAS) AI Stock Analysis

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AU:GAS

State Gas Ltd.

(Sydney:GAS)

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Neutral 48 (OpenAI - 4o)
Rating:48Neutral
Price Target:
AU$0.00
▼(-100.00% Downside)
The overall stock score for State Gas Ltd. is primarily impacted by its weak financial performance, characterized by ongoing losses and cash flow challenges. Technical analysis provides some positive signals with bullish momentum, but the negative P/E ratio and lack of dividends weigh heavily on the valuation. Investors should be cautious due to the financial instability and lack of profitability.

State Gas Ltd. (GAS) vs. iShares MSCI Australia ETF (EWA)

State Gas Ltd. Business Overview & Revenue Model

Company DescriptionState Gas Limited engages in the exploration and development of gas fields in Australia. Its flagship projects are the Reid's Dome gas project comprising the production lease 231 permit and the Rolleston-West project covering an area of approximately 1,595 square kilometers located in the Bowen Basin in Central Queensland. The company was incorporated in 2017 and is headquartered in Brisbane, Australia.
How the Company Makes MoneyState Gas Ltd. generates revenue primarily through the sale of natural gas extracted from its production sites. The company monetizes its gas reserves by entering into supply agreements with utility companies and industrial clients, which often involve long-term contracts to ensure stable cash flow. Additionally, State Gas may engage in partnerships and joint ventures with other energy firms to expand its operational capacity and market reach, thus enhancing its revenue potential. Factors contributing to its earnings include fluctuating natural gas prices, the efficiency of its extraction technologies, and the regulatory environment affecting the energy sector.

State Gas Ltd. Financial Statement Overview

Summary
State Gas Ltd. is facing significant financial challenges, particularly in terms of profitability and cash flow. The income statement shows ongoing losses with negative net profit and EBIT margins. The balance sheet is stable with low debt, but the negative return on equity is concerning. Cash flow issues are evident with negative operating and free cash flow, indicating inefficiencies.
Income Statement
25
Negative
State Gas Ltd. has shown some revenue growth, but profitability remains a significant concern. The company has a negative net profit margin and EBIT margin, indicating ongoing losses. Despite a slight improvement in revenue, the overall financial health from an income perspective is weak.
Balance Sheet
40
Negative
The balance sheet shows a low debt-to-equity ratio, which is a positive sign of financial stability. However, the negative return on equity indicates that the company is not generating profits from its equity base, which is a concern for investors.
Cash Flow
30
Negative
Cash flow metrics highlight challenges, with negative operating cash flow and free cash flow. The free cash flow to net income ratio is high, suggesting that cash flow is not aligned with earnings, which could indicate inefficiencies or operational issues.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue128.49K111.96K17.41K0.000.000.00
Gross Profit-506.15K111.96K-313.00K-293.00K-209.00K-3.56K
EBITDA-3.32M-2.85M-3.21M-895.48K1.55M-2.94M
Net Income-4.23M-3.28M-3.63M-1.19M1.34M-2.95M
Balance Sheet
Total Assets50.24M51.21M48.32M40.91M33.88M29.54M
Cash, Cash Equivalents and Short-Term Investments49.35K2.16M31.75K453.35K3.23M3.16M
Total Debt1.59M1.79M2.14M200.00K0.000.00
Total Liabilities6.43M8.55M8.01M4.31M2.58M4.36M
Stockholders Equity43.80M42.66M40.32M36.61M31.30M25.18M
Cash Flow
Free Cash Flow-8.76M-8.77M-10.84M-10.59M-7.41M-11.79M
Operating Cash Flow-2.58M-2.55M-2.13M-1.33M-1.20M-1.10M
Investing Cash Flow-5.65M-189.00K-7.41M-8.31M-6.24M-11.03M
Financing Cash Flow6.75M4.87M9.11M6.87M7.50M14.42M

State Gas Ltd. Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.03
Price Trends
50DMA
0.02
Positive
100DMA
0.02
Positive
200DMA
0.03
Positive
Market Momentum
MACD
<0.01
Positive
RSI
57.93
Neutral
STOCH
31.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:GAS, the sentiment is Positive. The current price of 0.03 is above the 20-day moving average (MA) of 0.03, above the 50-day MA of 0.02, and above the 200-day MA of 0.03, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 57.93 is Neutral, neither overbought nor oversold. The STOCH value of 31.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:GAS.

State Gas Ltd. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
65
Neutral
$15.17B7.614.09%5.20%3.87%-62.32%
54
Neutral
AU$13.20M-13.12%-13.55%-8.96%
51
Neutral
AU$10.54M56.67-3.11%7.09%-275.00%
48
Neutral
AU$11.79M-7.92%16.52%
44
Neutral
AU$9.39M-15.46%-9.56%87.68%
39
Underperform
AU$4.96M-147.07%-36.92%
34
Underperform
AU$6.57M
* Energy Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:GAS
State Gas Ltd.
0.03
-0.02
-40.00%
AU:ATS
Australis Oil & Gas
0.01
<0.01
10.00%
AU:QEM
QEM Limited
0.02
-0.07
-77.78%
AU:VEN
Vintage Energy Ltd.
AU:BAS
Bass Oil Ltd
0.03
-0.04
-57.14%
AU:TEG
Triangle Energy (Global) Limited

State Gas Ltd. Corporate Events

State Gas Reports Promising Drilling Results and Expands HDNG Supply
Apr 30, 2025

State Gas Limited has reported promising drilling results from its new Rougemont 5 and 6 wells at the Rolleston West Project, indicating strong coal and gas consistency. These results are expected to support the establishment of a maiden 2P reserve, which will facilitate negotiations for pipeline access and the application for a petroleum lease, potentially enhancing the company’s operational capabilities and market positioning. Additionally, State Gas is expanding its high-density natural gas (HDNG) supply arrangements, aiming to increase its revenue stream by supplying HDNG for a dual fuel engine trial, which could lead to improved transportation and logistics efficiencies.

State Gas Confirms Gas Potential at Rolleston West with Successful Drilling
Apr 22, 2025

State Gas Limited has successfully drilled the Rougemont-5 well in the Rolleston West Project, confirming the continuity of gas-bearing coal seams in the Southern Bowen Basin. The drilling results, which include elevated gas shows, reinforce the commercial potential of the area and support the company’s plans to establish a new east coast gas supply source. The completion and flow testing of Rougemont-5 and 6 are expected by mid-May 2025, which will provide crucial data for a maiden 2P reserve, enhancing the company’s industry positioning and offering promising implications for stakeholders.

State Gas Confirms Gas Potential at Rolleston West with Successful Drilling
Apr 7, 2025

State Gas Limited has successfully drilled the Rougemont 6 well at its Rolleston West Project, confirming the continuity of gas-bearing coal seams and reinforcing the potential for a substantial gas production zone. The drilling results, supported by the Queensland Government’s Frontier Gas Exploration Program, are expected to lead to the establishment of a maiden 2P reserve, enabling further development and discussions with potential end users and infrastructure providers.

State Gas Begins Drilling for Maiden 2P Reserve at Rolleston West
Apr 2, 2025

State Gas Limited has commenced drilling at its Rolleston West Project in Queensland, with two exploration wells, Rougemont 5 and Rougemont 6, underway. This initiative is part of the company’s strategy to establish a maiden 2P gas reserve of 30–50 petajoules, supported by a $5.5 million grant from the Queensland Government. The successful drilling program is expected to confirm the quality and continuity of the coal seams, potentially leading to a petroleum lease application and advancing discussions with end users and infrastructure providers.

State Gas Limited Releases Interim Report for December 2024
Mar 14, 2025

State Gas Limited has released its interim report for the period ending 31 December 2024. The report includes the chairman’s letter, directors’ report, and financial statements, indicating the company’s ongoing transparency and commitment to stakeholders. This release provides insights into the company’s financial health and strategic direction, which may impact its market positioning and stakeholder confidence.

State Gas Launches Exploration at Rolleston West with Government Support
Mar 12, 2025

State Gas Limited has commenced its exploration program at the Rolleston West Project, aiming to establish a maiden 2P reserve of 30-50PJs. The project, funded by a $5.5 million grant from the Queensland Government, involves drilling two new wells and utilizing the company’s high density natural gas plant to capture and commercialize gas, enhancing revenue and reducing emissions. Successful results could lead to accreditation of the reserves, supporting commercial viability and infrastructure connections.

State Gas Limited Updates on $5.5M Exploration Grant Timing
Feb 19, 2025

State Gas Limited has announced an update on the timing of its $5.5 million Exploration Grant Funding from the Queensland Government. The grant supports a two-well exploration program, delayed due to a land access dispute, now expected to commence in March 2025. Funding is released in stages as project milestones are achieved, aligning with supplier payments to ensure the program remains fully funded. This development is crucial for State Gas’s strategic expansion and operational efficiency in the southern Bowen Basin, enhancing its market positioning and providing potential benefits for stakeholders.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Oct 03, 2025