- State Gas (GAS) updates the market on its Central Queensland gas projects
- The energy stock has now completed preliminary works at the Nyanda-8 well, including the removal of the downhole equipment
- The rig has now moved to the Serocold-1 well to remove the downhole equipment from that well, which is expected to be completed by the end of the week
- Following the completion at Serocold-1 well, the rig will be moved to Rolleston-West to complete the Rougemont-2 well for production
- On the market this afternoon, State Gas is down 4 per cent and is trading at 30 cents per share
State Gas (GAS) has updated the market on its Central Queensland gas projects.
Last month, the company announced new phases of production activities, aiming to bring new gas supplies to the market to “meet impending shortfalls in the east coast market.”
The energy stock has now completed preliminary works at the Nyanda-8 well, including the removal of the downhole equipment.
The rig has now moved to the Serocold-1 well to remove the downhole equipment from that well, which is expected to be completed by the end of the week.
Removing equipment allows the production enhancement works to proceed at each well.
Following the completion at Serocold-1 well, the rig will be moved to Rolleston-West to complete the Rougemont-2 well for production.
Additionally, the second stage of baseline environmental surveys of Reid’s Dome is also progressing this week. This work is virtual data that will inform the environmental authority for Reid’s Dome field development.
On the market this afternoon, State Gas was down 4 per cent and is trading at 30 cents per share at 12:43 pm AEDT.