Announcement • Jul 13
State Gas Limited Receives Approval For AUD 4.1 Million R And D Tax Concession Funding State Gas Limited had been advised that the Australian Taxation Office had formally advised that it had completed its review of the Company’s June 30, 2024 Research and Development concessional funding claim. The R and D funding claim relates to expenditure the Company incurred in designing and developing its High Density Natural Gas pilot plant, which was part of an eligible R and D project the Company has been conducting since 2022. The ATO review of the claim, which has been ongoing for over twelve months, confirmed the eligibility of the costs claimed by the Company and similarly confirmed that the Company’s governance and financial processes associated with management of its obligations under the R and D scheme were robust. State Gas had been advised that the R and D claim proceeds of AUD 4.1 million will be released to the Company before the end of July 2026 and will enable repayment of all working capital loans which the Company established to fund its ongoing operations while the ATO conducted its review. Residual funds will contribute to cash reserves. New Risk • Jul 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.7m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 18% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$6.35m market cap, or US$4.42m). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). Announcement • Oct 10
State Gas Limited, Annual General Meeting, Nov 20, 2025 State Gas Limited, Annual General Meeting, Nov 20, 2025. Board Change • Aug 18
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Chairman Phil St Baker was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 07
State Gas Limited Announces Successful Drilling, Wireline Loging and Casing of the Rougemont 6 Vertical Well At Its Rolleston West Project in the Southern Bowen Basin in Queensland State Gas Limited announced successful drilling, wireline logging and casing of the Rougemont 6 vertical well at its Rolleston West Project (ATP 2062) in the Southern Bowen Basin in Queensland. Rougemont 6 is 1.5 kilometres north-east of the existing Rougemont 2/3 dual lateral well system. The well intersected the Bandanna coal measures at 403.8 metres, with 8.1 metres of net coal close to the expected range. Elevated gas shows during drilling further validate the commercial gas potential of the formation. State Gas will incorporate wireline log data from Rougemont 6 into its geological model for ATP 2062. Data demonstrates strong correlation between with previously drilled wells. Drilling results from Rougemont 5 and 6, including wireline logs and production testing, are expected to support accreditation of a maiden 2P reserve of 30-50 PJ for the Rolleston West Project. Successful outcomes from the program will enable the Company to submit a petroleum lease application over a substantial portion of ATP 2062 and advance discussions with potential end users and pipeline infrastructure providers. Drilling at the two new exploration/appraisal wells is fully funded under a $5.5 million Queensland Government Frontier Gas Exploration Program. Board Change • Dec 24
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Phil St Baker was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 23
State Gas Limited has completed a Follow-on Equity Offering in the amount of AUD 5.913969 million. State Gas Limited has completed a Follow-on Equity Offering in the amount of AUD 5.913969 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 59,228,221
Price\Range: AUD 0.05
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 27,742,051
Price\Range: AUD 0.05
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 18,101,687
Price\Range: AUD 0.05
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 13,207,421
Price\Range: AUD 0.05
Security Features: Attached Options
Transaction Features: Rights Offering; Subsequent Direct Listing Announcement • Oct 15
State Gas Limited, Annual General Meeting, Nov 21, 2024 State Gas Limited, Annual General Meeting, Nov 21, 2024. New Risk • Oct 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 38% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m (AU$17k revenue, or US$12k). Minor Risks Shareholders have been diluted in the past year (38% increase in shares outstanding). Market cap is less than US$100m (AU$21.2m market cap, or US$14.3m). New Risk • Oct 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.3m (US$9.82m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue is less than US$1m (AU$17k revenue, or US$12k). Market cap is less than US$10m (AU$14.3m market cap, or US$9.82m). Minor Risk Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Announcement • Sep 12
State Gas Limited Announces Appointment of Doug Mcalpine as Director State Gas Limited announced appointment of Doug Mcalpine as Director. Date of appointment is 10 September 2024. Recent Insider Transactions • Sep 03
Non-executive Director recently bought AU$362k worth of stock On the 29th of August, Philip St Baker bought around 8m shares on-market at roughly AU$0.045 per share. This transaction amounted to 47% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. New Risk • Aug 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.1m (US$9.78m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$9.6m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (AU$15.1m market cap, or US$9.78m). Minor Risk Shareholders have been diluted in the past year (22% increase in shares outstanding). New Risk • Aug 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$9.6m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (AU$25.5m market cap, or US$16.7m). New Risk • May 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$9.6m free cash flow). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (AU$42.5m market cap, or US$28.2m). New Risk • Sep 29
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$11m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$11m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue is less than US$1m (AU$45k revenue, or US$29k). Minor Risks Shareholders have been diluted in the past year (33% increase in shares outstanding). Market cap is less than US$100m (AU$37.3m market cap, or US$24.1m). New Risk • Sep 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). High level of non-cash earnings (35% accrual ratio). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (33% increase in shares outstanding). Market cap is less than US$100m (AU$37.3m market cap, or US$24.0m). Announcement • Sep 07
State Gas Limited, Annual General Meeting, Nov 16, 2023 State Gas Limited, Annual General Meeting, Nov 16, 2023, at 11:00 E. Australia Standard Time. New Risk • Aug 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). High level of non-cash earnings (35% accrual ratio). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (AU$37.6m market cap, or US$24.4m). Announcement • Feb 16
State Gas Limited Announces Rougemont Production Testing Update Coals Begin Unloading State Gas Limited advised that the pilot is beginning to show early signs of the coals unloading their gas. HIGHLIGHTS: Rougemont-2/3 reaches early gas production of 50,000 cubic feet per day during testing - Desorption pressure now reached, with the well surging gas and water - With water level currently 170m above coal seams, further strong results are anticipated when coal seams are exposed. As of 14 February 2023, gas flow rates have exceeded 50,000 cubic feet per day and are steadily increasing despite water levels being still 170 metres above the uppermost coal seam. Coincident with reaching desorption pressure, the well commenced surging both gas and water, indicating good permeability and strong drive. It is anticipated that, as further water is removed from the well and drained from the coal cleats, gas rates will continue to climb. The Company will keep the market informed of continued progress with production testing results from Rougemont and is now evaluating the location for further step-out wells to support an initial resource estimate for the project. Accelerating the delivery of pipeline quality gas from Rougemont is a critical part of the Company's strategy to supply the tightening eastern seaboard gas market. Production from Rougemont could be additional to that included in the ACCC's long term supply analysis. Gas from the Company's permits is not restricted by domestic gas reservation requirements, and therefore, has the flexibility of being sold to either local customers or export markets. Board Change • Nov 17
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Executive Chairman of the Board Richard Cottee was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Executive Chairman of the Board Richard Cottee was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Aug 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Executive Chairman of the Board Richard Cottee was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Aug 12
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Executive Chairman of the Board Richard Cottee was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. 
