State Gas Limited (STGSF) Update on Timing of Grant funding
State Gas Limited (ASX:GAS) (OTCMKTS:STGSF) provides an update on the $5.5M Exploration Grant Funding previously announced on 10 May 2024.
As previously announced to the market on 3 December 2024, as a result of the land access dispute the two well exploration program, to be funded by the Queensland Government's Frontier Gas Exploration Program ("the Grant"), was deferred from late 2024 until early in calendar 2025. The Company expects to commence drilling in March 2025. Grant funding is provided progressively as milestones are achieved under the exploration program and the Company has matched the timing of its supplier payments with the grant milestones to ensure it is fully funded for the exploration program. Approximately 30% of the funding is released upon successful drilling of the two wells to the target depth, a further 40% upon well completion and the remainder once production testing is completed and statutory lodgement obligations associated with the drilling program are satisfied.
Doug McAlpine Chief Executive Officer Phone: 0488 007 889 Email: doug@stategas.com
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