State Gas 100% OWNER OF PL 231

Brisbane-based gas developer State Gas Limited (ASX:GAS) (“State Gas” or “the Company”) announced that the Court of Appeal in Queensland has today struck out the application made by its former joint venture partner, Dome Petroleum Resources PLC, to appeal the Supreme Court of Queensland decision of 16 September 2019 regarding its increase in ownership of the Reid’s Dome Gas Project (PL 231).

The Court of Appeal also ordered that Dome pay State Gas’ costs of the appeal on an indemnity basis.

As advised in September, the Court ordered Dome to execute documentation as may be necessary to effect the transfer of Dome’s remaining interest in PL 231 to State Gas Limited for the consideration fixed by the Joint Operating Agreement, namely $233,333. Further orders were also made at that time in favour of State Gas Limited for costs.

The Court of Appeal outcome today confirms the final ownership interest for State Gas of the Reid’s Dome Gas Project (PL 231) at 100%, which will enable the Company to focus on progressing the development of PL 231 in line with its Target 2021 Gas-to-Market strategy.

Source / More : abnnewswire

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