State Gas Update on Supreme Court Proceedings

Brisbane-based gas developer State Gas Limited (ASX:GAS) refers to its announcement on 16 September 2019 regarding the outcome of proceedings in the Supreme Court of Queensland between the Company and its former joint venture partner, Dome Petroleum Resources Plc (Dome).

As advised in that announcement, 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 made in favour of State Gas Limited for costs.

Notwithstanding their failure to appear at the hearing, Dome, which is representing itself, has filed an appeal against the Judgement.

State Gas’s legal advice is that the appeal is entirely without merit. State Gas will defend the appeal.

The application for appeal by Dome will not impact the 2019 drilling and production testing activities at the Reid’s Dome Gas Project that are scheduled to commence later this week.

Source / More : State Gas Limited


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