• Maiden 2P Reserve Certification at Rolleston West (ATP 2062) is well advanced
• Discussions progressing with prospective HDNG customers
• Investigations into options for monetizing PL231 (Reid's Dome) conventional gas discoveries

State Gas Limited (ASX: GAS) releases its quarterly activities report for the period ending 30 September 2025. During the quarter, the company focused on three priorities: supporting the process for Independent Certification of a maiden 2P Reserve for the Rolleston West Project, progressing applications for permanent tenure and a pipeline connection to support Rolleston West development, and engagement with potential customers for the company's High Density Natural Gas (HDNG) product. Exploration activities at Rolleston West reinforced the company's hypothesis of a large body of high-quality coal seam gas with good permeability. The company is working towards establishing a maiden 2P reserve, which will independently verify the commercially recoverable gas, support the application for a petroleum lease, and enable negotiations for pipeline infrastructure. The HDNG plant at Rolleston West successfully demonstrated the potential of this technology during a pilot project with a local coal mine. The company is continuing to promote HDNG as a diesel fuel-alternative to other mines and industrial users. Additionally, the company has commenced investigations into options for monetizing the conventional gas at the Reid's Dome project. The company's capital and cash flow management plan, including the receipt of R&D grant monies, is critical to funding its activities. In the short term, the company is limiting its activities to 2P Reserve Certification, Rolleston West project development planning, and securing short-term HDNG sales revenue. After the R&D grant monies are received, the company plans to accelerate activities on the development of the gas fields and commercialization of the HDNG solution.

In the short term, the company is limiting its activities to 2P Reserve Certification, Rolleston West project development planning, and securing short-term HDNG sales revenue. After the R&D grant monies are received, the company plans to accelerate activities on the development of the gas fields supported by maiden 2P reserves certification and commercialization of the HDNG alternate fuels solution to foundational customers.