• Commenced Rolleston West Concept Study to evaluate design alternatives for pipeline supported project
• Re-evaluated historical sub-surface analysis within PL231 (Reid's Dome) to confirm viability of deeper oil and gas targets
• Engaged with strategic partners about farm-in and co-investment opportunities in Rolleston West and Reid's Dome Projects

State Gas Limited (ASX: GAS) released its quarterly activities report for the period ending 31 March 2026. The quarter saw unprecedented disruption to energy markets and global fuel supply chains, which exposed vulnerabilities in Australia's current energy and fuel management strategy. State Gas believes that addressing these fuel supply chain risks will lead to a substantial increase in demand for local oil and gas. The company's portfolio of conventional and unconventional Central Queensland petroleum projects is strategically positioned to contribute to domestic production of gas and oil over various time horizons. Key highlights include: commencing a Rolleston West Concept Study to evaluate design alternatives for a pipeline-supported project capable of producing 10-30TJ/day of gas; re-evaluating historical sub-surface analysis within PL231 (Reid's Dome) to confirm the viability of deeper oil and gas targets; and engaging with strategic partners about farm-in and co-investment opportunities in both the Rolleston West and Reid's Dome Projects. The company also provided updates on its HDNG operations, land access, R&D tax incentive, and financial position. Looking ahead, the company's key objectives for the next quarter include establishing a commercial framework with a foundation customer for HDNG supply, supporting parties evaluating farm-in/co-investment opportunities, completing the Rolleston West Concept Study, and further reviewing the deeper oil and gas prospectivity at Reid's Dome and Rolleston West.

The company enters the June 2026 quarter with a clearly defined commercial strategy against a backdrop of increasing demand for oil and gas. Key objectives for the coming quarter are: establishing a commercial framework with a foundation customer for HDNG supply; supporting parties with their evaluation of the farm-in/co-investment opportunity at both Rolleston West and Reid's Dome; completing the Rolleston West Concept Study; further desk-top review of the deeper oil and gas prospectivity at Reid's Dome and Rolleston West; and supporting the ATO in completing its R&D review and having grant monies released.