What State Gas does

State Gas Limited (ASX: GAS) is a Queensland-based, publicly listed gas exploration and development company operating across the southern Bowen Basin. The company holds 100% of the contiguous Reid's Dome (PL-231) and Rolleston-West (ATP 2062) tenements covering approximately 1,595km², and a 35% interest in adjacent ATP 2068 and ATP 2069 via a joint venture with Santos QNT Pty Ltd (65%). Its stated mission is to develop new gas supply for east coast Australian energy markets, addressing forecast domestic gas shortfalls. Incorporated in 2017 and headquartered in Brisbane, State Gas employs 1-10 people and is led by Managing Director Doug McAlpine with Philip St Baker as Non-Executive Chairman.

The company's product portfolio is built around three integrated offerings: a Compressed Natural Gas (CNG) Project that compresses and trucks conventional gas to existing pipeline infrastructure at targeted costs below A$12/GJ with initial production of nearly 1TJ/day; a first-of-its-kind in Australia High Density Natural Gas (HDNG) facility capable of delivering up to 1.7TJ/day via virtual pipeline (truck transport) within a 300km radius, in partnership with Mine Energy Solutions; and the underlying Virtual Pipeline Solution that enables modular, relocatable gas delivery without fixed infrastructure. Production testing at Reid's Dome (Nyanda-4 well) achieved stabilised rates of 140mscf/day with peaks up to 700mscf/day, and Rolleston-West permeability results ranged from 26-395 millidarcies across horizontal-vertical well pairs.

State Gas monetises gas through direct B2B sales — primarily spot-market CNG sales and contracted HDNG offtake to industrial and mining customers (initial offtake supports a hybrid engine truck trial at a local coal mine scaling to 300GJ/day). Its go-to-market combines sales-led direct engagement with industrial buyers and event-driven investor relations via ASX announcements, quarterly activity reports, AGMs, and investor presentations. Revenue is not publicly disclosed and the company is pre-commercial, with maiden 2P reserves announced at Rolleston-West in November 2025 marking the formal transition from exploration to a quantified resource base. Future monetisation includes a planned export pipeline route from the projects to the Queensland Gas Pipeline and interconnected east coast network.

Name

State Gas

Legal name

State Gas Limited

Website

https://stategas.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

State Gas Limited (ASX: GAS) is a Queensland-based gas exploration and development company operating 100%-owned Reid's Dome and Rolleston-West projects in the southern Bowen Basin, commercialising CSG and conventional gas via CNG trucking and a first-of-its-kind HDNG virtual pipeline solution for east coast Australian industrial and mining customers.

Ownership category

akta.pro rank

Product category

Natural Gas Exploration and Production

NAICS

Natural Gas Extraction (21113), Pipeline Transportation of Natural Gas (4862), Natural Gas Distribution (22121)

SIC

Oil & Gas Field Exploration Services (1382), Natural Gas Distribution (4924), Natural Gas Transmission (4922)

akta.pro primary industry

Coalbed Methane (CBM) / Coal Seam Gas (CSG) (EUAAAAAD)

akta.pro secondary industries

Conventional Natural Gas Exploration & Production (Dry Gas) (EUAAAAAA), Industrial CNG/LNG Supply & Distribution (Virtual Pipelines, Trucking, Satellite Storage) (EUALALAA)

Keywords

• Natural gas exploration
• Coal seam gas production
• Compressed natural gas
• Virtual pipeline delivery
• Gas field development

Headquarters

HQ city

Brisbane

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Gas Sales (CNG/HDNG): State Gas sells compressed natural gas (CNG) and high-density natural gas (HDNG) produced from its CSG projects. The CNG Project initially produces nearly 1TJ/day for sale into the spot market. The HDNG facility delivers up to 1.7TJ/day with initial offtake agreement for hybrid engine truck trials at a local coal mine, scaling to 300GJ/day with opportunity to scale further.
2. Gas Production and Reserves: The company is progressing towards commercial gas production from Reid's Dome and Rolleston-West projects. The maiden 2P reserve announcement for Rolleston West in November 2025 indicates progression toward commercial production revenue. Future gas sales through pipeline and virtual pipeline solutions.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

State Gas is a Queensland-based gas exploration and development company that produces and sells compressed natural gas (CNG) and high-density natural gas (HDNG) from its coal seam gas (CSG) and conventional gas assets in the southern Bowen Basin. The company operates the CNG Project at Reid's Dome and the HDNG Facility (first-of-its-kind in Australia), delivering gas via an innovative Virtual Pipeline truck-based solution to industrial customers, mining operations, and the east coast Australian energy market.

Product overview

State Gas is a Queensland-based gas exploration and development company operating three core products: the CNG Project (compressed natural gas trucking to pipeline infrastructure), the HDNG Facility (High Density Natural Gas plant delivering up to 1.7TJ/day via virtual pipeline), and a Virtual Pipeline Solution (truck-based compressed gas delivery within 300km). These offerings work together to commercialize the company's gas assets by providing alternative delivery routes to traditional fixed pipelines, enabling earlier cashflows from production testing gas and access to markets without pipeline access.

Differentiator

Problem solved

Functional benefit

Brands

• HDNG (High Density Natural Gas): A first-of-its-kind CSG to HDNG plant in Australia that, when combined with virtual pipeline trailer technology, delivers up to 1.7TJ/day of pipeline quality natural gas to end users in the Southern Bowen Basin.

Quantifiable outcome

• HDNG Facility delivers up to 1.7TJ/day of pipeline quality natural gas with 1.5 year payback period at full capacity
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• Mine Energy SolutionscoreTechnology or Integration · 1 November 2022Partnership for virtual pipeline technology enabling HDNG delivery by truck within 300km from the HDNG plant. Mine Energy Solutions provides VP trailer technology as part of the first-of-its-kind CSG to HDNG solution in Australia. This technology enables access to end users without pipeline infrastructure and supports flexible, modular gas delivery. MOU signed November 2022 for CNG Virtual Pipeline Infrastructure.
• Santos QNT Pty LtdcoreStrategic or Co-development Partner · 1 July 2022Joint venture partnership with Santos QNT Pty Ltd (State Gas 35%, Santos 65%) for ATP 2068 and ATP 2069 exploration permits in the Bowen Basin. ATP 2068 was granted in July 2022; ATP 2069 pending award. Both areas are highly prospective for CSG in Bandanna Formation and conventional gas. The joint venture enables operational synergies with Santos-operated Arcadia Valley commercial production to the east. Seismic reprocessing completed on both tenements with exploration plans approved by the joint venture operating committee.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Comet Ridge Limited: ASX-listed Australian gas exploration and development company with CSG and conventional assets in the Bowen and Galilee Basins, Queensland. Directly comparable as a small-cap Queensland-focused gas developer pursuing early commercialisation via non-pipeline delivery solutions.
• Armour Energy Limited: ASX-listed Australian gas-focused E&P company with operations in Queensland and the Northern Territory. Comparable as a small-cap Australian gas explorer/developer targeting east-coast and industrial markets, including unconventional resources.
• Empire Energy Group Limited: ASX-listed gas explorer focused on unconventional gas including CSG and shale, with assets in the Northern Territory and Queensland. Comparable as an early-to-mid-stage Australian gas developer working to commercialise unconventional resources for the east-coast market.
• Blue Energy Limited: ASX-listed Australian gas explorer with exploration permits across Queensland, including the Bowen Basin. Comparable as a small-cap Queensland-focused conventional and CSG explorer with similar east-coast gas market orientation.
• Central Petroleum Limited: ASX-listed Australian gas and oil producer with operations in the Northern Territory, Surat and Amadeus Basins. Comparable as a small-cap Australian gas developer with exposure to multiple basins and industrial/domestic gas customers.

Broad incumbents

• Santos Limited: ASX-listed major Australian oil and gas producer with extensive CSG operations in the Bowen and Surat Basins and a major LNG business. Comparable as State Gas's JV partner in ATP 2068/2069 and as the dominant CSG operator in the same southern Bowen Basin region.
• Origin Energy Limited: ASX-listed major Australian integrated energy company with significant upstream gas, CSG (APLNG joint venture), and power generation. Comparable as a large producer supplying the same east-coast gas market State Gas targets, with overlapping customer base.
• AGL Energy Limited: ASX-listed major Australian energy retailer and generator with material upstream gas interests including CSG. Comparable as a large incumbent in the east-coast gas market that State Gas's senior geoscience team previously worked at, addressing the same demand pool.

Emerging players

• Galilee Energy Limited: ASX-listed small-cap Australian gas explorer focused on the Galilee and Surat Basins, with both conventional and CSG prospects. Comparable as a Queensland-focused gas developer at a similar stage to State Gas, pursuing early commercialisation of unconventional gas resources.

Others

• Mine Energy Solutions: Provider of virtual pipeline trailer technology used by State Gas to deliver HDNG by truck within a 300km radius. Comparable as a technology/infrastructure partner enabling State Gas's non-pipeline distribution model, rather than as a competing gas producer.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about State Gas