Eastern Gas Corporation Limited is a Queensland-focused gas explorer and developer with highly prospective, 100% owned and operated assets in the Surat and Cooper Basins.
Eastern Gas Corporation Limited
EGA1
Lead Manager
Contact - Kirwan Mactaggart
0448 237 054
kirwan@liquidity.com.au
Offer Price
A$0.200
per share
Offer Size
A$5,500,000
Offer Details
Issue Price (Per Share)
A$0.200
Offer Size
A$5,500,000
Shares Available
27,500,000
- Raising $5.5m via 27.5m shares at $0.20
- Post-IPO Market Cap: ~$18m
- Enterprise Value: ~$12.5m
- Priority offer to 11,000+ PH2 shareholders
Documents & Downloads
Company Overview
Eastern Gas is a natural gas exploration company that was formed with a mission to provide Australians with energy security and a reliable source of power. Their east coast natural gas portfolio features two highly prospective tenements in Queensland’s prolific Cooper Basin and Walloon CSG fairway. With a natural gas shortage and energy crisis around the world, they believe that LNG will play a critical role in fuelling the transition to a carbon-free economy in the long term.
Project Venus - Surat Basin
Located in the Walloon CSG Fairway — a proven gas-producing region with over 10,000 wells drilled — Project Venus contains high-quality and very prospective acreage covering 154km².Â
The Project is strategically located near industrial-scale gas infrastructure, including gas pipelines that can connect the site to domestic customers. There is also substantial amount of coal in this permit, which we believe we can turn into significant gas resources.Â
Proving commercial gas flows at Venus-1 could convert the recently certified 130 PJ of 2C gas resources to 2P gas reserves. Converting contingent gas resources to reserves would sufficiently underpin a sizeable gas sales contract to justify the development of the Venus CSG field and connection to the nearby gas pipeline infrastructure
Project Windorah — Cooper Basin
Project Windorah is located in the Cooper Basin, Australia’s most prolific onshore petroleum-producing basin. The 2,761km² site has two high-quality permits — ATP 927P and ATP 1194PA.
The Project is with in close proximity to substantial developments and has easy access to gas plants and pipelines, which are connected to domestic markets and LNG hubs.
We will continue to review development options for the Windorah Gas Project. We are also likely to apply for a PCA or retention license for large parts of the Project. We remain committed to securing funding for this Project and are exploring all available options.Â
- 2C gas resources upgrade to 330 Bcf and 3C gas resources upgrade to 770 Bcf from four gas wells drilled – Tamarama 1, 2, 3 & Queenscliff 1.
- Designs of future wells likely to be horizontal (or near horizontal) with multi-stage fracs in the upper and middle Patchawarra sandstone units.
- A pipeline license has been granted between the Tamarama area and Mt Howitt.
- Proposed coil tubing enhancements on current vertical wells.
Use of Funds
Use of Funds
1
Drilling and flow testing
2
Costs of the Offer
3
Working capital
Disclaimer
This site does not constitute an offer, recommendation, or invitation to any person, nor does it purport to provide all of the information an interested party may require in order to investigate the affairs of the Company. This site is provided for information only and has not been prepared with the intention that the recipient should rely on it. Liquidity Technology Pty Ltd ("Liquidity") does not make any representation in relation to the contents of this site or give any assurances as to the accuracy or the degree of care or diligence used in preparing this document. The information, data, and advice herein is provided to recipients on the clear understanding that Liquidity nor any of its representatives, directors, officers, employees, agents, or advisers makes any representation or warranty about its accuracy, reliability, completeness, or suitability for any particular purpose and does not accept liability (including, but not limited to, for any expenses, losses, damages, and/or costs (including, but not limited to, indirect or consequential damage)) nor take any responsibility of any kind whatsoever (including, but not limited to, whether in contract, tort, financial or otherwise) for the information, data, or advice contained in or for any omission or for any other information, statement, or representation provided to any recipient (including, but not limited to, as a result of information, data, or advice being inaccurate, unreliable, incomplete, or unsuitable in any way and for any reason whatsoever). Users of this site must conduct their own investigation and analysis regarding any information, statement, or representation contained or provided to any recipient or its associates by Liquidity or any of the Liquidity Personnel. Each recipient waives any right of action, which it has now or in the future against Liquidity or any of the Liquidity Personnel in respect of any errors or omissions on or from this site, however caused. All rights are reserved. If the whole or any part of a provision of this "Notice and Disclaimer" is invalid, illegal, or unenforceable, then such provision will be severed and neither that part or provision or its severance will affect the validity or enforceability of the remaining parts or provisions.
Disclosure of Interest: Liquidity receives commission from dealing in securities and its introducers of business may directly share in this commission. Liquidity and its associates may hold shares in the Company.
