State Gas (ASX:GAS) completed drilling, wireline logging, and casing of the Rougemont 6 vertical well at its Rolleston West project in Queensland, confirming commercial potential with elevated presence of gas, according to a Monday filing with the Australian bourse.
The well intersected the Bandanna coal measures at 403.8 meters, with 8.1 meters of net coal close to the expected range, the filing said.
The company will incorporate Rougemont 6 wireline log data into its geological model for the project, according to the filing.
Shares fell 7% in recent trade Tuesday and earlier hit an all-time low.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.