A dispute has emerged over the ownership of the Reid’s Dome Gas Project in Queensland.
Dome Petroleum Resources, who owns the 20 per cent stake State Gas claimed to be acquiring, immediately rebuked the announcement, with comments from Dome Group Director Dr Bruno Denantes published in Stockhead alleging no such deal was taking place.
“I wish to make it clear, not least to the shareholders in both Dome and State Gas, that there is no truth in the suggestion, which is entirely unfounded, that State Gas has acquired the whole of Dome’s interest in the Reid’s Dome project,” he said.
Dr Denantes went on to say the UK-based Dome would still have a 20 per cent share in the development.
Following Dr Denantes comments, State Gas released a statement saying the provisions of the projects joint operating agreement (JOA) allow “a participant to acquire the participating interest of another participant if that other participant’s interest in the project falls below 25 per cent”.
“State Gas is aware of recent comments made by Dome to the Australian media asserting that State Gas is not entitled to acquire Dome’s remaining 20 per cent stake in the project,” the statement said.
“State Gas, via its legal advisors, has written to Dome today rejecting this assertion and confirming that the notices issued on 4 December 2018 under the JOA are valid and enforceable.”
State Gas said once the matter had been cleared it would progress with the remaining test work for the project’s Nyanda-4 well, before entering the next phase of development.
For more information visit the State Gas website.
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