Planet Gas (PGS)

Shares / Stock Code

PGS

Stock Exchange / Sharemarket

Australian Securities Exchange

Planet Gas (PGS) is an Australia-based company engaged in the acquisition, exploration, development, production and operation of oil, gas and coal bed methane (CBM) properties in the US and Australia. Tenements in the US are situated in the Powder River basin (Wyoming) and the Cherokee basin (Kansas). In Australia, PGS has permits in the Gippsland basin (VIC), Otway basin (VIC), Willochra basin (SA), Eromanga basin (SA) and Gunnedah basin (NSW).

Planet Gas was listed on the Australian stockmarket (ASX) in March 2004. Its headquarters is situated in Sydney. Methane production has commenced in the US, and PGS is taking on an expansive development and an exploration program. The company is active in both the US and the Australian CBM markets, which are at different stages of development.

Most oil is sold into global spot markets, whilst gas is typically sold under long-term contract arrangements with utilities, large industrial users and steel plants. Key competitors include Rio Tinto, BHP, CH4 Gas Ltd (CHX) and Bounty Oil & Gas (BUY). Its subsidiaries include Gradient Energy Limited, Planet Cooper Basin Pty Limited, Pauper’s Dream Company, Planet Gas Properties LLC and Planet Gas Resources LLC. In June 2009, the Company acquired 100% of Gradient Energy Limited. During the year ended December 31, 2009, the Company incorporated Planet Cooper Basin Pty Limited.

Clarence Moreton Project

Planet Gas' Clarence Moreton licence (EL 7146) covers 1,938km2 and is centred on the rapidly growing Northern Rivers towns of Casino and Lismore. Situated 65 km southeast of the Gold Coast and 130 km from the large electricity market of Brisbane, this is a region forecast to face electricity supply limitations in the next few years. Primary National Electricity Market (NEM) electricity transmission lines also pass through the Clarence Moreton tenement.

The tenement encompasses a large portion of the Clarence Moreton sedimentary basin that hosts thick, thermally insulating sequences of coal and naturally permeable aquifers. A large, potentially heat producing, granite has also been modelled in the basement below depths of 3,000 metres.

In addition the project will benefit from a large database of historic petroleum wells and geophysics in the basin. It is anticipated that this data will assist in the calculation of a code-compliant, inferred geothermal resource. Modelling of well data indicates temperatures of 130 to 190°C could be encountered at depths between 2,200 and 3,200 metres - well within the commercial 'window' for using off-the-shelf technologies.

At these depths, Planet Gas is targeting known sands and basal conglomerate sequence that could act as high permeability geothermal reservoirs. This modelling highlights Clarence Moreton as one of the shallowest on-grid HSA targets in Australia.

Planet Gas (PGS) Products and Services

  • Exploration and development of various coal bed methane projects.

Planet Gas (PGS) Locations and Subsidiaries

Planet Gas Head Office
Level 2, 66 Hunter Street, SYDNEY, NSW, AUSTRALIA, 2000
Phone: (02) 9300 3322
Fax: (02) 9221 6333

Planet Gas (PGS) Share Price

Submitted by ASX Listed Company on 20 May, 2010 - 01:52