State Gas Ltd reported on 28 November 2018 that it had increased its interest holding in exploration licence PL 231, located in the Bowen-Surat Basin.Â  State Gas has acquired an additional 20%, taking its participating interest to 80%.Â  As a result of the increase, joint venture partner Dome Petroleum Resources Ltd reducing its holding to 20%.  State Gas reported that it has acquired the additional interest in the licence and in the Reidâs Dome joint venture by satisfaction of cash-calls that were required under the licenceâs joint operating agreement.Â  The joint operating agreement continues to be maintained by the participants.  State Gas first was assigned interest in the licence on 19 September 2017, when Triangle Energy (Global) Ltd transferred its 60% interest in to State Gas Pty Ltd. Triangle holds 46.4% interest in State Gas as the founding shareholder.   PL 231 was awarded to Victoria Petroleum NL in December 2005. The company became Senex on 14 February 2011, through which Triangle Energy acquired 60% interest and operatorship on 14 March 2016. Dome Petroleum Resources held its 40% participating interest which it continues to hold.  The participants have been undertaking a drilling programme in the licence.Â  The Primero West 1 gas exploration well was initially drilled, being plugged and abandoned as a successful gas well on 19 November 2018.Â  State Gas Ltd fully funded the well under the companiesâ joint operating agreement.Â  The Nyanda 4 well was ongoing as of late November 2018 and will now be 80% funded by State Gas under the new licence holding.  PL 231, which covers an area of 181 sq km, was awarded on 15 December 2005.Â  Participants in the permit, now that the interest change is complete, are State Gas Ltd (80% + Operator) and Dome Petroleum Resources Plc (20%).
State Gas (->80%) has acquired an additional 20% from Dome Petroleum Resources (->20%) in PL 231 block.