Eastern Gas Corporation Limited (
#ASX:
#EGA) progressed key initiatives during the March 2026 Quarter, aligned with its strategy to advance its portfolio of onshore gas assets through appraisal and development, with a focus on unlocking value from its contingent gas resources.
Key Highlights:
âś… Successfully completed initial public offering and was admitted to the Official List of the ASX on 26 February 2026, raising $5.5 million (before costs) to fund appraisal activities at Project Venus.
âś… Advanced Project Venus (ATP 2051) in Queensland's Surat Basin, the Company's flagship coal seam gas asset located within the proven Walloon Coal Seam Gas fairway.
âś… Progressed technical and operational planning for a multi-well appraisal drilling program targeting the Upper Juandah Coal Measures, including the Macalister seam.
âś… Assessed a range of drilling and completion configurations, culminating in the selection of a horizontal drilling and testing program designed to maximise reservoir contact and evaluate commercial gas flow potential.
âś… The Company is currently negotiating a drilling contract for up to two horizontal wells, representing a key step toward appraisal drilling, resource maturation and future reserve certification.
âś… Continued to progress the Windorah Project (ATP 927) in the Cooper Basin, with activities focused on technical evaluation and preparation for potential farm-out and joint venture opportunities.
âś… As at 31 March 2026, Eastern Gas held cash of $4.4 million. The Company remains well capitalised to support its growth initiatives.
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ALT Eastern Gas March 2026 Quarterly Report and an image of a rig to be deployed for the upcoming appraisal program at Project Venus (ATP 2051)