State Gas Limited (STGSF) Stock Analysis
DELISTED 2025
What happened to State Gas Limited (STGSF) stock?
State Gas Limited (STGSF) no longer trades on public markets. It was delisted in November 2025. The figures below are historical and are not a current quote.
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
State Gas Limited (STGSF) trades at $0.1995. State Gas Limited is an Australian company focused on the exploration and development of gas fields, particularly in Queensland. Market cap: $78.3M, Sector: Energy.
Last analyzed: Mar 17, 2026Analyst Coverage for STGSF: STGSF does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates STGSF against Energy peers across nine fundamental dimensions and assigns a neutral fundamental signal based on the underlying data.
State Gas Limited (STGSF) Energy Operations & Outlook
State Gas Limited specializes in the exploration and development of gas fields in Australia, with key projects in Queensland's Bowen Basin, positioning itself to leverage the increasing demand for natural gas in the energy market.
What Is the Investment Thesis for STGSF?
State Gas Limited presents a unique investment thesis characterized by its strategic positioning in the Bowen Basin, which is known for its substantial gas reserves. The company's flagship projects, Reid's Dome and Rolleston-West, are expected to drive future growth, particularly as the demand for natural gas increases in response to global energy transitions. With a market capitalization of $78.3M and a negative P/E ratio of -4.06, the company is currently undervalued, reflecting its early-stage development phase. The gross margin of 100% indicates potential for profitability as production ramps up. Key growth catalysts include the advancement of its gas projects and potential partnerships or joint ventures that could enhance operational efficiency. However, investors may want to evaluate the risks associated with exploration and production, including regulatory challenges and market volatility.
Based on FMP financials and quantitative analysis
STGSF Key Highlights
Market capitalization of $78.3M indicates a small-cap status, with potential for growth as production increases.
- P/E ratio of -4.06 reflects current operational challenges but also presents an opportunity for recovery as projects develop.
- Gross margin of 100% suggests high potential for profitability once production begins.
- Profit margin of -2933.2% highlights the current challenges in operational efficiency and cost management.
- Beta of 0.53 indicates lower volatility compared to the broader market, suggesting relative stability.
Who Are STGSF's Competitors?
STGSF is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| BNEFF Bonterra Energy Corp. | $4.23 | +0.71% | $153M | 44 |
| CNPRF Condor Energies Inc. | $3.18 | +0.00% | $255M | 63 |
| CRNCY Capricorn Energy PLC | $10.03 | +0.00% | $349M | 48 |
| CSSXF China Shuifa Singyes Energy Holdings Limited | $0.02 | +0.00% | $50.4M | 46 |
| ETOLF Enterprise Group, Inc. | $1.18 | -4.84% | $95.8M | 45 |
| NRT North European Oil Royalty Trust | $8.66 | -0.80% | $79.6M | 87 |
| CRT Cross Timbers Royalty Trust | $10.50 | -0.38% | $63.0M | 69 |
| VOC VOC Energy Trust | $3.36 | -0.59% | $57.1M | 59 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are STGSF's Key Strengths?
Strong focus on gas exploration in a resource-rich region.
- Established projects with significant growth potential.
- Commitment to sustainable practices enhances brand reputation.
What Are STGSF's Weaknesses?
Negative profit margins indicate current operational challenges.
- Limited market capitalization may restrict growth opportunities.
- Dependence on successful project development for revenue generation.
What Could Drive STGSF Stock Higher?
Initial production from Reid's Dome project expected in late 2026.
- Development of Rolleston-West project continues to progress.
- Potential partnerships or joint ventures to enhance operational capabilities.
- Monitoring of regulatory support for natural gas production.
- Adoption of new technologies to improve operational efficiency.
What Are the Key Risks for STGSF?
Negative return on equity (-7.9%) — the business is not currently generating profit on shareholder capital.
- Weak fundamentals — a Piotroski F-Score of 3/9 flags soft profitability, leverage or efficiency.
- Volatility in natural gas prices could impact revenue.
- Regulatory challenges may affect project timelines.
- Competition from established players could limit market share.
- Exploration risks associated with drilling and production activities.
- Environmental concerns may lead to stricter regulations.
What Are the Growth Opportunities for STGSF?
- Expansion of Reid's Dome Project: The Reid's Dome gas project is expected to significantly contribute to State Gas's production capabilities. The timeline for achieving initial production is set for late 2026, which could drive substantial revenue growth.
- Development of Rolleston-West Project: Covering approximately 1,595 square kilometers, the Rolleston-West project offers extensive exploration potential. As the demand for natural gas increases, this project could provide a substantial resource base for the company. The timeline for exploration and development is ongoing, with potential discoveries expected to enhance the company's asset portfolio significantly.
- Strategic Partnerships: State Gas Limited may pursue strategic partnerships or joint ventures to enhance its operational capabilities and market reach. Collaborations with established players in the energy sector could provide access to advanced technologies and capital, facilitating faster project development. The timeline for establishing such partnerships could align with ongoing project milestones through 2026.
- Regulatory Support for Natural Gas: The Australian government's supportive stance on natural gas as a transitional energy source presents an opportunity for State Gas. Policy initiatives aimed at promoting gas production could lead to favorable regulatory conditions, enhancing the company's operational environment. This trend is expected to continue as Australia seeks to meet its energy needs sustainably.
- Technological Advancements: Innovations in drilling and production technologies can significantly reduce operational costs and improve efficiency for State Gas. By adopting cutting-edge technologies, the company can enhance its competitive position in the market. The industry is expected to see ongoing advancements through 2026, which State Gas can leverage to optimize its operations.
What Are STGSF's Competitive Advantages?
- Strategic location of projects in gas-rich regions enhances competitive positioning.
- Strong focus on sustainable practices appeals to environmentally conscious stakeholders.
- Established relationships with local communities and regulators facilitate smoother operations.
- Potential for significant resource discoveries in ongoing exploration projects.
- Early-stage development allows for agile adaptation to market changes.
What Does STGSF Do?
State Gas Limited, incorporated in 2017 and headquartered in Brisbane, Australia, is dedicated to the exploration and development of gas fields in the country. The company has established itself in the energy sector with its flagship projects, including the Reid's Dome gas project and the Rolleston-West project, which spans approximately 1,595 square kilometers in the Bowen Basin, Central Queensland. These projects are strategically located in a region known for its rich gas reserves, providing State Gas with significant growth potential. The Reid's Dome project comprises the production lease 231 permit, which is crucial for the company's operational focus. Over the years, State Gas has aimed to enhance its resource base and production capabilities to meet the increasing demand for natural gas, both domestically and internationally. The company’s commitment to sustainable practices and efficient gas production processes further strengthens its market position. As it continues to develop its projects and expand its operations, State Gas Limited is poised to play a vital role in Australia's energy landscape, contributing to the country's transition towards cleaner energy sources.
What Products and Services Does STGSF Offer?
- Engage in the exploration and development of gas fields in Australia.
- Focus on flagship projects such as Reid's Dome and Rolleston-West.
- Operate primarily in the Bowen Basin region of Central Queensland.
- Aim to meet the growing demand for natural gas in the energy sector.
- Implement sustainable practices in gas production.
- Seek to enhance resource base and production capabilities.
How Does STGSF Make Money?
- Generate revenue through the exploration and production of natural gas.
- Develop flagship projects to establish a strong resource base.
- Leverage strategic partnerships to optimize operational efficiency.
- Focus on sustainable practices to attract environmentally conscious investors.
- Adapt business strategies to align with market demands and regulatory changes.
What Industry Does STGSF Operate In?
The oil and gas exploration and production industry is experiencing significant changes driven by the global shift towards cleaner energy sources. Natural gas is increasingly viewed as a transitional fuel, leading to heightened demand for gas exploration and production. The Australian energy market is poised for growth, particularly in regions like Queensland, where gas reserves are abundant. State Gas Limited operates in a competitive landscape alongside peers such as BNEFF, CNPRF, CRNCY, CSSXF, and ETOLF, each vying for market share in an evolving energy sector. The industry's growth rate is projected to remain robust as countries seek to balance energy needs with environmental commitments.
Who Are STGSF's Key Customers?
- Energy companies seeking reliable natural gas supplies.
- Industrial customers requiring natural gas for manufacturing processes.
- Government and regulatory bodies focused on energy transition.
- Local communities benefiting from job creation and economic development.
- Investors interested in sustainable energy solutions.
Key Financial Metrics
Return on equity for State Gas Limited stands at -7.9%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is -6.4%, showing how much profit it generates from its asset base. Its free cash flow yield is -7.9%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.38 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is -3.2%, the inverse of the P/E and a quick read on earnings relative to price.
State Gas Limited (STGSF) Valuation Context
Valued at $78.3M, STGSF is classified as a micro-cap stock.
Company Profile
State Gas Limited operates in the Oil & Gas Exploration & Production industry within the Energy sector. It is headquartered in Brisbane, AU. The company is led by CEO Douglas McAlpine. STGSF has traded publicly since 2022.
Financial Health
State Gas Limited's Piotroski F-Score is 3/9, a 9-point checklist of profitability, leverage and efficiency — flagging fundamental weakness worth scrutiny. Its Altman Z-Score of 6.87 places it in the safe zone, indicating low near-term bankruptcy risk.
STGSF Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in the company's future prospects, indicating that leadership believes in upcoming growth.
- Community sentiment has shifted positively, with increased discussions around the company's potential in the gas sector.
- Recent developments in regulatory frameworks for gas exploration have bolstered optimism about State Gas's operational environment.
- The company has been actively engaging with stakeholders, enhancing its visibility and reputation within the market.
Bear Case
- Concerns about fluctuating gas prices may impact the company's revenue stability, causing hesitation among investors.
- Social media sentiment has shown some caution, with discussions highlighting potential operational risks and environmental concerns.
- The competitive landscape in the gas sector remains challenging, with larger players potentially overshadowing State Gas's market presence.
- Recent earnings reports have raised questions about the company's ability to scale operations effectively, leading to skepticism among analysts.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
STGSF Latest News
No recent news available for STGSF.
Leadership: Douglas McAlpine
CEO
Douglas McAlpine has a strong background in the energy sector, bringing extensive experience in gas exploration and production. He has held various leadership roles in energy companies, focusing on operational excellence and strategic growth. His educational background includes a degree in engineering, equipping him with the technical expertise necessary for the industry.
Track Record: Under Douglas McAlpine's leadership, State Gas Limited has made significant strides in project development and exploration activities. He has been instrumental in securing key permits and advancing the company's flagship projects, positioning State Gas for future growth.
STGSF OTC Market Information
The OTC Other tier includes companies that do not meet the higher listing standards of major exchanges like NYSE or NASDAQ. These companies may have less stringent reporting requirements, which can affect transparency and investor confidence. However, they also offer opportunities for investors to access emerging companies in various sectors.
- OTC Tier: OTC Other
- Limited liquidity may affect the ability to buy or sell shares quickly.
- Potential for price volatility due to lower trading volumes.
- Less stringent reporting requirements could lead to information gaps.
- Review recent financial statements and project updates.
- Assess the company's exploration and development progress.
- Evaluate management's track record and industry experience.
- Understand the regulatory environment affecting operations.
- Monitor market trends in the energy sector.
- Established projects with regulatory approvals.
- Transparent communication of project developments.
- Engagement with local communities and stakeholders.
What Investors Ask About State Gas Limited (STGSF) — Energy
What happened to State Gas Limited (STGSF) stock?
State Gas Limited (STGSF) no longer trades on public markets. It was delisted in November 2025. The figures below are historical and are not a current quote.
Can I still buy STGSF shares?
No. STGSF stopped trading on public markets in November 2025, so the shares are not available through a broker. Anything you see quoted for STGSF elsewhere is historical data, not a live market.
Are the figures on this page current?
No. Every number here is the last value recorded before STGSF stopped trading. Nothing on this page updates, and none of it is a current quote.
Why does this page still exist?
Because people still search for what happened to State Gas Limited. An archived profile that states the delisting plainly is more useful than a dead link — provided it is labelled as history, which is what this page does.
What does State Gas Limited do?
State Gas Limited is focused on the exploration and development of gas fields in Australia, particularly in the Bowen Basin region. The company operates flagship projects such as Reid's Dome and Rolleston-West, aiming to meet the increasing demand for natural gas while implementing sustainable practices.
What do analysts say about STGSF stock?
Analysts generally view State Gas Limited as a company with significant growth potential due to its strategic projects in a resource-rich region. Key valuation metrics indicate that while the company is currently operating at a loss, its gross margin of 100% suggests a pathway to profitability as production ramps up.
What are the main risks for STGSF?
State Gas Limited faces several risks including price volatility in natural gas markets, which could affect profitability. Additionally, regulatory challenges may impact project timelines and operational flexibility. Exploration risks associated with drilling activities and competition from established players also pose potential threats to the company's growth.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Data sourced from company profile and financial metrics.