State Gas continues to bleed money even as it ramps up drilling at its Bowen Basin project

A big question mark still hangs over the Brisbane firm aiming to develop one of Queensland’s largest untapped gas fields.

HUNTING GAS

A big question mark still hangs over the Brisbane firm aiming to develop one of Queensland’s largest untapped gas fields.

State Gas continues to bleed money even as it ramps up drilling and testing at its Reid’s Dome project in the Bowen Basin.

The company revealed a $1.74 million loss on Thursday for the half-year to December, up from just over $1 million in red ink in the same period in 2018.

Auditors from BDO once again issued a warning about the “material uncertainty’’ over the firm’s ability to keep trading.

Gas industry veteran Richard Cottee.

But gas industry titan Richard Cottee, who came aboard as a chairman last year, sounded upbeat about future prospects.

He described the result of field activities as “very encouraging’’ so far despite heavy rains causing delays last month.

Cottee is hoping to bring the first gas to market next year in a bid to alleviate expected shortages on the east coast.

Yet State Gas, with just under $4 million cash on hand, is still going to the market with cap in hand, raising another $1.6 million from investors during the half year.

In a spot of good news, the company has been able to claw back $233,333 it paid to buy out a former joint venture partner following a legal battle last year.

BUDGIE SMUGGLERS

A virtual who’s who of Brisbane’s accounting and legal firms will don the budgie smugglers on Friday night to race for a good cause.

They’ll be swimming with a bunch of Olympic champions to raise money to find a cure for motor neurone disease.

A crowd of more than 1000 is expected to cheer on the contestants at the Valley Pool as part of an annual fundraiser spearheaded by MW Recruitment boss Hugh Hamilton.

It’s the 11th year Hamilton has organised the event and he’s rustled up more than $250,000 in that time. He’s hoping to punch through the $300,000 mark tonight to benefit the MND and ME Foundation.

The money comes from swimmers bidding at auction for the right to get Olympic greats on their team.

Swimming champion Susie O'Neill.

They include Hayley Lewis, Susie O’Neill, Jodie Henry, Mitch Larkin, Jess Schipper and Nick D’Arcy, as well as ironman Matt Bevilacqua and ironwoman Brielle Cooper.

Among those hoping to find glory in the water are bizoids Tony Schiffmann, Paul Tully, David Rose, Paul Spiro, Nigel Fisher, Dominic McGann, John Kotzur, Tony Markwell, Mike Williams and John Saunders.

Hamilton launched the event in 2010 and attracted a modest crowd then of just 100 or so. Last year nearly 1200 attended, overflowing the grandstand.

“It’s like a school swimming carnival but add in gourmet food and grog,’’ Hamilton told us. Donating the food and drink are Pig ‘n’ Whistle and Stone & Wood.

NEXT LEVEL CINEMA

They describe it as “taking outdoor cinema to the next level’’.

Starting at the end of the month, Brisbane’s Victoria Park will be filled with 150 beds for patrons who want to chill out under the stars and watch movies.

Sydney-based Mov’in Bed Cinema has been operating for four years and recently wrapped up a roadshow which included stints in Perth and Melbourne.

Mov’in Bed will have 150 inflatable Queen-sized beds in Victoria park

It’s the first time the company has landed in Brisbane and they’ll be deploying their queen-size inflatable beds over 45 nights through to mid-May.

Patrons can have burgers, salads, desserts and alcoholic drinks delivered to them as they kick back to watch the likes of Joker, Jumanji and Ford Versus Ferrari. Prices start at $9 for a modest spot on the grass but a bed will set you back $73 for a couple or $92 for trio.

A tad expensive, perhaps, but it might just be novel enough to get couch potatoes to give up their Netflix and Uber Eats for an evening!