Sept 23 (Reuters) - State Gas Ltd GAS.AX :
* RECEIVED FIRM COMMITMENTS TO UNDERTAKE A PRIVATE PLACEMENT RAISING $9.5M
* UNDERTAKING SHARE PURCHASE PLAN TARGETING FURTHER $2 MILLION
* FUNDS RAISED UNDER PLACEMENT AND SPP WILL BE USED TO DRILL AND PRODUCTION TEST AT LEAST THREE NEW GAS WELLS
* ISSUE PRICE OF NEW SHARES IS $0.55 PER SHARE