24 June 2026drilling progress report● Neutral
The joint venture has hired JJM Consultancy to analyse options, costs and risks for removing the remaining completion fluid from Diona-1. No decision or timing is given. Testing is still paused.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 May 2026well test result▼ Bad
Xstate says Diona-1 is shut in, because fluid recovery stalled at about 46%, and a technical committee is weighing capillary tubing, nitrogen lift or velocity string. Board says it remains confident of reaching pipeline flow rates; no rate has been shown.
26 May 2026joint venture update▼ BadMajor
Operator Elixir says Diona-1 testing is paused. About 46% of injected fluid returned, short of the 50-60% target, so artificial lift is being assessed. Sproule ERCE is briefed to book a contingent resource. Contradicts hopes of the well flowing naturally. Partner's release.
18 May 2026well test result▲ GoodMajor
Joint venture says Diona-1 met its exploration objectives, confirming over-pressured Permian gas and condensate, with ~4,300 psi estimated reservoir pressure. About 45% of ~6,400 barrels of completion fluid recovered; fluid column still limits flow. Independent contingent resource to be sought; no sustained flow rate yet.
12 May 2026director officer appointment● Neutral
Uno Makotsvana joins as joint company secretary, then becomes sole secretary after the 29 May AGM when Jordan McArthur resigns. Management says it wants Sydney-based support as it focuses on the east coast Diona project.
11 May 2026flow test result▲ Good
Diona-1 was opened 10 May and is flowing gas and condensate with stimulation fluids, at 731 psig flowing tubing pressure on a 20/64th choke. Gas is not yet routed to measurement equipment, so no flow rate. Early encouraging sign for the testing program.
4 May 2026drilling progress report▲ Good
All Diona-1 zones were stimulated, and methane showed on a hand-held meter during flowback. Temporary plugs are being milled out before completion and the 14-day flow test. Stimulation slipped from the earlier target but is now done; no flow rates yet.
28 Apr 2026drilling progress report▲ Good
Elixir, as operator and 49% holder, says stimulation equipment has arrived at Diona-1 and the three-zone fracture stimulation starts imminently, followed by completion and a flow test about a week later. Elixir notes it was fully carried for the drilling by Xstate. This is a partner's release.
22 Apr 2026other● Neutral
Target market determination for the options in the 22 April prospectus, describing them as highly speculative. Regulatory paperwork with no new company information.
22 Apr 2026security holder rights change● Neutral
Prospectus offers up to 17.07m free $0.06 options to placement participants, 12.8m to the lead managers, and up to 6m $0.04 consultant options, plus a 1,000-share cleansing offer. A general meeting to approve them is expected 29 May 2026. Completes the 20 April placement terms.
20 Apr 2026capital raising announcement● NeutralMajor
Xstate raises $1.69m through 51,277,122 shares at $0.033, with one $0.06 option per three shares, to fund extended production tests and a pipeline connection, or cover stimulation overruns. Stimulation by Condor Energy is due to start by the end of the week.
What it means for a shareholder
51.3m new shares at A$0.033 to raise about A$1.7m. That's 1.9% dilution: every existing holder's slice gets 1.9% smaller. If you held A$1,000 of shares (30,303 at the issue price), your slice goes from 0.00113% to 0.00111% of the company. To keep it you'd need 578 more shares - about A$19 at the issue price.
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31 Mar 2026annual report● Neutral
Annual report for the year to 31 December 2025 describes 2025 as transformational: remaining Anshof and California interests divested, Diona farm-in and Diona-1 gas discovery. It cites prospective resources of nearly 200 Bscfe gross mean, with flow results expected early April 2026. Financial figures are not in the extract.
31 Mar 2026annual report● Neutral
Appendix 4G, the checklist pointing to the company's corporate governance disclosures, dated 30 March 2026. Administrative, with no new information.
31 Mar 2026annual report● Neutral
Corporate governance statement for 2025 describing board practices, with a board of two independent non-executive directors and one executive director. Compliance document with no new operational or financial information.
5 Mar 2026drilling progress report● Neutral
Contractors are selected and a 3-stage perforation and stimulation program is set, starting the week of 9 March 2026, followed by a 14-day flow test. Results are now targeted for mid-April. Directors also propose performance rights, vesting at $0.04 and $0.06, for approval at the AGM.
9 Feb 2026drilling progress report▲ Good
Cement bond log shows a good bond over all target zones, and cuttings analysis shows good visual porosity. Perforation of the Wallabella Wash starts this week, with stimulation late March or early April 2026. Tenders are due to be awarded within a week.
5 Feb 2026other● Neutral
Share registry moves from Automic to Boardroom Pty Limited; Boardroom takes over on 9 February 2026. Administrative only, with no effect on holdings.
17 Dec 2025investor presentation● Neutral
Update says Diona-1 testing has slipped to 2026: cement bond log and fracture test in February, stimulation and flow test late Q1 2026. Diona-2 is possible in Q3/Q4 2026, subject to test results and JV approval. Earlier hope was testing before Christmas.
12 Dec 2025security holder rights change● Neutral
Prospectus offering up to 86,899,977 free $0.04 four-year options to placement participants (one per two shares), plus up to 10 million options to contractors in settlement of amounts owed. Issue expected 18 December 2025. Completes the options promised in the October raising.
8 Dec 2025asset acquisition disposition● NeutralMajor
Xstate assigns all its California interests (10-33% working interests) to Australian Oil and Gas (AOK) for forgiveness of US$95,103 (about A$143k) of unpaid cash calls. AOK takes on the obligations, leaving Diona as Xstate's sole focus. This ends the California portfolio review.
18 Nov 2025admin correction● Neutral
Clarification that a seismic image in the 22 October presentation came from a 1984 Bridge Oil 2D survey on permit ATP 145, which later became ATP 2077. Added to meet listing rule requirements; no change to results.
10 Nov 2025other● Neutral
Cleansing prospectus for up to 1,000 shares at $0.022 to remove trading restrictions on shares from the placement. Administrative, with no new information in the extract.
31 Oct 2025capital raising announcement▲ GoodMajor
Firm commitments to raise just over $3.82m at $0.022 per share in two tranches: $829,556 now and $2.99m subject to shareholder approval. Investors get one $0.04 four-year option per two shares. Funds go to Diona-1 testing, exploration and working capital.
27 Oct 2025resource reserve update▲ GoodMajor
Xstate's internal estimate lifts Diona prospective resource to a mean 100.5 Bscfe net to Xstate, from 6.4 Bscfe, on a possible basin-centred gas play. Chance of discovery is put at 38%. Not yet reviewed by the JV. Flow testing is targeted before Christmas 2025.
22 Oct 2025investor presentation● Neutral
Presentation repeats the Diona-1 results: 23m net pay, 181m gross gas, Showgrounds had no hydrocarbons, well cased and suspended. It adds regional comparisons and a market capitalisation of $7.5m at $0.03 per share, with no debt. Flow rates are the key unknown.
14 Oct 2025drilling result▲ GoodMajor
Logs confirm 23m of net gas pay (116m gross) in three Permian zones, with average porosity about 10%. Wells is cased and cemented at 2,479m final depth. Wallabella could not be fully logged. Flow testing is still to be planned and agreed.
8 Oct 2025drilling result▲ GoodMajor
Diona-1 reached 2,479m. The main Showgrounds target had no hydrocarbons, but a 181m gas-bearing Permian section was hit, including an overpressured gas kick. Wireline logging is pending. This was an unexpected result, and the Managing Director raises the possibility of a larger unconventional gas play.
2 Oct 2025drilling progress report▲ Good
Xstate's 51% of ATP 2077 was registered on title on 29 September 2025, and it operates. Diona-1 had reached about 1,130m and the first target, the Showgrounds at 2,300m, is expected around 3-4 October, on schedule.
29 Sept 2025drilling spud▲ GoodMajor
Diona-1 spudded on 27 September 2025, a day later than planned, and had reached 549m while running casing. Xstate holds 51% and operates. The Showgrounds target at about 2,300m should be reached in 7-8 days.
25 Sept 2025drilling progress report● Neutral
Rig arrived 22 September and is set up, with Diona-1 spud planned for 1700 on 26 September. Drilling to the Showgrounds target at 2,300m should take 7-8 days. Timetable update only.