Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Aug 2017regulatory community update● Neutral
All four investors entered appearances on 2 August in Xstate's WA Supreme Court action over the unpaid A$25m. Xstate filed its Statement of Claim and sought summary judgment against three of them on 23 August. Directions hearing is set for 5 September.
30 Aug 2017drilling progress report▲ Good
Sacgasco reports Dempsey 1-15 drilling below 2,300m with a new zone of significant gas shows in a sandstone not expected to be present. Significance awaits wireline logs at about 3,200m. Early sign only; Xstate holds 10%.
28 Aug 2017drilling progress report▲ Good
Sacgasco reports Dempsey 1-15 at 2,070m with multiple gas shows, the best over 500 times background gas. Their significance will only be known when wireline logs run at total depth, near 3,200m. Early signs only; Xstate holds 10%.
25 Aug 2017drilling progress report● Neutral
Sacgasco says drilling at Dempsey 1-15 has restarted below 9⅝-inch casing set at about 1,760m, with the shallow gas zones protected behind it. Next comes about 1,300m of deeper targets before total depth near 3,200m. No new result.
21 Aug 2017drilling result▲ GoodMajor
Logs on Dempsey 1-15 confirm four interpreted gas-bearing sandstone zones between about 1,000m and 1,560m, with net pay of 30-50 feet. The operator expects the gas to cover well costs. Deeper targets are still to be drilled, so this is a first, shallow result for Xstate's 10%.
21 Aug 2017drilling result▲ Good
Pancontinental forwards the operator's news of four gas zones at Dempsey 1-15 and says the result supports the 3D seismic mapping. Xstate's 10% is unchanged. Partner's repeat of a known result.
21 Aug 2017drilling result▲ Good
Xstate forwards Sacgasco's report of four interpreted gas zones, with 30-50 feet net pay, in the shallow section of Dempsey 1-15. Xstate adds no comment of its own. Same result as the operator's release; Xstate holds 10%.
14 Aug 2017drilling progress report▲ Good
Sacgasco says Dempsey 1-15 is at about 1,300m, with mud logs showing multiple intervals of interpreted significant gas shows in the producing gas field levels. These are early indicators, to be quantified by wireline logs within a week. Xstate holds 10%.
14 Aug 2017drilling progress report● Neutral
Pancontinental update says Dempsey-1 is drilling in the upper gas targets after setting casing at 552m. It also notes Tulainyo-2 and Namibia items that do not involve Xstate. Nothing new for Xstate's 10% stake.
10 Aug 2017drilling progress report● Neutral
Pancontinental reports Dempsey 1-15 set surface casing at 552m without incident, with the blowout preventer tested, and is drilling ahead. No gas result yet. Xstate's 10% is unchanged. Partner's release.
3 Aug 2017drilling progress report● Neutral
Pancontinental says Dempsey-1 has begun drilling and is at 70m, the first of a planned three-well funded program for it. Xstate's 10% is unchanged. Partner's release repeating the operator's news.
3 Aug 2017drilling progress report● Neutral
Sacgasco reports Dempsey 1-15 began drilling on 2 August (California time) and is at 70m in 17½-inch hole. Xstate holds 10%. Operator's release confirming the well has started.
1 Aug 2017drilling spud▲ GoodMajor
Xstate announces Dempsey 1-15 is planned to spud on 1 August 2017 (California time), taking 30-40 days to reach about 3,200m. It targets over 1 Tcf unrisked gross (about 100 Bcf net to Xstate's 10%), and Xstate is funded for its US$0.44m share. This starts the key well.
20 July 2017drilling progress report● Neutral
Sacgasco says the 20-inch surface conductor for Dempsey 1-15 is installed and cemented, and rig mobilisation is under way. Spud remains on track for late July. Xstate's 10% is unchanged. Operator's release.
17 July 2017capital raising announcement▲ GoodMajor
Xstate raised $470,000 by placing 94m shares at 0.5c to sophisticated investors. Funds go partly to leasing extra acreage on trend with Dempsey, ahead of the late July spud. A small, funded raise, in contrast to the $25m placement that was never paid.
What it means for a shareholder
94.0m new shares at A$0.005 to raise about A$470,000. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0319% to 0.0277% of the company. To keep it you'd need 29,994 more shares - about A$150 at the issue price.
Create a free account to see this worked out for your own holding.
17 July 2017joint venture update● Neutral
Pancontinental confirms its $2m raising has settled, that it has earned 10% of Dempsey, and that it exercised an option on a further 5% of Alvares at a cost capped near US$200,000. Dempsey spud is due late July. Partner's release; Xstate's stakes unchanged in the text.
17 July 2017joint venture update● Neutral
Pancontinental said it had earned 10% of Dempsey, was fully funded for Dempsey-1 due to spud at the end of July, and that Bombora exercised its option to earn a further 5% of Alvares, with promoted cost capped at about US$200,000. Xstate's Dempsey interest was listed at 10%.
17 July 2017drilling progress report● Neutral
Sacgasco reports the Dempsey drill pad is finished, with the conductor pipe to be set that week before Rig 9 mobilises. Spud remains on track for late July. Xstate's 10% interest is unchanged. Operator's release.
10 July 2017drilling scheduled▲ Good
Xstate confirms Dempsey 1-15 (10%) will spud late July, with permits in hand. The well is to 3,200m, costs US$4.4m gross (US$0.44m to Xstate), and targets over 1 Tcf unrisked gross (about 100 Bcf net). Deeper targets are rated about 40% chance of success by the joint venture.
10 July 2017contract award▲ Good
Sacgasco has signed Paul Graham Drilling's Rig 9 to drill Dempsey 1-15 to a planned 3,200m, with spud still on track for late July. Xstate holds 10%. Operator's release; the rig is now secured for the well.
10 July 2017capital raising announcement● Neutral
Pancontinental's raising of up to $2m at 0.2c per share, to fund its Dempsey-1 share after buying Bombora, Xstate's farm-in partner. It does not change Xstate's interests, but supports Bombora's ability to pay for its Dempsey stake. Pancontinental's release.
10 July 2017investor presentation● Neutral
July 2017 investor presentation repeating known facts: 626.9m shares, market value A$4.4m at 0.7c, Dempsey-1 in July and an Alvares re-entry in late 2017. It lists settlement of the investor legal dispute as a catalyst. No new announcements.
6 July 2017regulatory community update▲ Good
Operator Sacgasco says drilling permits for Dempsey 1-15 have been granted by the state and Glenn County. Spud remains on track for late July. Xstate stays at 10%, with Sacgasco 50%, Empyrean 30% and Bombora 10%. Removes a permitting hurdle for the well.
5 July 2017drilling scheduled● Neutral
Pancontinental says Dempsey-1 will spud in late July with permits in place, and puts unrisked prospective gas net to its 10% at 77 Bcf (768 Bcf gross). Xstate's 10% interest is unchanged; this is a partner's release repeating known timing.
26 June 2017regulatory community update● Neutral
Xstate has served a Writ of Summons on three of the four defaulting investors over the unpaid A$25m; they have 42 days to respond. It follows the May letters of demand. Initial hearings will be in Western Australia, with Clifford Chance acting in Perth and Singapore.
20 June 2017other● Neutral
Director Chris Hodge sold 500,000 shares on market on 20 June 2017 for $3,250, reducing his holding to 7,117,339 shares; he keeps 9,000,000 unlisted options. Not in a closed period.
20 June 2017other● Neutral
Director Cosimo Damiano bought 500,000 shares on market on 20 June 2017 for $3,250, lifting his holding to 9,233,333 shares plus 13,000,000 unlisted options. Not in a closed period.
7 June 2017business combination● Neutral
Pancontinental's announcement that it will buy Bombora, Xstate's farm-in partner in Dempsey and Alvares, under a binding heads of agreement. Xstate's own interests are not changed by this release; Bombora's earning of 10% in Dempsey and Alvares interests continues. Pancontinental's release, not Xstate's.
25 May 2017joint venture update▲ Good
Sacgasco's update: Magnum Gas and Power farms into Dempsey for 5% (A$650,000) and takes 10% of Alvares. Dempsey-1 is now said to be fully funded and due within 60 days. Xstate's interests stay at 10% and 21%.
25 May 2017joint venture update● Neutral
Magnum's own announcement of the same Dempsey 5% farm-in for A$650,000 and 10% of Alvares, repeating Sacgasco's release. Xstate's interests are unchanged at 10% and 21%. It also notes Magnum's company secretary change and trading suspension.
