Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 May 2017joint venture update▲ Good
Sacgasco's announcement: Empyrean Energy farms into Dempsey for 25% by paying US$1.6m, and takes 10% of Alvares. Dempsey-1 is to be drilled within 60 days. Xstate stays at 10% in Dempsey and 21% in Alvares. Sacgasco's release, not Xstate's.
15 May 2017regulatory community update● Neutral
Letters of demand have been served on all four investors for the unpaid A$25m, with 14 days to respond. Xstate says the first court proceedings will be heard in Western Australia. This follows the April announcement that it would sue.
5 May 2017listing compliance notice● Neutral
Xstate answers an ASX query letter about the failed raising, naming the four investors (largest 179.2m shares, about A$6.8m each). It says Sanston introduced them and the agreements had no conditions. Several answers are withheld from the market; ASX's own findings are not shown.
21 Apr 2017joint venture update● Neutral
Operator Sacgasco's announcement: it signed a revised Dempsey farmout with Bombora, which earns 10% by funding 20% of the well to about A$5.2m. Operator interest becomes 80%, Xstate stays at 10%. This replaces the earlier 20%/32.5% terms; drilling is planned for first half 2017.
19 Apr 2017material agreement termination▼ BadMajor
The LA Basin vendor has terminated the purchase agreement because the investors never paid. The US$625,000 deposit is lost, and the strategic acquisition is dead for now. Xstate will immediately sue the investors for damages, with counsel appointed in Australia and Singapore.
4 Apr 2017capital raising announcement▼ BadMajor
Still no funds from the $25m raising, about 70% of which was meant for the LA Basin purchase. The vendor has given only two more weeks to settle. Xstate is starting legal action against the investors, including for the US$625,000 non-refundable deposit if the deal fails.
29 Mar 2017annual report● Neutral
Annual report for the year to 31 December 2016: 621,792,718 shares on issue and 1,640 holders. It recaps the $3m placement at 1c, the dropped Sunset deal, the Bombora farmout and the LA Basin deal. The text provided is truncated, so no financial results are shown.
29 Mar 2017other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to pages 21-28 of the report and the website. Administrative filing with no new business information.
29 Mar 2017asset acquisition disposition▲ GoodMajor
Xstate exercised its option to buy 10-30% interests from Sacgasco in five producing Sacramento Basin gas fields, including 30% of 13 wells for US$21,000. It assumes future well-plugging costs. Gross production after the deal is about 900 mcf per day.
28 Mar 2017capital raising announcement▼ BadMajor
Xstate says no funds have been received from the $25m raising, despite bank documents showing transfers. This contradicts the February report of A$19.3m remitted. The LA vendor has agreed to extend while the money is awaited.
27 Mar 2017price query● Neutral
ASX queried a fall in Xstate's price from 1.4c to an intraday low of 1.1c on heavy volume, asking whether it holds unannounced information. This is ASX's letter only; Xstate's reply is not included.
1 Mar 2017farm in farm out agreement▲ GoodMajor
Xstate and Sacgasco farm out a 10% interest in the Alvares gas discovery to Bombora, which funds 13.33% of the next well up to a US$10m cap. Xstate drops from 25% to 21%; Bombora also pays US$20,000 toward past lease rentals.
1 Mar 2017farm in farm out agreement● Neutral
Sacgasco's own announcement of the same Alvares farmout to Bombora: 10% for funding 13.33% of the next well up to US$10m. Xstate goes to 21%, Sacgasco to 69%. It repeats Xstate's release, adding the 1982 well and 2.4 Tcf background.
21 Feb 2017capital raising announcement● NeutralMajor
Investors have remitted about A$19.3m, 77% of the A$25m commitment; the balance is still delayed. The LA vendor has given Xstate extra time past the 17 February closing. No new closing date was stated.
21 Feb 2017other● Neutral
ASX announced Xstate's trading suspension will lift from the start of trading on 22 February 2017 after its announcement. Administrative notice only.
17 Feb 2017other▼ BadMajor
Xstate requested a voluntary suspension of trading pending an announcement on its capital raising and US acquisition, expected by 21 February 2017. This comes as the investor funding is overdue and the 17 February closing date arrives.
10 Feb 2017capital raising announcement▼ BadMajor
The Asian investors are now in formal breach of their subscription agreements and have been issued breach notices. Maybank gave an irrevocable undertaking that the full A$25m will reach Australia by 15 February. Xstate still expects to close the LA deal on 17 February.
10 Feb 2017joint venture update▲ Good
Operator Sacgasco says Bombora raised its Dempsey farm-in from 10% to 20%, funding 32.5% of the well up to about A$5.2m. Xstate's 10% is unchanged. Drilling is planned for April-May 2017. This is Sacgasco's announcement, not Xstate's.
25 Jan 2017capital raising announcement▼ Bad
The deposit is still not received, with Maybank citing regulatory delays. Xstate extended the deadline for the balance of the $25m from 25 to 31 January 2017. Settlement of the Sansinena purchase remains 17 February, subject to shareholder approval.
17 Jan 2017capital raising announcement▼ Bad
The $1.25m deposit is still unpaid. A signed Maybank transfer form exists but needs Indonesian Government approval, with no confirmed date. Xstate says it has no reason to believe the deposit won't arrive.
28 Dec 2016capital raising announcement▼ Bad
The $1.25m deposit on the $25m placement, due 29 December, was delayed by bank holidays; investors were given until 6 January 2017. Xstate says closing the Los Angeles acquisition by 17 February is unaffected.
22 Dec 2016asset acquisition disposition▲ GoodMajor
Xstate finished due diligence and signed a purchase agreement for a 24.5% interest in the Sansinena and East LA oil fields for US$13m. Closing moved to 17 February 2017, effective date to 1 January. Probable and possible reserves were cut 5-10%; proven unchanged.
21 Dec 2016price query● Neutral
Xstate answered ASX's follow-up query on the 19 December $25m raising. It said the news was price-sensitive and it first knew of it at 5.06pm WST on 16 December, and confirmed compliance with Listing Rule 3.1.
20 Dec 2016auditor change● Neutral
KPMG resigned as auditor and BDO was appointed. Xstate says the change was at its request and based solely on audit cost.
19 Dec 2016capital raising announcement▲ GoodMajor
Xstate signed binding letters of offer to raise $25m by placing about 658m shares at 3.8c with four Asian investors. That is 51.4% of the enlarged capital. Needs shareholder approval; 5% deposit due by 29 December, balance by 25 January 2017. Mainly funds the Los Angeles acquisition.
14 Dec 2016price query● Neutral
ASX queried a rise in the share price from 1.4c to an intraday 1.9c with heavy volume. Xstate said it knew of no unannounced information and pointed to the pending Los Angeles acquisition as a possible explanation.
7 Dec 2016joint venture update● Neutral
Due diligence on the Los Angeles oil fields deal is extended to 16 December after delays getting field data. Xstate says it still aims to close by 3 February 2017 and is gaining confidence in the asset. No change in terms.
15 Nov 2016resource reserve update▲ GoodMajor
Xstate says the Sansinena deal has net 1P reserves of 6.2 MMboe and 2P of 9.9 MMboe, certified by NSAI, about US$2.10/bbl of 1P. Production is 500 bopd, targeted at over 1,100 bopd by close. Still subject to due diligence.
7 Nov 2016director officer appointment● Neutral
Managing Director Damiano bought 2,564,707 shares on market for about $33,365, lifting his holding to 3,734,333 shares. Routine director interest notice.
4 Nov 2016asset acquisition disposition▲ GoodMajor
Xstate signed a letter of intent to buy a 24.5% working interest in the Sansinena and East Los Angeles oil fields for US$13.0m, with about 450 bopd production. Subject to funding and due diligence, with financial close by 3 February 2017. Its first producing-asset deal since Sunset ended.
