Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Nov 2017regulatory community update▲ Good
The defendants missed the 2 November deadline to file affidavits against Xstate's summary judgment application. Xstate will proceed on the basis they will not oppose with evidence. The A$25m claim heads to the 4 December hearing.
1 Nov 2017drilling progress report● Neutral
Sacgasco says Dempsey 1-15 testing preparations continue, but initial equipment tests meant some safety-critical equipment had to be replaced. Perforating of the lowest zone still needs a clean-out and cement bond log. Xstate holds 10%.
31 Oct 2017quarterly activities report● Neutral
September quarter report: Dempsey 1-15 is cased and testing is now expected early November, slipping from late October. Xstate also repeats the $752,378 placement, the 4 December judgment hearing, and ongoing talks on new production acquisitions with timing uncertain.
20 Oct 2017capital raising announcement● NeutralMajor
Xstate raised $752,378 (before costs) via 62.7m shares at 1.2c, a 17% discount to the 5-day average price. Funds go to its Dempsey 1-15 testing share, Alvares re-entry assessment and leasing. Shares on issue rise to about 783m.
What it means for a shareholder
62.7m new shares at A$0.012 to raise about A$752,378. That's 8.0% dilution: every existing holder's slice gets 8.0% smaller. If you held A$1,000 of shares (83,333 at the issue price), your slice goes from 0.0116% to 0.0106% of the company. To keep it you'd need 7,249 more shares - about A$87 at the issue price.
Create a free account to see this worked out for your own holding.
19 Oct 2017drilling progress report● Neutral
Sacgasco says the completion rig has reached Dempsey 1-15 after a successful re-completion of a nearby producing JV well. Testing will start from the bottom zone. No new result; Xstate holds 10%.
13 Oct 2017regulatory community update● Neutral
At a 12 October hearing the WA Supreme Court gave the defendants until 2 November to file affidavits, ruling no further extension. The summary judgment hearing moves from 21 November to 4 December 2017. Resolution of the A$25m claim slips slightly.
9 Oct 2017investor presentation● Neutral
Xstate's update repeats that Dempsey 1-15 reached 2,970m and testing starts late October. It notes Xstate's 24% in the wider Dempsey trend and 21% in Alvares, where re-entry is being assessed. No new results.
5 Oct 2017regulatory community update● Neutral
Xstate says the defendants filed no affidavits despite agreeing the revised timetable, and asked for another four weeks, which Xstate declined. It says they have not outlined any defence. Dispute over the A$25m continues.
4 Oct 2017drilling progress report● Neutral
Sacgasco says the drill rig is leaving Dempsey 1-15 and a smaller workover rig will run the tests. Perforating for the first flow test is expected towards the end of October. Gas meter station is being readied; Xstate holds 10%.
27 Sept 2017regulatory community update● Neutral
Xstate named the four defendants and agreed a 7-day extension for their affidavits, to 3 October, rejecting a requested four weeks. The 21 November hearing date was unchanged. A procedural delay in the A$25m claim.
18 Sept 2017well test result▲ GoodMajor
Wireline logs on Dempsey 1-15 support gas-saturated sands matching the earlier shows, and a 5½-inch liner is cemented. Flow testing of multiple zones should start in 2-3 weeks. Commercial flow rates remain unproven; Xstate holds 10%.
13 Sept 2017drilling result▲ Good
Dempsey 1-15 finished drilling at 2,970m, shallower than the planned 3,200m, after two more high gas show zones. Wireline logging is next to assess the reservoirs before flow testing. Xstate holds 10%.
8 Sept 2017half year report● Neutral
Half-year report to 30 June 2017: cash of $0.649m, no debt, 626.8m shares. Gross production was 127,223 million cubic feet (14,895 net to Xstate). Xstate is still seeking acquisitions and pursuing the defaulting investors, with timing uncertain.
8 Sept 2017drilling progress report▲ Good
Sacgasco says Dempsey 1-15 drilled through hard shale into a sandstone with what it calls the most significant gas shows so far, at 2,760m. About 440m remains to drill. Still unconfirmed until wireline logs; Xstate holds 10%.
5 Sept 2017regulatory community update● Neutral
The WA Supreme Court set a timetable for Xstate's summary judgment application against the investors: defendants' affidavits by 26 September, written submissions by 7 November, and a hearing on 21 November 2017. A ruling is therefore still some months away.
4 Sept 2017drilling progress report● Neutral
Dempsey 1-15 is below 2,615m with more gas shows, but about 9-10 days behind schedule. Cost caps for farm-in parties are reached, so all partners now fund their own shares, Xstate 10%. Completion costs will be estimated after logging.
31 Aug 2017drilling progress report▲ Good
Sacgasco says Dempsey 1-15 is below 2,440m with further significant gas shows, despite heavier drilling mud. Shows have slowed drilling. Their meaning awaits wireline logs at about 3,200m. No new result; Xstate holds 10%.
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.
