Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2016half year report● Neutral
Interim report to 30 June 2016. Shares on issue were 621.8m after the $3m placement and the 29 June conversion of the $125,000 note into 25.5m shares at 0.5c. Strategy unchanged: farm out Sacramento prospects and buy low-risk production. Financial figures were not shown in the text.
15 Aug 2016farm in farm out agreement▲ GoodMajor
Xstate farms out up to 6% of its 30% interest in the Sacramento Basin AMI to Bombora Natural Energy, which funds up to A$400,000 of lease costs for a 20% interest across the partners. Xstate falls to 24% and gets up to A$120,000.
14 June 2016capital raising announcement● Neutral
Appendix 3B for the 300,000,000 shares issued 14 June at 1.0c for working capital, under the 31 May approval. Shares on issue rise to 596,327,118. Administrative paperwork for the $3m placement.
What it means for a shareholder
300m new shares at A$0.010 to raise about A$3.0m. That's 50% dilution: every existing holder's slice gets 50% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.0337% to 0.0168% of the company. To keep it you'd need 101,239 more shares - about A$1,012 at the issue price.
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14 June 2016capital raising announcement▲ GoodMajor
Xstate placed 300 million shares at 1.0c to raise $3.0m, the raising shareholders approved on 31 May. Sanston clients took it, reported as 3x oversubscribed. Funds are mainly for California acquisitions; due diligence on producing oil assets continues, none named.
What it means for a shareholder
300m new shares at A$0.010 to raise about A$3.0m. That's 50% dilution: every existing holder's slice gets 50% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.0337% to 0.0168% of the company. To keep it you'd need 101,239 more shares - about A$1,012 at the issue price.
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1 June 2016investor presentation● Neutral
Xstate says it is doing due diligence on producing California oil assets and that shareholders approved on 31 May a raising of up to $3 million. No named asset or deal terms yet.
31 May 2016director officer appointment● NeutralMajor
Executive director Cosimo Damiano, ex-Mercuria, becomes Managing Director to pursue and fund the strategy of adding producing oil and gas assets. Chris Hodge, MD since 2014, stays as a non-executive director.
13 May 2016investor presentation● Neutral
AGM presentation: 296m shares, market cap about A$4.1m at 1.4c. Repeats the strategy of buying producing California assets and says other deals are being pursued. Largely repeats known facts.
9 May 2016material agreement termination▼ BadMajor
Xstate walked away from the Sunset acquisition, citing risks it could not resolve in due diligence; Sunset refused an extension. Ends the deal announced 14 April, and Xstate says it is pursuing other producing-asset deals.
14 Apr 2016admin correction▼ Bad
Clarifies that the ~10 MMbbl 'resource potential' in the Sunset announcement was not a formal petroleum resource declaration, as insufficient work has been done. Tempers the earlier announcement.
14 Apr 2016asset acquisition disposition▲ GoodMajor
Xstate signed a binding letter of intent to earn 50% to 87.5% working interests, as operator, in three California oil fields from Sunset Exploration, subject to 30 days of due diligence and 60 days to arrange funding. First step in its producing-asset strategy; resource potential of ~10 MMbbl is only a target.
13 Apr 2016capital raising announcement● Neutral
The 58,265,423 placement shares at 0.5c were issued, raising $291,327 as announced on 7 April. Shares on issue rise from 238.1m to 296.3m; the company states dilution of 8.69% for the 7.1A portion. Completes the placement.
7 Apr 2016capital raising announcement▲ GoodMajor
Xstate raised $416,327: a $291,327 placement of 58.3m shares at 0.5c (25% of equity) plus a $125,000 convertible note at 0.5c, 8% coupon, 6 months, subject to shareholder approval. Funds go to due diligence on three US acquisitions. Priced above the 0.3c share purchase plan (SPP).
22 Mar 2016admin correction● Neutral
Corrects the governance checklist filed on 16 March, changing the year-end date from 31 December 2016 to 31 December 2015. Administrative only; no substance.
16 Mar 2016other● Neutral
Corporate governance checklist lodged with the annual report, pointing to pages 19-25 and the website. It wrongly states the financial year as 31 December 2016. Administrative, no substance for shareholders.
16 Mar 2016annual report● Neutral
2015 annual report: Xstate says it has been unable to finalise a farmout of its Sacramento Basin gas prospects despite technical interest. Net gas production was 10,713 mcf (13,639 in 2014). Strategy stays: find a farminee, buy low-risk producing assets, keep costs minimal. Text truncated; accounts not shown.
12 Feb 2016listing compliance notice▼ BadMajor
ASX queried Xstate's cash after the December quarter showed cash of $38,000, operating outflow of $148,000 and a forecast $80,000 outflow next quarter. Xstate must answer by 15 February or face possible suspension. Sharp drop from $220,000 at the May AGM.
28 Jan 2016quarterly activities report▼ BadMajor
December 2015 quarter: Porter Ranch leases (22.5%) were allowed to expire, Arnaudo leases were not renewed, and the SCU #1-24 water disposal project will be discontinued over new State licensing conditions. Focus narrows to Dempsey, Alvares and acquiring producing assets. Net gas 2,298 mcf.
22 Dec 2015security holder rights change● Neutral
17 million unlisted options at 6-10 cents expire unexercised on 31 December 2015. With shares recently sold at 0.3 cents, exercise was not realistic (inference). No cash is raised from them.
29 Oct 2015director officer appointment● NeutralMajor
Cosimo Damiano, formerly of Mercuria's upstream investments, joins as executive director on a small retainer plus day rate. His role is to find funding for a revised strategy of buying low-cost conventional producing oil and gas assets, alongside the Sacramento exploration portfolio.
22 Sept 2015production update● Neutral
AOC's own release on the same Rancho-Capay well: 425 mcf/day, AOC 55% and Xstate 10%. Repeats Xstate's announcement from the AOC side; AOC says funding-partner talks on Dempsey continue. No new Xstate information.
22 Sept 2015production update▲ Good
A Rancho-Capay well near Dempsey flowed gas at a stable 425 mcf/day after the well bore was cleared. Gross revenue is estimated at about A$1,800/day; Xstate holds 10% of the well (AOC 55%). Small in absolute terms; sales await pipeline approval.
14 Sept 2015capital raising announcement▲ GoodMajor
The share purchase plan raised $164,798, above the $150,000 target. Directors accepted oversubscriptions up to the maximum 54,932,510 shares. That is roughly 30% more shares on a base of about 180 million, so existing holders who did not take part are diluted.
What it means for a shareholder
54.9m new shares at about A$0.003 to raise about A$164,798. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (333,332 at the issue price), your slice goes from 0.182% to 0.14% of the company. To keep it you'd need 99,988 more shares - about A$300 at the issue price.
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11 Sept 2015half year report● Neutral
Half-year to 30 June 2015: net loss of $286,992 versus $1,040,914 a year earlier, with cost-reduction measures continuing. Dempsey and Alvares remain the focus, with farmout presentations given. Text truncated, so cash and balance sheet are not shown.
26 Aug 2015capital raising announcement● Neutral
Offer booklet for the share purchase plan announced 21 August: $1,000 to $15,000 per shareholder at $0.003, capped at $150,000, with a ceiling of 54,938,755 shares (30% of capital). Closes 11 September. Repeats announced terms; no new substance.
21 Aug 2015capital raising announcement● NeutralMajor
Xstate offers a share purchase plan to raise up to $150,000 at $0.003 a share, a 32% discount to recent market price. Funds go to California interests, assessing new conventional producing assets, and working capital. Far smaller than earlier raisings; the price is well below the 4-10c option strikes.
20 May 2015investor presentation▼ Bad
AGM presentation shows cash of $220,000, down from about $400,000 in March. Xstate continues to seek a farminee for Dempsey and Alvares and lists 2015 drilling plans, all via farmout or equity. Prospect sizes repeat earlier figures.
19 Mar 2015annual report● Neutral
2014 annual report lodged. Net production for the year was 13,639 mcf (gross 200,487). Alvares (25%) and Dempsey (10%) remain the key prospects. Text truncated, so financial results are not shown.
12 Mar 2015investor presentation● Neutral
Corporate update clarifying recent activity: strategy is still to find a funded farminee, finish leasing and drill. Cash is $400,000 and directors' pay is under $150,000 a year. Partners say farmout market is tight because of low oil prices.
10 Feb 2015security holder rights change▼ BadMajor
Shareholders holding 5.42% requisitioned a general meeting to remove all current directors and appoint three new ones. The board is checking the notices' validity; a meeting must be called within 21 days and held within two months.
1 Dec 2014joint venture update● Neutral
Xstate forwarded AOC's release on Cal LNG, in which Xstate will hold 18%. Same content as AOC's announcement; no additional Xstate terms or costs are given.
