Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2017quarterly activities report● Neutral
June quarter report: cash was $0.649m at 30 June with no debt, plus the $470k raised after quarter end. Dempsey 1-15 is due to spud imminently, and the writ response deadline for three investors is early August. Xstate says it is advancing talks on other deals, with timing uncertain.
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.
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.
28 Apr 2017quarterly activities report● Neutral
March 2017 quarter: cash was $0.886m. Gross gas output is about 870 mcf/d (was 165) after the Sacramento acquisitions. The LA purchase agreement was terminated and Xstate has begun suing the four investors, while seeking a similar deal with the vendor, subject to funding.
26 Apr 2017agm notice● Neutral
Annual report and notice of AGM sent to shareholders. The meeting is on 30 May 2017 in Fremantle and covers the remuneration report, re-election of Chris Hodge and a 10% placement capacity approval.
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.
