Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Dec 2014joint venture update● NeutralMajor
AOC announced Cal LNG LLC, a US west coast LNG export and domestic supply venture: AOC 42%, Xstate 18%, private Blue Sky E&P 40%. Sites identified, negotiations ongoing. AOC says Dempsey and Alvares remain first priority.
27 Oct 2014material agreement termination▼ BadMajor
Northern Gulf Petroleum has withdrawn from its funding commitments to AOC and so effectively from the heads of agreement to farm in to Dempsey and Alvares, per AOC. This ends the deal announced 19 days earlier; Xstate will pursue other interested parties.
15 Oct 2014investor presentation● Neutral
Broker presentation restating the California gas portfolio: Alvares (25%), Dempsey (10%), Porters Ranch (22.5%), with about 180m shares and cash of $500,000. Mostly repeats known facts; the cash figure is lower than the $818k at June.
8 Oct 2014other● Neutral
AOC's own announcement of the two-well farmout heads of agreement with Northern Gulf Petroleum, plus a 13.5m-share AOC placement at 12c (about $1.6m). Duplicates Xstate's release of the same day; AOC's deal terms are not Xstate's.
8 Oct 2014other● Neutral
Corrected re-release of the 8 October Northern Gulf Petroleum farmout announcement, with an amended location map only. Terms are unchanged: NGP to fund Dempsey and Alvares wells for 50% of each, subject to due diligence. No new substance.
8 Oct 2014farm in farm out agreement▲ GoodMajor
Xstate signed a heads of agreement for Northern Gulf Petroleum to fund the Dempsey (1 Tcf) and Alvares (2.4 Tcf) wells for a 50% interest in each, with drilling planned mid-2015. Carry is capped at US$4.6m and US$10m; Xstate would hold 12.5% post-drilling. Subject to due diligence.
9 Sept 2014investor presentation● Neutral
Xstate forwarded AOC managing director Gary Jeffery's Good Oil Conference presentation on the Sacramento Basin, including the Dempsey (over 1 Tcf) and Alvares (about 2.4 Tcf) prospects. It repeats known facts; the presentation is AOC's.
5 Sept 2014half year report▼ Bad
Half-year to 30 June 2014: net loss $987,590 (versus $465,460 a year earlier). Xstate (30%) and AOC (70%) continue to expand seismic data in the Sacramento Basin. Text truncated.
4 Sept 2014other● Neutral
Partner AOC's own release: permitting has begun for the Dempsey 1 gas well, targeting over 1 Tcf, with drilling possible December 2014 or early 2015. Xstate holds 10% (option to 25%); funding for the US$4.5-5.5m well is still being sought.
4 Sept 2014joint venture update● Neutral
Xstate re-released AOC's Dempsey announcement, stressing its 10% interest with an option, terms not yet set, to rise to 25%. Same content as AOC's release; no new Xstate transaction.
12 Aug 2014director officer appointment● NeutralMajor
Paul Cartwright resigned as Managing Director after about nine months; director Chris Hodge becomes MD, and Ian Tchacos, former Nexus Energy MD, joins as non-executive director. No reason for the resignation is given.
22 Apr 2014other● Neutral
Administrative notice: the share registry, Advanced Share Registry, has changed its address to 110 Stirling Hwy, Nedlands. No substance for shareholders.
12 Mar 2014annual report● Neutral
Annual report for 2013 lodged. The review recaps West Brentwood (16.667%; Shea Dividend #1-8 well not productive, suspended), dropping Gulf block HIA549, and the 10% in seven Sacramento gas wells. Text truncated, so financials are not shown.
17 Feb 2014capital raising announcement▲ GoodMajor
Xstate placed 20m shares at 5c to raise $1.0m, settling 19 February. Funds go to extra 2D seismic and wider Sacramento Basin leasing. The price is above the 3c December placement.
What it means for a shareholder
20.0m new shares at A$0.050 to raise about A$1.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0129% to 0.0114% of the company. To keep it you'd need 2,584 more shares - about A$129 at the issue price.
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12 Dec 2013asset acquisition disposition● NeutralMajor
The Bombora deal was cut back: Xstate will now buy 75.90% of Bombora for 12,892,084 shares instead of 100% for 16,984,583. The same Porter Ranch, water-disposal well and West Brentwood assets are included. Still needs shareholder approval.
12 Dec 2013capital raising announcement● NeutralMajor
Xstate placed 11m shares at 3c to raise $330,000 for working capital and to finish leasing over new prospects. Follows the cash balance of about $400k in September.
What it means for a shareholder
11.0m new shares at A$0.030 to raise about A$330,000. That's 7.8% dilution: every existing holder's slice gets 7.8% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.0258% to 0.0238% of the company. To keep it you'd need 2,835 more shares - about A$85 at the issue price.
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10 Dec 2013other● Neutral
Partner AOC bought rights to 1,447 km of extra 2D seismic inside its area of mutual interest with Xstate in California, to generate more prospects for drilling in 2014. An AOC announcement, with no direct Xstate transaction.
6 Dec 2013investor presentation● Neutral
New MD Paul Cartwright's first review pitches California gas and oil prospects of 600 Bcf to 3 Tcf. It cites 129m shares, a 3.1c price, $4.0m market cap, and running costs of $30,000 a month. Funding is planned through farm-outs. Text truncated.
2 Dec 2013other● Neutral
Australian Oil Company's own activity update, not Xstate's. It plans two California wells in the first half of 2014 and cites a 600 Bcf to 3 Tcf gas prospect (40% interest) and a 10m+ barrel oil prospect (45%).
18 Nov 2013asset acquisition disposition▲ GoodMajor
Xstate signed a binding heads of agreement to buy all of Bombora Energy for 16,984,583 shares, subject to Bombora holder and Xstate shareholder approval. Adds 22.5% of Porter Ranch oil leases, 10.94% of a water-disposal well and 6.67% more of West Brentwood. Revisits the Bombora name from its 2010 deal.
12 Nov 2013director officer appointment● Neutral
Andrew Childs resigned as non-executive director and geologist Chris Hodge, ex-Adelphi Energy MD, joined. The MD says Xstate plans to drill 'world class targets' in the first half of 2014.
6 Nov 2013director officer appointment● NeutralMajor
Gary Jeffery resigned as MD to run Australian Oil Company, the new alliance partner, though he remains Xstate's largest shareholder. Director Paul Cartwright becomes MD on $200k a year (half cash, half shares) plus 10.5m options, both subject to shareholder approval.
24 Oct 2013director officer appointment▲ Good
Paul Cartwright, a 20-year oil and gas executive who founded Kingsway Oil before its 2011 sale to Hess, joined the board. Fills the new director seat flagged in September.
22 Oct 2013material agreement▲ GoodMajor
Xstate signed a three-year Area of Mutual Interest agreement with Australian Oil Company (ASX: AOC) to share interests in new California joint venture opportunities. It formalises the relationship cited in the Good Oil presentation.
7 Oct 2013price query● Neutral
ASX queried the rise from 1.4c to an intra-day 3c on 7 October. Xstate said it knew of no undisclosed information, pointing only to a 3 October Proactive Investor article calling it undervalued, and confirmed it complies with disclosure rules.
5 Sept 2013investor presentation● Neutral
Good Oil Conference slides from MD Gary Jeffery restate the California onshore strategy, the Sacramento gas wells and a tight structure: 125m shares, 0.9c price, $1.1m market cap, ~$400k cash, no debt. A new non-executive director is flagged as coming.
4 Sept 2013director officer appointment● Neutral
David McArthur, already company secretary, was appointed a director, filling a seat after Ross Kestel's 3 September resignation left only two directors. No background or terms given in the announcement.
3 Sept 2013director officer appointment▼ BadMajor
Non-executive director and acting chairman Ross Kestel resigned on 3 September 2013. A replacement will be announced once appointed. The board is down to Gary Jeffery and Andrew Childs.
27 Aug 2013half year report● Neutral
Half-year report to 30 June 2013 shows a net loss of $465,460 (against $2.06m a year earlier). Confirms the Tunisian sale balance of A$903,466 was received, the Langsa deal ended, and the Sacramento wells were bought after period end. Text truncated.
8 Aug 2013asset acquisition disposition▲ GoodMajor
Xstate bought a 10% interest in 7 producing Sacramento Basin gas wells for US$37,500, about 740 mcf/d gross, with access to 3D seismic over 375 sq km. Gross reserves are internally estimated at about 1.5 bcf. A first production asset after the Tunisian exit.
