1 July 2013security holder rights change● Neutral
All 48,438,061 listed 24c options expired unexercised on 30 June 2013, closing that thread. No new money was raised from them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 June 2013asset acquisition disposition▲ GoodMajor
Sale of the Tunisian interests to Gulfsands completed after Tunisian approval, with the balance of cash received in full. A further US$500,000 bonus is possible on first production from the next Kerkouane well. Resolves the long-running pending second tranche.
5 June 2013security holder rights change● Neutral
Reminder letter to holders of the 24c listed options that they expire at 5pm on 30 June 2013. The last share price quoted was 1.2c, well below the 24c exercise price.
7 May 2013drilling result▼ BadMajor
Shea-Dividend #1-8 reached 5,200 feet but found the main reservoir sand eroded away and the secondary sand porous with gas shows but not productive. Well suspended for future use; the company points to updip potential and two other permitted locations.
26 Apr 2013drilling spud● NeutralMajor
The Shea-Dividend #1-8 well at West Brentwood, California began drilling on 25 April 2013, targeting 1,220m vertical depth. Results expected within about 8 days. Xstate's share of dry-hole cost is US$175,000 for its 16.67% interest.
2 Apr 2013other● Neutral
Director Andrew Childs bought 100,000 shares on market on 28 March 2013 for $2,095, lifting his direct holding to 1,477,000 shares. Routine director interest notice.
25 Mar 2013annual report● Neutral
Annual report for year to 31 December 2012 restates the strategy shift after the failed Sidi Dhaher test: sell Tunisian assets, then seek near-term drilling assets. Notes the post-year-end California farmout and Gulf of Mexico block. Text truncated; financials not shown.
21 Mar 2013other● Neutral
ASX lifts the trading suspension on XST and XSTO immediately after the activity update. Administrative notice only.
21 Mar 2013asset acquisition disposition● NeutralMajor
Xstate terminates the Blue Sky Langsa MOU (Indonesia) over timing, equipment and regulatory delays, and instead takes 16.667% of West Brentwood, California (first well spudding April) and 50% of Gulf of Mexico block HIA549. Funded by a 10m-share placement (US$175k) and 1m shares.
14 Feb 2013asset acquisition disposition● NeutralMajor
XState signed a non-binding MOU to buy 100% of Blue Sky Langsa, holding the Langsa offshore Sumatra oil fields (about 340 bopd), by issuing 459.6m shares, leaving BSL holders with 82%. It is subject to due diligence, a reserves report and shareholder approval; the US$25m workover program is unfunded.
11 Feb 2013director officer appointment● Neutral
Director James Brown resigned following the strategy change after the Tunisian divestment, and Andrew Childs was appointed. The company says Mr Childs's business connections should help find a project and restructure and recapitalise the company.
22 Jan 2013security holder rights change● Neutral
66,667 unlisted options lapsed unexercised on 21 January 2013. The company now has no unlisted options on issue. Administrative notice.
28 Nov 2012asset acquisition disposition● NeutralMajor
Shareholders approved the sale of the Tunisian and Italian interests to Gulfsands and the agreements were signed. About US$890,000 is payable, US$250,000 immediately and the rest on regulatory approvals.
26 Nov 2012admin correction● Neutral
Notice that the registered office is Level 2, 55 Carrington Street, Nedlands. This repeats the change already advised on 25 May; administrative only.
20 Sept 2012asset acquisition disposition● NeutralMajor
XState reached a preliminary agreement to sell its 10% Chorbane and 10% Kerkouane/Pantelleria interests to Gulfsands for US$875,000 cash at closing, plus a possible US$500,000 bonus on first production from the next Kerkouane well. Shareholder approval is required.
4 Sept 2012investor presentation● Neutral
Good Oil Conference presentation describes the Sidi Dhaher post-mortem, touts the remaining Tunisian acreage, and announces a new strategic direction with a listed 'shell' searching for new projects. Largely repeats known facts. Text truncated.
6 Aug 2012half year report▼ Bad
Interim report to 30 June 2012 impairs the Sidi Dhaher asset. From 1 July the MD's pay is cut from $250,000 to $120,000 a year (deferred) and non-executive fees to $35,000 each, citing the cash balance. Text truncated.
24 July 2012regulatory community update▲ GoodMajor
Tunisian authorities renewed the Chorbane exploration period for three years to 12 July 2015, with 20% of the area relinquished and a minimum of one well of at least 2,500m. XState holds 10%, resolving the July 2012 expiry thread.
29 June 2012director officer appointment▼ BadMajor
Chairman David Whitby resigned as a director to pursue private interests. His seat will not be replaced for now, in the interests of conserving financial resources.
25 June 2012well test result▼ BadMajor
Sidi Dhaher-1 flow test failed: two zones flowed fluids, but none contained hydrocarbons, only mud filtrate, spent acid and probably formation water. The well will be plugged and abandoned. This ends the long-awaited test of the 10%-owned discovery.
21 June 2012security holder rights change● Neutral
4,483,268 shares and 9,840,237 options (expiring 30 April 2013) will be released from escrow on 13 July 2012. Administrative notice.
7 June 2012drilling progress report● Neutral
ADX has run the test string to about 1,180m and is positioning perforating guns. The first attempt will be to flow the well without acid or artificial lift. No results yet.
1 June 2012drilling progress report● Neutral
XState confirms testing began on 31 May, with perforation across the interpreted 30m oil column and up to four test phases including acid clean-up. The managing director warns timing cannot be reliably predicted. Updates only when meaningful results arrive.
1 June 2012drilling progress report● Neutral
ADX accepted the Sedlar rig and testing began on 31 May 2012 with drilling out the safety plug in Sidi Dhaher-1. The multi-stage test is expected to take about three weeks.
22 May 2012drilling progress report● Neutral
ADX reports the drilling rig is now on location at Sidi Dhaher-1 and final test preparations are underway. This follows the mobilisation delays; no results yet.
14 May 2012regulatory community update● Neutral
ADX says the support camp at Sidi Dhaher-1 is mobilised and rig mobilisation has begun, after repeated road disruptions by local people seeking jobs. No forecasts or completion dates given. XState holds 10% of the well test.
7 May 2012security holder rights change● Neutral
333,334 unlisted options expired unexercised on 30 April 2012. Administrative notice with no stated effect on the company's finances.
23 Apr 2012regulatory community update▼ Bad
ADX says local people blocked roads to the Sidi Dhaher site, demanding jobs during testing, temporarily disrupting camp mobilisation. Authorities are supporting efforts to find a solution. Another delay risk for the flow test.
12 Apr 2012drilling progress report▼ Bad
ADX says Sidi Dhaher test operations should start within two weeks, a small delay from its 26 March guidance, due to shipment of replacement critical valves. Equipment is being function tested.
30 Mar 2012annual report● Neutral
Annual report for the year to 31 December 2011. The chairman says the goal is now to focus on the onshore Tunisian assets while seeking ways to realise value from the offshore acreage, and notes the Sidi Dhaher flow test is awaited. Text truncated.