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.
31 Oct 2014quarterly activities report● Neutral
September quarter: farmout talks continue for Dempsey and Alvares, with drilling targeted for 2015. Net gas production was 3,699 mcf (gross 35,400), with wells temporarily shut in for pipeline repairs. The report predates the NGP withdrawal; cash figures are truncated.
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Northern Gulf Petroleum has withdrawn from its funding commitments to AOC and so effectively from the heads of agreement to farm in to Dempsey and Alvares, per AOC.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.
31 July 2014quarterly activities report● Neutral
June quarter: Xstate bought the remaining 24.1% of Bombora on 10 June for 4,092,502 shares. Gross exposure was 23,000 acres with another 10,000 being processed for leasing, and the Porter Ranch drilling application was accepted as complete. Cash was $818k.
30 Apr 2014quarterly activities report● Neutral
March quarter: Bombora 75.9% acquisition completed 31 Jan 2014 (12,892,084 shares), about 175m shares now on issue. The joint venture delayed its high-pressure gas well application until more land is leased; Porter Ranch faced county public meeting, decision hoped by end June.
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.
31 Mar 2014agm notice● Neutral
Annual report and AGM notice sent to shareholders; meeting set for 30 April 2014. Resolutions include re-electing McArthur, Hodge and Cartwright, ratifying the 20m-share placement, and a 10% placement capacity. Text truncated.
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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31 Jan 2014quarterly activities report● Neutral
December quarter: JV has identified three Sacramento gas play types, with prospects of 500 Bcf to over 5 Tcf, and plans to twin a high-pressure gas well (Xstate 25%). Porter Ranch drilling permit sought; Bombora takeover (75.9%) pending. Text truncated.
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.
31 Oct 2013quarterly activities report● Neutral
September quarter: Xstate decided to discontinue exploration on Gulf of Mexico Block HIA549 to focus on onshore California. The 7 Sacramento wells produce about 632 mcf/d, and Xstate's 10% share of quarterly revenue was US$14,735. About 127m shares on issue.
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.
