Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Aug 2011drilling progress report▼ Bad
ADX says the diverter and circulation system pass testing, but it will not let drilling start until all critical spares are on site. A choke line must be sourced from Egypt, causing another incremental spud delay.
15 Aug 2011drilling progress report● Neutral
ADX says the blowout preventer, after initial test failures and repairs, now passes pressure tests. The diverter is installed but still to be tested. No spud date given.
8 Aug 2011drilling progress report▲ Good
ADX reports the delayed critical equipment, including the valve set sourced from Libya, has arrived on site. Final testing of the blowout preventer and diverters should start soon. No spud date given.
3 Aug 2011drilling progress report▼ Bad
ADX says the Sidi Dhaher rig is essentially rigged up, but safety-critical well control items held up in Libya and Tunisian customs delay acceptance. No spud date can be given. This extends the slip from early August.
29 July 2011admin correction● Neutral
Re-lodgement of the June 2011 quarterly report with the same content as the earlier lodgement. No new information.
29 July 2011half year report▼ BadMajor
Interim report for six months to 30 June 2011. Directors decided to impair the carrying value of the Lambouka asset, viewing the existing well bore as unlikely to have significant value; the well bore remains available. Jeffery now paid $250,000 a year for 75% of his time. Other financials truncated.
25 July 2011drilling progress report▼ Bad
ADX says rig-up is 95% complete, with minor camp infrastructure delays holding up 24/7 operations. Spud has slipped further past early July.
20 July 2011admin correction● Neutral
Re-release of the audio broadcast notice with the date corrected to 2011. No new information.
20 July 2011investor presentation● Neutral
Notice of an audio broadcast with managing director Gary Jeffery. No substantive content. Dated 2010 in error; amended the same day.
14 July 2011drilling progress report● Neutral
ADX says rig-up is nearly complete and rig inspection has begun. Drilling starts once the operator accepts the rig. No spud date given.
6 July 2011investor presentation● Neutral
July investor presentation restates the Sidi Dhaher case (300+ million barrels, ~1 in 3 chance) and says drilling in July 2011. Cash on hand is shown as $1.4m, down from $2.0m at the May AGM presentation.
5 July 2011drilling progress report● Neutral
ADX says the rig mast is up and rig-up continues as planned, with local conditions having no material impact. Drilling has not yet started.
28 June 2011drilling progress report▲ Good
ADX says rig mobilisation went without incident and all rig components are on location, with some camp loads still to move. Drilling could start early July.
21 June 2011drilling scheduled▲ Good
ADX reports rig and camp mobilisation for Sidi Dhaher began on 20 June, with Tunisian authorities providing road safety measures. Drilling could start early July.
21 June 2011drilling scheduled▲ Good
XState confirms rig mobilisation to Sidi Dhaher began 20 June, with drilling possible in early July. Repeats the operator's release.
10 June 2011director officer appointment● Neutral
Non-executive director John Begg resigned immediately, citing increased demands from another public company role. He was earlier chairman and helped bring the Mediterranean assets to XState.
9 June 2011drilling scheduled▲ Good
XState confirms the government supervision deal for Sidi Dhaher-1, with rig move from 20 June and drilling possibly early July. The 300+ million barrel prospect costs about $6m gross and has a 1-in-3 chance of success. Repeats the operator's news.
9 June 2011drilling scheduled▲ GoodMajor
Operator ADX says Tunisian authorities agreed a supervision schedule for Sidi Dhaher-1. Rig mobilisation is expected from 20 June and drilling could start early July. This resolves the safety hold-up; XState keeps 10%.
19 May 2011investor presentation● Neutral
The managing director's AGM presentation repeats the gas-producer goal, Pelagian Basin focus and Sidi Dhaher drilling plans. It shows about 77.5m shares, nil debt and $2.0m cash. No new results.
11 May 2011regulatory community update▲ Good
XState echoes ADX: the Chorbane permit is extended to 12 July 2012 and the government has pledged support for the Sidi Dhaher well, which will spud once that support arrives. No spud date yet.
11 May 2011regulatory community update▲ GoodMajor
Tunisian authorities extended the Chorbane permit exploration period by one year to 12 July 2012 and say government supervision for Sidi Dhaher drilling will be provided. Site is ready; no mobilisation date yet.
21 Apr 2011admin correction● Neutral
XState re-lodged a corrected March quarterly report and Appendix 5B replacing the earlier version. The visible content matches the original; the correction is not specified in the text provided.
11 Apr 2011drilling scheduled▼ Bad
ADX says the Sidi Dhaher-1 rig move remains suspended because local authorities have not given reliable commitments on road and trespass safety. Cost impact is described as minimal. Spud slips again, now with no date given.
5 Apr 2011director officer appointment● Neutral
James Brown, a former Merrill Lynch and Morgan Stanley finance executive and ex-Nido Petroleum director, joins as independent non-executive director. Brett Mitchell resigns from the board.
5 Apr 2011annual report● Neutral
XState confirms the 2010 annual report has been posted to shareholders. Administrative re-lodgement of the report already released on 24 March.
24 Mar 2011annual report● Neutral
The 2010 annual report for the year to 31 December 2010 was lodged, repeating the chairman's gas-producer goal and Sidi Dhaher, Dougga and Lambouka. Financial figures are not visible in the text provided.
21 Mar 2011investor presentation● Neutral
XState points to an audio broadcast in which Breakaway Research rates it a speculative buy, and notes the operator is still preparing to drill Sidi Dhaher despite delays. No new information.
15 Mar 2011other▲ GoodMajor
Chairman David Whitby's letter sets a goal for XState to become a significant gas producer, using existing infrastructure to reach European markets, via developing its three gas discoveries and exploration. Oil would be a bonus. A strategy statement, no new results.
14 Mar 2011drilling scheduled▼ Bad
ADX has delayed moving the rig to spud Sidi Dhaher-1, citing safety of local residents rather than security concerns, while it works with authorities. It says well cost impact is not significant. Another slip after the early March target.
4 Mar 2011other● Neutral
XState confirms the cleansing prospectus offer closed with no shares issued under it. It only served to free up trading of the 10 million placement shares issued in February. Closes that open thread.
