Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 July 2013quarterly activities report● Neutral
June quarter report: the Tunisian sale completed and the West Brentwood well was suspended after finding no productive reservoir. Drilling permits for further Brentwood wells are not expected until a later quarter. 118.9m shares on issue; cost cutting continues.
31 July 2013quarterly activities report● Neutral
June quarter cash flow shows cash rose to $450k from $119k, helped by $607k from selling exploration assets, offset by $298k operating outflow including an aborted Blue Sky Langsa investment. Expected next-quarter outflow is $133k.
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.
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.
31 May 2013agm notice● Neutral
All 12 AGM resolutions passed on a show of hands, including the election of Andrew Childs, the remuneration report and a 10% placement capacity. Administrative result.
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.
30 Apr 2013quarterly activities report● Neutral
March quarter report recaps the new US interests, the end of the Langsa deal on 19 March, and the Tunisian sale's remaining ~US$600,000 delayed by Tunisian organisational changes. 11m shares issued, including 10m at about 1.75c. Search for new assets continues.
30 Apr 2013agm notice● Neutral
Notice of the 31 May 2013 AGM, with the annual report. Resolutions include electing Andrew Childs, re-electing Ross Kestel, ratifying the 10m-share placement and 1m vendor shares, with option and share plan items. Text truncated.
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.
31 Jan 2013quarterly activities report● Neutral
December quarter report: first tranche of the Tunisian sale was received (A$296k), lifting cash to $308k at 31 December. Second tranche awaits Tunisian government approval, expected next quarter. The search for new projects continues.
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.
31 Oct 2012quarterly activities report▼ Bad
September quarter report restates the Gulfsands sale (up to US$1.375m) and an EGM on 27 November. Cash fell to $163k at 30 September from $548k the prior quarter. The search for new projects continues.
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.
