4 Mar 2011other● Neutral
XState notes a Breakaway Research report has been posted on its website. No new company information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Mar 2011resource reserve update▲ GoodMajor
ADX says the independent TRACS-AGR report puts Dougga mean recoverable contingent resources at 41 million barrels of liquids and 199 bcf sales gas. This firms up November 2010 estimates; an appraisal well is targeted early 2012. XState holds 10%, with option to 20%.
28 Feb 2011other● Neutral
XState lodged a cleansing prospectus, offering 10,000 shares at 12.5c, only to lift trading restrictions on the 10 million placement shares issued in the $1.25m raising. Administrative; no new money or operational news.
25 Feb 2011capital raising announcement● NeutralMajor
XState raised $1.25m placing 10,000,000 shares at 12.5c to professional investors, with Argonaut as lead manager. Funds are for working capital, including testing Sidi Dhaher zones. Spud is now expected in early March 2011, another slip.
What it means for a shareholder
10.0m new shares at A$0.125 to raise about A$1.3m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (8,000 at the issue price), your slice goes from 0.0136% to 0.0116% of the company. To keep it you'd need 1,359 more shares - about A$170 at the issue price.
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24 Feb 2011drilling scheduled● Neutral
ADX says Sidi Dhaher preparations are slightly slower than expected but with no significant extra cost. Surface casing is set and all approvals obtained. Camp then rig move take about 5 days each before spud. Libya unrest is said not to affect operations.
15 Feb 2011other● Neutral
Notice that 4,176,227 fully paid ordinary shares will be released from escrow restriction on 28 February 2011. Administrative; no operational or financial news.
14 Feb 2011director officer appointment▲ Good
The requisitioned meeting was held 14 February, but with the requisition withdrawn no resolution was put. The board says major shareholders strongly support David Whitby's appointment as Chairman. Confirms the dispute is settled.
11 Feb 2011director officer appointment▲ GoodMajor
David Whitby, former Nido Petroleum CEO and chairman, joins as XState's new Chairman; John Begg stays as a director. The shareholders who requisitioned his removal withdrew the requisition, resolving the December governance dispute.
11 Feb 2011drilling scheduled● Neutral
ADX reports Sidi Dhaher site preparation is complete and key contracts are in place, but rig components need repairs. A mobilisation decision is expected the following week, still aiming for a February spud.
7 Feb 2011investor presentation● Neutral
Updated investor presentation repeating known facts: Sidi Dhaher 300+ million barrel prospect spudding in late February, Dougga and Lambouka resources, 67.5m shares, 48.4m options and about A$10m market capitalisation. No new results.
28 Jan 2011admin correction● Neutral
ADX re-lodged its 28 January Sidi Dhaher update because the original was wrongly labelled 'Draft ASX Release'. The content is unchanged. No new information.
28 Jan 2011drilling scheduled● Neutral
ADX says Tunisian security has kept improving and civil works at Sidi Dhaher are going well. Spud is now expected in the second half of February, subject to contractor availability, with the rig contractor confirmed. Timing slips slightly again.
18 Jan 2011regulatory community update▲ GoodMajor
Tunisia renewed the Kerkouane offshore licence for three years to 22 February 2014. Work commitments are a Lambouka well test and a well to at least 2,500m, plus relinquishing 772 km². XState holds 10% with its option to lift to 20% at Dougga intact.
18 Jan 2011drilling scheduled▼ Bad
ADX says Sidi Dhaher preparations continue despite Tunisian unrest, but contractors' extra security precautions and customs delays mean a potential spud in late February. This pushes back the early February target given on 12 January.
12 Jan 2011drilling scheduled▲ Good
Operator ADX signed a letter of intent for Challenger's Rig 37 to drill Sidi Dhaher, with spud targeted for the first week of February 2011, subject to Tunisian approvals. XState's 10% is unchanged. This firms up the rig question left open in December.
12 Jan 2011drilling scheduled▲ Good
XState confirms a rig is contracted and Sidi Dhaher is expected to spud in the first week of February 2011, pending government approvals. Well costs about $6m over ~30 days, with 300+ million barrels potential at ~30% chance. Repeats ADX's rig news.
22 Dec 2010director officer appointment▼ BadMajor
Shareholders holding about 10.82% have requisitioned a meeting to vote on removing Chairman John Begg. Directors are checking the requisition is valid before convening the meeting. A new governance dispute.
21 Dec 2010other● Neutral
Routine lodgement of the company's Securities Dealing Policy under the listing rules. Administrative, with no operational or financial news.
21 Dec 2010drilling scheduled● NeutralMajor
XState expects the Sidi Dhaher well to spud around 28 January 2011, with rig choice narrowed to two. Cost is about US$6m over roughly 30 days, with a ~30% chance of success. This slips the earlier December 2010 target.
14 Dec 2010other● Neutral
Notice that a broker research report from Growth Equities & Company has been posted on XState's website. No content or figures given.
7 Dec 2010regulatory community update● Neutral
Tunisian authority ETAP approved the rig tender evaluation for Sidi Daher-1; four rigs qualify and the final choice comes within days. Spud is anticipated January 2011, later than the December target set earlier.
25 Nov 2010farm in farm out agreement● Neutral
ADX farms out 10% of Chorbane to Verus Investments, which earns it by drilling Sidi Daher, now expected to spud January 2011. Interests become ADX 40%, Gulfsands 40%, XState 10%, Verus 10%. XState's 10% is unchanged.
18 Nov 2010investor presentation● Neutral
London oilbarrel conference presentation repeating known facts: Sidi Daher now late 2010 or early 2011, Lambouka and Dougga resources, 67.5m shares, 48.4m options and about A$10m market capitalisation. No new results.
9 Nov 2010capital raising announcement● Neutral
New shares and options from the entitlements issue began trading on the ASX, completing the roughly $3m raise.
4 Nov 2010resource reserve update▲ GoodMajor
ADX remapping with 3D seismic lifts Dougga's inferred mean contingent resource to 234 bcf gas and 50 mmbbls condensate/LPG (89 mmboe), from 196 bcf and 42 mmbbls. XState holds 10% with an option to 20%. An appraisal well is planned for 2011.
2 Nov 2010capital raising announcement● NeutralMajor
The entitlements issue drew applications for 20,112,161 shares; the 9,904,100-share shortfall will be placed by the underwriter. Holders took up about two-thirds of the roughly 30.0m shares offered at 10c.
What it means for a shareholder
30.0m new shares at A$0.100 to raise about A$3.0m. That's 34% dilution: every existing holder's slice gets 34% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.017% to 0.0113% of the company. To keep it you'd need 5,095 more shares - about A$510 at the issue price.
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25 Oct 2010investor presentation● Neutral
Investor presentation repeating known facts: Sidi Daher (310m barrels oil, 42 bcf gas, about 30% chance of success), Lambouka's 309 bcf/24m barrels condensate estimate, and the $3m raise. Slides say the well is late 2010, though one says 2011.
19 Oct 2010investor presentation● Neutral
Notice of an investor presentation audio broadcast by Managing Director Gary Jeffery on 20 October. No new information.
5 Oct 2010investor presentation● Neutral
Notice of an audio broadcast with Managing Director Gary Jeffery on Tunisian operations and the capital raising. No new results or figures are given.
1 Oct 2010capital raising announcement● Neutral
Letter to shareholders restating the entitlements issue: up to 30,016,261 shares at 10c and 15,008,130 options, raising up to $3,001,626, with Argonaut underwriting. Prospectus mailed 13 October, closes 27 October. No new terms.
What it means for a shareholder
30.0m new shares at A$0.100 to raise about A$3.0m. That's 34% dilution: every existing holder's slice gets 34% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.017% to 0.0112% of the company. To keep it you'd need 5,098 more shares - about A$510 at the issue price.
Create a free account to see this worked out for your own holding.