Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2012quarterly activities report▼ Bad
June quarter report confirms the Sidi Dhaher test flowed only water and the well is abandoned. Resources are restated at 152+ mmboe net (268+ with the offshore option). Costs are being cut about 40% while the company seeks new projects to recapitalise. 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.
25 May 2012agm notice● Neutral
All three AGM resolutions passed on a show of hands, including re-electing chairman David Whitby and approving issue of up to 25 million shares. The registered office moved to 55 Carrington Street, Nedlands.
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.
30 Apr 2012quarterly activities report● Neutral
March quarter report puts Xstate's net resources at 154+ mmboe (270+ if it exercises its offshore option), including 1.7 mmboe from Sidi Dhaher assuming 33% recovery. Flow testing has slipped again, now expected to start mid-May. Text truncated.
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.
23 Apr 2012agm notice● Neutral
Annual report and notice of AGM for 24 May 2012 sent to shareholders. Resolutions cover the remuneration report, re-election of chairman David Whitby, and approval to issue up to 25,000,000 shares.
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.
26 Mar 2012contract award● Neutral
ADX signed the Dietswell Sedlar-160 rig contract and ETAP approved the test programme. Operations are expected in about 16 days, with initial results by mid April 2012, later than the end-March target given on 29 February.
29 Feb 2012drilling scheduled▲ Good
ADX says test preparations are complete and the Dietswell rig contract should be signed within days. Testing is expected to start in about three weeks, with initial results by end of March 2012.
31 Jan 2012quarterly activities report● Neutral
December quarter report restates the 51 million barrel oil-in-place estimate; the operator expects the Sidi Dhaher flow test in the March quarter 2012, with each test taking 7 to 10 days. Contracting is continuing. Text truncated.
9 Jan 2012material agreement▲ Good
ADX signed a letter of intent with Dietswell for the Sedlar-160 rig to test Sidi Dhaher-1. Final contract execution is still needed before the rig moves to the well.
8 Dec 2011contract award● Neutral
ADX received four bids from five invited to supply a rig to test Sidi Dhaher. Evaluation is due by 15 December, with partner and ETAP approval expected around early January, so testing slips into 2012.
30 Nov 2011capital raising announcement● Neutral
XState extends the closing date of its 6.3c share purchase plan to 14 December 2011, citing market conditions. Eligible holders can apply for up to $15,000.
25 Nov 2011investor presentation● Neutral
Notice of an audio broadcast with managing director Gary Jeffery on 25 November, titled as a capital raising to progress work on the oil discovery. No substantive new content.
15 Nov 2011resource reserve update▲ Good
XState repeats the operator's Sidi Dhaher estimate: mean 51 million barrels oil in place (P90 13, P50 37, P10 110). Recoverable volumes depend on fluid studies and a flow test; XST pays 10% of testing costs.
10 Nov 2011resource reserve update▲ GoodMajor
ADX estimates mean contingent oil in place at Sidi Dhaher at 51 million barrels. This is oil in place, not recoverable oil, and depends on a successful flow test proving commercial rates. Test rig selection is being finalised.
8 Nov 2011capital raising announcement● NeutralMajor
XState raised about $730,000 from a placement of about 11.5m shares at 6.3c, below the 10c-12.5c of earlier raisings. A share purchase plan at 6.3c, up to $945,000, is offered to existing holders. Funds go to its share of Sidi Dhaher testing costs and working capital.
What it means for a shareholder
11.5m new shares at A$0.063 to raise about A$730,000. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (15,873 at the issue price), your slice goes from 0.023% to 0.0197% of the company. To keep it you'd need 2,650 more shares - about A$167 at the issue price.
Create a free account to see this worked out for your own holding.
4 Nov 2011investor presentation● Neutral
Revised shareholder presentation restates the Sidi Dhaher oil discovery and offshore Tunisia projects, with flow testing planned in the near term. Cash is shown at $0.5m, no debt, 77.5m shares. Text truncated.
3 Nov 2011drilling progress report▲ Good
ADX says lab analysis confirmed the Sidi Dhaher recovered fluid as typical live crude oil with mud filtrate and minor water. Test-rig tenders have gone to 5 providers; a resource range is imminent. Flow test still needed.
31 Oct 2011quarterly activities report● Neutral
September quarter report restates the Sidi Dhaher-1 oil discovery (potential 30m column, XST now earned 10%), with the well cased awaiting flow test. Also notes 104 km of new Shell-acquired seismic over Kerkouane-1, and continuing search for new projects. Text truncated.
