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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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 2011quarterly activities report● Neutral
March quarter report: Sidi Dhaher-1 rig mobilisation remains delayed over local safety concerns. Dougga study shows 41 million barrels liquids, with a further well planned early 2012. Highlights the $1.25m raising. Cash figures not visible in the text.
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.
4 Mar 2011other● Neutral
XState notes a Breakaway Research report has been posted on its website. No new company information.
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.
Create a free account to see this worked out for your own holding.
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.