Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Oct 2025drilling result▲ GoodMajor
Logs confirm 23m of net gas pay (116m gross) in three Permian zones, with average porosity about 10%. Wells is cased and cemented at 2,479m final depth. Wallabella could not be fully logged. Flow testing is still to be planned and agreed.
8 Oct 2025drilling result▲ GoodMajor
Diona-1 reached 2,479m. The main Showgrounds target had no hydrocarbons, but a 181m gas-bearing Permian section was hit, including an overpressured gas kick. Wireline logging is pending. This was an unexpected result, and the Managing Director raises the possibility of a larger unconventional gas play.
2 Oct 2025drilling progress report▲ Good
Xstate's 51% of ATP 2077 was registered on title on 29 September 2025, and it operates. Diona-1 had reached about 1,130m and the first target, the Showgrounds at 2,300m, is expected around 3-4 October, on schedule.
29 Sept 2025drilling spud▲ GoodMajor
Diona-1 spudded on 27 September 2025, a day later than planned, and had reached 549m while running casing. Xstate holds 51% and operates. The Showgrounds target at about 2,300m should be reached in 7-8 days.
25 Sept 2025drilling progress report● Neutral
Rig arrived 22 September and is set up, with Diona-1 spud planned for 1700 on 26 September. Drilling to the Showgrounds target at 2,300m should take 7-8 days. Timetable update only.
18 Sept 2025investor presentation● Neutral
Project update and presentation: rig due 21 September, spud forecast 26 September, total depth of 2,600m expected around 6-8 October. Repeats known Diona facts: 55% chance of success, $2.7m well cost, 12.5 Bscfe gross unrisked.
17 Sept 2025director officer appointment● NeutralMajor
Greg Channon replaces Andrew Childs as Non-Executive Chairman; Childs stays on as a non-executive director. Channon is also Chief Geoscientist at Elixir Energy, the 49% partner in Diona, which is a related link worth noting.
16 Sept 2025drilling progress report● Neutral
Well pad for Diona-1 is finished, with cellar and conductor pipe installed. The Ventia 101 rig is expected around 22 September. Preparation step before the well is spudded.
16 Sept 2025listing compliance notice▲ GoodMajor
Trading suspension lifted from the start of trading on 16 September 2025 after re-compliance with ASX listing rules. Shares trade again for the first time since the 26 August 2024 suspension.
15 Sept 2025contract award▲ GoodMajor
Drilling contract signed with Easternwell (Ventia) for Diona-1, with rig mobilisation requested for 21 September and spud expected around 26 September. Management hopes for early results in the first weeks of October, a little later than the end-September hope.
12 Sept 2025other● Neutral
Top 20 shareholder list at 3 September 2025. The top 20 hold 34.98% of 251,380,863 shares; largest is Finclear Nominees at 5.11%, and Blue Sky Resources holds 4.34%. Re-listing paperwork.
12 Sept 2025capital raising announcement▲ Good
Pre-quotation disclosure confirms the offer closed with 107,200,000 shares issued at $0.02 for $2,144,000, plus 16,440,000 lead manager options at $0.04. Planned use includes $2.65m for Diona-1; pro forma net assets $5.14m. Shares total 251,380,863.
What it means for a shareholder
107m new shares at A$0.020 to raise about A$2.1m. That's 3.8% dilution: every existing holder's slice gets 3.8% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.00186% to 0.00179% of the company. To keep it you'd need 1,993 more shares - about A$40 at the issue price.
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12 Sept 2025capital raising announcement▲ GoodMajor
ASX says Xstate shares will be reinstated on 16 September 2025. The offer issued 107,200,000 shares at $0.02 (A$2,144,000), giving 251,380,863 shares. 16,440,000 lead manager options at $0.04 are escrowed for 24 months.
What it means for a shareholder
107m new shares at A$0.020 to raise about A$2.1m. That's 3.8% dilution: every existing holder's slice gets 3.8% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.00186% to 0.00179% of the company. To keep it you'd need 1,993 more shares - about A$40 at the issue price.
Create a free account to see this worked out for your own holding.
12 Sept 2025half year report● Neutral
Interim report for six months to 30 June 2025. Text provided is truncated; it recaps the Crest Jinn sale for a 3% royalty, the Anshof 20% sale to ADX's Kathari offsetting EUR547,075 of cash calls, and the Diona acquisition. No financial figures visible.
12 Sept 2025other● Neutral
Appendix 1A listing application and information checklist, dated 27 June 2025, for re-admission to the ASX official list. Administrative form restating corporate and board details; no new substance in the extract.
12 Sept 2025other● Neutral
Shareholder distribution schedule at 3 September 2025: 3,843 holders of 251,380,863 shares, with the 349 holders above 100,000 shares owning 76.69%. Re-listing paperwork; no new development.
12 Sept 2025other● Neutral
Corporate governance statement approved 9 September 2025, setting out compliance with ASX recommendations at re-listing. Administrative; it notes no measurable gender diversity objectives were set.
12 Sept 2025other● Neutral
Securities dealing (insider trading) policy lodged as part of re-listing paperwork. Policy document only, with no new company information.
3 Sept 2025capital raising announcement▲ GoodMajor
The re-compliance offer is completed, raising about $2.14m before costs. Diona acquisition completion now 4 September, reinstatement 11 September (ASX discretion), a further slip from 9 September. Drilling contract to be signed within a week, rig expected week of 22 September.
20 Aug 2025regulatory community update▲ Good
Queensland's resources department indicates approval for transfer of 51% of ATP 2077 (Diona) to Xstate, needing only the executed transfer form. Stamp duty is paid; completion remains 28 August. Management expects drilling and early results by end of September, with timing drifting slightly.
14 Aug 2025capital raising announcement▲ GoodMajor
Xstate says it has raised more than the $2.0m minimum from over 300 new applicants, putting it in position to meet ASX's reinstatement conditions. Timetable unchanged: completion 28 August, reinstatement 9 September 2025, at ASX's discretion.
7 Aug 2025capital raising announcement● Neutral
ASX advises it will re-admit Xstate if conditions are met, including raising $2m from at least 300 new applicants. Offer close extended to 21 August; completion 28 August; reinstatement now 9 September 2025. A second slip.
6 Aug 2025security holder rights change● Neutral
The 2.23-to-1 consolidation is completed after the 28 July approval, leaving 144,180,863 shares and 6,614,351 options at $0.067. Shares stay suspended, so trading in the new shares resumes only on reinstatement.
31 July 2025quarterly activities report● Neutral
June quarter: Anshof sold, California assets unchanged, and Diona-1 to be drilled within weeks of relisting. Cash fell $788k to A$2.488m. Re-compliance prospectus seeks $2m-$3m.
28 July 2025admin correction● Neutral
Updated company constitution incorporating amendments made by shareholders on 28 July 2025. The text provided is the constitution itself and shows no specific change.
24 July 2025capital raising announcement▼ Bad
Offer close extended from 24 July to 7 August 2025. Re-instatement to trading now targeted for 26 August; funds are returned if shares are not reinstated by 26 September 2025. First slip in the relisting timetable.
18 July 2025investor presentation● Neutral
Invitation to a 22 July 2025 investor webinar where Managing Director Andrew Bald will update on activities and the pending Diona acquisition. No new information.
16 July 2025other● Neutral
ASX's periodic list of entities suspended over three months. The extract provided does not show Xstate's entry, so no Xstate-specific information can be stated. Generic notice of 1 and 2 year removal deadlines.
4 July 2025investor presentation● Neutral
Investor presentation for the raise, restating Diona: 55% chance of success, a 2,300m target, about $2.7m well cost, and 6.4 Bscfe net to Xstate. Drilling is planned for Q3 2025. Repeats known facts.
3 July 2025capital raising announcement● Neutral
The re-compliance prospectus is now open for applications, with the $1.0m priority offer going to existing holders. Shareholder meeting set for 28 July 2025 to approve Diona and the consolidation. Opening of an already announced raise.
