Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Jan 2022drilling result▲ GoodMajor
Logging confirms the Anshof-3 discovery: about 6m of oil at the Eocene target (2.5-4m likely net pay) and 14m of expected gas pay. The 11m Cenomanian oil zone is unlikely productive. Eocene thickness is at the low end of predrill expectations. The well will be cased and tested.
11 Jan 2022drilling progress report● Neutral
Anshof-3 reached total depth of 2,499m on 6 January. A further 11m Cenomanian interval with oil and gas shows was found. Hole instability delayed wireline logging; results due this week. No new confirmed result.
5 Jan 2022drilling result▲ GoodMajor
Preliminary drilling data indicate oil over a 9m gross interval at Anshof-3's primary Eocene target and a 20m gross shallow gas zone. This is a first sign of success at the well Xstate is earning 20% of; logging is needed to confirm.
4 Jan 2022drilling progress report● Neutral
Anshof-3 reached 2,201m on day 16, on schedule. The first oil target (Eocene sandstone) is expected near 2,310m. A roughly 20m gas-show zone around 850m will be evaluated after logging. No confirmed result yet.
29 Dec 2021drilling progress report● Neutral
Anshof-3 reached 1,123m on day 10, on schedule, with shallow gas shows from 175m that caused a small casing delay. Operator ADX says such shows are expected; deeper oil targets are still ahead, with planned total depth 2,540m.
20 Dec 2021drilling spud● Neutral
Anshof-3, the Austrian well Xstate is funding 40% of to earn 20%, spudded on 18 December 2021. The first 24 hours drilled to 37m and cemented surface casing. Early operations only; results are weeks away.
14 Dec 2021drilling progress report● Neutral
Xstate passes on ADX's update that the Anshof well site is built and the drill rig began moving in on 13 December. Xstate says it is currently earning a 20% interest. No new result.
24 Nov 2021drilling scheduled▲ Good
ADX has final environmental approval and has started building the Anshof well site. Rig mobilisation is expected mid-December, with the well drilled from the Anshof-3 location about 50 metres from a pipeline, taking roughly 17 days. Timing update on the known farm-in well.
22 Nov 2021farm in farm out agreement● Neutral
ADX's own release of the Anshof farm-in: Xstate funds 40% of the well up to €1.8m (€720k) for 20%, with an option on a second well and a two-month option on the Oho prospect. Repeats Xstate's announcement; well due to spud December.
22 Nov 2021farm in farm out agreement▲ GoodMajor
Xstate farms into a 20% interest in ADX's Anshof prospect in Austria, paying 40% of the well up to €1.8m; expected cost about A$1.2m dry hole. Mean prospective resource 6.6 MMBOE gross, 43% chance of success. Also commits to three Alberta Plains development wells.
6 Apr 2021drilling result▼ BadMajor
Borba 1-7 reached total depth of 8,827 feet. Lower Guinda shows only 10 feet of log pay, judged sub-commercial, and deeper amplitudes were hard streaks, not gas. Hope now rests on testing the Kione. Canadian net production rose to 311 BOEPD.
29 Mar 2021drilling progress report▲ Good
Borba 1-7 records another gas peak of 68 units (14 times background) near 8,600 feet, with the Lower Guinda said to look better than the Dempsey 1-15 interval. Drilling slowed by clay-rich rock; total depth about 9,700 feet.
19 Mar 2021drilling progress report▲ Good
Borba 1-7 meets its best gas shows yet: a 385-unit peak (39 times background) over 30 metres of Lower Guinda sandstone, with ethane appearing for the first time. Shows are not flow results; logs come at total depth.
17 Mar 2021drilling progress report● Neutral
Borba 1-7 meets a gas peak of 12 units over a 2-unit background in the second target, the Guinda sandstone, at 1,726 metres, with 7 metres of reservoir so far. Higher mud weight may be suppressing shows. Logs will come at total depth.
15 Mar 2021drilling result▲ Good
Operator Sacgasco reports the same Borba 1-7 Kione result in feet: 92 feet of net gas pay, with another 45 feet possible. Pay is to be flow tested after drilling finishes. Confirms the Xstate announcement; no new result.
15 Mar 2021drilling result▲ GoodMajor
Logs confirm a gas discovery at Borba 1-7: 28 metres of net gas pay in the Kione sandstone, plus 14 metres of possible pay, with 14-27% porosity. It is cased and awaits later flow testing. This confirms the earlier gas shows; the deeper Guinda target is next.
8 Mar 2021drilling progress report▲ Good
Borba 1-7 hits gas shows in the first target (Kione sands), peaking at 65 units over a 5-unit background. The company calls it promising but says the significance needs log analysis. Drilling continues below 4,737 feet.
1 Mar 2021drilling progress report● Neutral
Borba 1-7 has 13 3/8 inch casing cemented at 1,828 feet as planned. Drilling will continue toward the first gas objective this week. No new result.
23 Feb 2021drilling spud▲ GoodMajor
Borba 1-7 spudded on 21-22 February 2021, ending the long delay since 2018 plans. Drilling ahead at 262 feet toward 13 3/8 inch casing at about 1,800 feet. Xstate pays 37.5% of costs for a 33.33% interest. Well expected to take 25-35 days.
17 Feb 2021resource reserve update▲ GoodMajor
Independent report (ERCE) gives Borba a mean unrisked prospective gas resource of 141 Bcf gross, 38 Bcf net to Xstate, with a 70% chance of finding at least one gas zone. These are undrilled prospect estimates, not discovered gas. Spud is expected this week.
10 Feb 2021drilling scheduled▲ Good
Drilling contract signed and Graham Rig 5 mobilised to Borba 1-7, with spud expected within a week. The well will test gas targets between 3,200 and 9,500 feet, taking 25-35 days. Xstate pays 37.5% of costs for 33.33% after drilling.
10 Feb 2021drilling scheduled● Neutral
Operator Sacgasco's version of the rig mobilisation: Rig 5 is on its way to Borba 1-7, with spud within a week and 25-35 days of drilling. Repeats the Xstate announcement and interests; adds nothing new for Xstate.
21 Dec 2020drilling progress report● Neutral
Sacgasco reports Borba 1-7 conductor and cellar installed, with drilling to start in late January 2021, so the 2020 target is missed. A farmout is in final negotiation, and Sacgasco expects to keep at least 51%. Xstate holds 24%.
10 Nov 2020drilling progress report● Neutral
Sacgasco says the Borba drill pad is complete and drilling is still planned to start in 2020. Interests remain Sacgasco 76% and Xstate 24%, with farmout talks ongoing. The independent resource report awaits final interests.
28 Oct 2020drilling progress report▲ Good
Xstate relays Sacgasco's update: construction of an all-weather Borba 1-7 drill pad starts, with drilling expected in 2020. Interests are shown as Sacgasco 76% and Xstate 24%, with farmout talks to cut Sacgasco's share. Revises the earlier 46/24/30 split.
9 Dec 2019drilling scheduled▲ GoodMajor
Operator Sacgasco received the final drilling permit for Borba 1-7 in the Anzus Project; Xstate holds 24%. Drilling is planned for late January to early February 2020 to test 16 stacked anomalies down to about 2,800 metres. Working interests in the well are still being finalised.
9 Dec 2019drilling scheduled● Neutral
Xstate re-lodges Sacgasco's announcement of the Borba 1-7 drilling permit, confirming Xstate's 24% interest. Cover letter repeating the operator's release; no new information.
8 May 2019farm in farm out agreement▲ GoodMajor
Xstate signs a binding farm-in with Mosman Oil & Gas to earn 25% of the Champion Project, Newton County, Texas, by funding 33.33% of a two-well program costing about US$400,000 from existing cash. First well targets 1.9 BCF, starting early Q3 2019. Marks a shift from California.
12 Mar 2018drilling progress report● Neutral
Test rig mobilised to Dempsey 1-15 and rigging up; the completion will be pulled and replaced to access Zone 3 (400+ feet) and Zone 2. Preparation only, no new result. Xstate holds 10%.
8 Mar 2018drilling scheduled● Neutral
Operator Sacgasco says Dempsey 1-15 testing resumes this month, starting with Zone 3, two gas sands over 400 gross feet, before stimulation is needed. A draft stimulation application is near completion. Changes the earlier stimulate-Zone-2 plan; Xstate holds 10%.
