Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2011quarterly activities report● Neutral
December quarter report: Sidi Dhaher-1 (target 2,150m) is now expected to spud in late February 2011. XState earns 10% by funding 20% of costs up to US$5m. Kerkouane licence renewed three years, Dougga appraisal well planned late 2011.
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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29 Oct 2010quarterly activities report● Neutral
September quarter report: Lambouka-1 gas and condensate discovery suspended for re-entry, Lambouka estimate of 75 mmboe, Dougga 96 mmboe, and Sidi Daher drilling prep for late 2010. The Nevada database option expired unexercised, as the company now focuses on oil and gas.
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.
1 Oct 2010capital raising announcement● Neutral
Letter telling shareholders with addresses outside Australia and New Zealand that they cannot take part in the entitlements issue. Terms are unchanged: 10c shares, $3.0m raise.
30 Sept 2010capital raising announcement● Neutral
Colour copy of the entitlement issue prospectus already released that day. It restates the terms: 4 shares for every 5 held at 10c to raise about $3.0m, with a free 24c option per 2 shares, underwritten by Argonaut. Closing 27 October.
29 Sept 2010security holder rights change● Neutral
Letter to option holders: to take part in the entitlement issue they must exercise options before the 11 October record date. It repeats the revised timetable, with closing on 27 October.
29 Sept 2010capital raising announcement● NeutralMajor
XState launches a $3.0m entitlement issue: 4 new shares for every 5 held at 10c, with 1 free 24c option (to 30 June 2013) per 2 shares. Up to 30.0m shares are underwritten by Argonaut. It is meant to fund Sidi Daher drilling in December.
29 Sept 2010capital raising announcement● Neutral
Revised timetable for the $3m entitlement issue: record date 11 October, closing 27 October, and new shares and options expected to trade on 8 November 2010. Dates only; terms unchanged.
23 Sept 2010resource reserve update● NeutralMajor
ADX's preliminary estimate for Lambouka is a mean recoverable 309 bcf of sales gas (P50 277 bcf), plus roughly 24 mmbbls condensate if Dougga's ratio applies. This is below the pre-drill 370 bcf success case. Reserves need a successful flow test; re-entry is planned alongside a possible 2011 Dougga appraisal well.
22 Sept 2010contract award● Neutral
ADX sent drilling service tenders for Sidi Daher, targeting a December 2010 spud. XState holds 10%, with ADX 50% and Gulfsands 40%. ADX's own estimate is 80 mmbbls of prospective resource, below XState's 300 mmboe figure.
