Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Sept 2010drilling result● Neutral
XState calls Lambouka-1 a gas and condensate discovery with about 23m net pay in the Abiod, but the flow test failed due to well bore problems. The rig left on 15 September. Sidi Daher (10%, over 300 mmboe) is to spud in late Q4 2010.
14 Sept 2010drilling progress report● Neutral
ADX update #10: Tunisian authorities approved suspension, and the well was sealed with 5 cement plugs, a retrievable bridge plug and a corrosion cap. The rig was preparing to leave. Confirms the discovery well is suspended, not abandoned.
8 Sept 2010drilling result● Neutral
The Lambouka-1 partners, including XState (10%), agreed to suspend the discovery well for future re-entry rather than abandon it. The aim is a proper test of the Abiod, and possibly a redrill of the lower section up-dip.
7 Sept 2010drilling result▲ GoodMajor
Lambouka-1 reached 2,786m and ADX reports at least two hydrocarbon zones in the Abiod, likely gas and possibly condensate, with about 23m net pay. Fluid samples and pressure data could not be safely taken. The JV is weighing suspension or abandonment.
7 Sept 2010drilling result● Neutral
Cover note: XState says ADX has made an announcement on the Lambouka well. It carries no content of its own; the substance is in ADX's separate results release.
2 Sept 2010investor presentation● Neutral
Notice that Managing Director Gary Jeffery will join a Boardroom Radio oil and gas roundtable on 2 September. No new results or figures are given.
31 Aug 2010drilling progress report● Neutral
ADX update #8: the 8½-inch hole was drilled through the Abiod to 2,785m, with more drilling fluid losses throughout. Together with the oil shows, this led to a decision to run full wireline logs and a fluid-sampling tool (MDT) after final depth.
30 Aug 2010drilling progress report▲ Good
Drilling through the Abiod found pinpoint yellow fluorescence and oil stains in the mud, which ADX calls encouraging but not proof of producible hydrocarbons. This supports a full wireline and fluid-sampling programme. Depth 2,691m.
27 Aug 2010drilling progress report● Neutral
ADX says Lambouka-1 reached the Abiod target, with circulation fluid losses, higher gas readings and unusually high resistivity. The data is preliminary and cannot yet show whether movable hydrocarbons exist. Wireline logs are due at final depth; hole depth was 2,511m.
25 Aug 2010half year report● Neutral
Half-year to 30 June 2010: net loss $212,029 and cash $1.82m, before the Bombora acquisition (completed 8 July) is reflected. Also shows a $1.0m non-current receivable and deposits received in advance of $77,151.
24 Aug 2010drilling progress report● Neutral
ADX update #7: 9 5/8-inch casing run and cemented at 2,216m, and the blowout preventer pressure tested. Next is drilling the 8½-inch hole into the primary Abiod target. Abiod success case unchanged at 370 bcf gas plus 30 mmbbls liquids.
19 Aug 2010drilling result▼ Bad
ADX reports the secondary Ain Grab sandstone has good porosity but is interpreted as water bearing; hole depth is 2,216m. Second water-bearing zone after the Birsa. Casing is next, then the primary Abiod target.
19 Aug 2010drilling progress report● Neutral
XState says Lambouka-1 is setting casing before drilling the primary Abiod target over the next 4 to 7 days. Sidi Daher (over 300 mmboe, 10% interest) is planned for late 2010, and final offshore 3D seismic is now in hand.
18 Aug 2010admin correction▼ Bad
Corrected update #6 confirms the Birsa was water wet, with about 75m of gross sandstone and a good seal. It also cuts the Abiod P50 liquids estimate from about 80 to 30 million barrels, with 370 bcf gas and 244 mmboe P10 upside unchanged.
17 Aug 2010drilling progress report● Neutral
ADX update #6: 13 3/8-inch casing set at 1,469m and the 12¼-inch section drilled to 2,024m, with the Ain Grab marker close to prediction. The Abiod success case is put at 370 bcf gas plus liquids; the liquids figure is corrected in the next release.
16 Aug 2010drilling result▼ BadMajor
Lambouka-1 hit the first target, the Birsa sandstone, at 1,635m, but logs show it is water bearing, which ADX calls disappointing. The deeper primary Abiod target is still to be drilled. XState holds 10%.
16 Aug 2010director officer appointment● Neutral
Board plans 1,000,000 options at 24c, expiring 30 June 2013, for Corporate Director Brett Mitchell, plus 200,000 for a role still being negotiated. The Mitchell grant needs shareholder approval at the next general meeting.
10 Aug 2010drilling progress report● Neutral
Forwards ADX update #5: the 16-inch section reached 1,476m, deeper than the planned 1,341m, to set casing in competent shale. This shale is described as a positive sign for trapping any hydrocarbons in the Birsa sandstone below.
3 Aug 2010investor presentation● Neutral
Notice of an audio broadcast, recorded 2 August, of Managing Director Gary Jeffery presenting XState's offshore oil and gas program while Lambouka-1 drills. No new results are stated.
3 Aug 2010drilling progress report▼ Bad
ADX update #4: 53 hours of bad weather and a blowout preventer connection problem needed modifications, with reduced or zero rig rates meanwhile. Drilling resumed on 2 August in 16-inch hole, so the well is running behind the 35-day estimate.
27 July 2010quarterly activities report● Neutral
Quarterly report (headed March in error) confirms the Bombora acquisition completed 8 July, the $1.5m raising completed and trading resumed. Lambouka-1 is expected to reach its three target reservoirs by early August; Sidi Daher is planned for 2010.
27 July 2010drilling progress report● Neutral
ADX update #3: 20-inch casing was run and cemented at 922m, then bad weather paused work for about 48 hours. The first hydrocarbon-bearing target, the Birsa sandstone, is now expected in a later hole section than previously stated.
20 July 2010drilling progress report▼ Bad
ADX update #2: the 26-inch section was drilled to 927m, but running casing was delayed by rig power repairs, with the rig rate at zero from 18 to 19 July. The rig is working again; no hydrocarbon results yet.
13 July 2010investor presentation● Neutral
Post-reinstatement presentation reframes XState as an oil and gas explorer. Net Lambouka resource is 31 mmboe, with last price $0.30 and about $3.0m cash and no debt. Two 2010 wells are planned, with Dougga appraisal in 2011.
13 July 2010drilling progress report● Neutral
Forwards ADX's first weekly update: Lambouka-1 spudded 11 July and drilled the top hole to 49.6m subsea; conductor casing is being run. XState holds 10% via Bombora. No results yet.
12 July 2010director officer appointment● NeutralMajor
With the Bombora acquisition complete, John Begg becomes non-executive chairman and Gary Jeffery managing director. David McArthur and Rhod Grivas resigned as directors; Kestel and Mitchell stay and McArthur remains secretary.
12 July 2010drilling spud● NeutralMajor
Lambouka-1 was spudded on 11 July 2010 offshore Tunisia, about 3 days late due to anchor problems. XState, via Bombora, holds 10%; the well targets 3,000m, costs about US$22m and takes about 35 days.
7 July 2010security holder rights change● Neutral
The 1-for-3 share consolidation is done, leaving 18,359,864 ordinary shares. Options include 9,179,932 exercisable at 24c to 30 June 2013 and some smaller older series.
5 July 2010drilling progress report● Neutral
Forwards an ADX release that the rig has reached the Lambouka-1 location, slightly ahead of schedule, with spud expected within a week. Bombora holds 10% and is being acquired by XState.
22 June 2010capital raising announcement● Neutral
Confirms the priority offer closes 23 June 2010. Up to 1m shares are allocated at 20c post-consolidation, an effective 6.67c pre-consolidation, against a 10c price when trading was suspended on 10 June.
