17 June 2010drilling progress report● Neutral
Forwards an ADX release that the rig is being towed to Lambouka-1, expected on location in 12 to 15 days. This is a pre-spud step on the well in which XState's target Bombora holds 10%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 June 2010investor presentation● Neutral
Presentation to the 10 June 2010 general meeting repeating the Bombora deal: 10% of Lambouka (315 mmboe mean unrisked, 30% chance of success) and the onshore Sidi Daher prospect, with two wells planned in 2010.
8 June 2010joint venture update● Neutral
XState forwarded an AuDAX release saying Gulfsands raised its farm-in to 30% of the Sicily Channel permits. Bombora keeps 10% of Lambouka, whose gross well cost is about $20m, with drilling due in the second half of June 2010, after the 10 June shareholder vote.
31 May 2010admin correction● Neutral
Corrects the overseas shareholder letter: the entitlements issue is 1 option for every 2 shares, not 1 for 3. Correct details were sent to overseas holders.
28 May 2010capital raising announcement● Neutral
Letter to Australian and NZ shareholders on the entitlements issue: 1 option per 2 shares at 1c, exercisable at 24c to 30 June 2013, raising about $91,800, underwritten by Argonaut. Priority offer lets small holders top up to 10,000 shares at 20c.
28 May 2010capital raising announcement● Neutral
Letter telling overseas shareholders they cannot take part in the options entitlements issue. It wrongly states the ratio as 1 for 3, which is corrected in the next announcement.
26 May 2010capital raising announcement● NeutralMajor
Recompliance prospectus: offer of up to 5m shares at 20c (post-consolidation) to raise $1.0m, with one option per two shares. Also a $91,800 option entitlement issue and up to 15m placement options at 1c. All depend on the 10 June 2010 shareholder meeting.
21 May 2010admin correction● Neutral
XState says the indicative timetable for the entitlement issue has changed and a revised one will follow. No new dates are given.
13 May 2010drilling progress report▲ Good
XState forwarded an AuDAX release: fast-track 3D seismic confirmed the Lambouka-1 drilling location, in which Bombora (the target XState is acquiring) can earn 10%. Spud is expected the week of 14 June 2010.
4 May 2010listing compliance notice● Neutral
ASX suspended XState's shares on 4 May 2010 after it announced a change of activities, with reinstatement expected 5 May. Shareholder approval would trigger a further suspension until ASX re-compliance rules are met.
4 May 2010asset acquisition disposition▲ GoodMajor
XState agreed conditionally to buy 100% of unlisted Bombora Energy, which is earning 10% interests in Tunisian and Italian oil and gas permits, ending the search for a deal. It offers about 11.7m post-consolidation shares, a 1-for-3 consolidation and a $1.74m raising.
30 Apr 2010quarterly activities report● Neutral
March quarter: still seeking a recapitalising transaction; Nevada database acquired in January, with a field trip planned next quarter. Cash is $2.92m after a $99,000 operating outflow.
7 Apr 2010agm notice● Neutral
Notice of AGM on 25 May 2010. Shareholders vote on the remuneration report, re-election of Rhod Grivas and election of Brett Mitchell, appointed 27 August 2009. Routine business.
6 Apr 2010annual report● Neutral
Confirms the 2009 annual report and AGM notice were sent to shareholders. Administrative only.
24 Feb 2010annual report● Neutral
2009 annual report lodged. Operations report says no project was found suitable for acquisition in 2009, and notes the January 2010 Nevada database purchase. Brett Mitchell is now listed as a fourth director. Text is truncated.
29 Jan 2010quarterly activities report● Neutral
December quarter: repeats the Nevada geochemical database acquisition and plans for a reconnaissance field trip next quarter. Cash is $3.02m after a $65,000 operating outflow; the search for a recapitalising transaction continues.
21 Jan 2010asset acquisition disposition▲ GoodMajor
XState acquired a 25,000-sample Nevada surface geochemical database for 200,000 options at 8c on signing, plus 300,000 at 10c once the first claim is pegged. A first new direction after the Arizona uranium JV; a field trip is planned next quarter.
27 Oct 2009quarterly activities report● Neutral
September quarter: still no project judged attractive enough for acquisition. Cash is $3.09m after a $90,000 operating outflow, with administrative costs at a minimum.
27 Aug 2009director officer appointment● Neutral
Brett Mitchell appointed a director, bringing the board to four. He is a corporate finance executive of 17 years, linked to the Verona Capital group and executive director of WildHorse Energy and Transerv Energy.
7 Aug 2009half year report● Neutral
Half-year to 30 June 2009: net loss $187,885, versus a restated $2.35m loss a year earlier, which included a large exploration write-off. Cash is $3.18m. Minimal exploration planned; the search for investments continues.
31 July 2009quarterly activities report● Neutral
June quarter: no acquisition or investment opportunity has been judged attractive enough to recapitalise the company. Cash is $3.17m after a $41,000 operating outflow, with administrative costs cut to a minimum.
30 Apr 2009quarterly activities report● Neutral
March quarter: XState chose Helvia, Hafsa and Neola as its three 50% Arizona JV areas, resolving the open question. Only minimal exploration is planned given market conditions. Cash is $3.271m and it keeps looking for investments.
27 Feb 2009annual report● Neutral
2008 annual report lodged for the year to 31 December 2008. Directors remain Kestel, McArthur and Grivas, with KPMG as auditor. Text is truncated, so financial results are not visible here.
2 Dec 2008other● Neutral
Notice that 480,000 fully paid ordinary shares will be released from escrow restrictions on 15 December 2008. Administrative only; no new money or change in shares on issue is stated.
31 Oct 2008quarterly activities report● Neutral
September quarter: repeats the 10 September JV determination that XState earned 50% of three Arizona uranium areas, releasing US$1.035m (about US$40k for rehabilitation). Uncommitted cash is about A$3.2m; operating outflow was $59,000 and the company keeps assessing investments.
15 Sept 2008half year report▼ BadMajor
Half-year to 30 June 2008: net loss $2,938,162 (versus $266,371), mainly a $2,759,583 impairment of exploration expenditure. Cash was $3.27 million. The loss largely writes down the capitalised JV exploration spend rather than new cash spending. Text is truncated.
10 Sept 2008farm in farm out completion● NeutralMajor
The JV determined XState has earned 50% of three uranium areas it can choose in Arizona. The earn-in agreement ends and a 50/50 contributing JV begins, releasing US$1.035 million (A$1.24 million) to XState, about US$40,000 of it for rehabilitation. Uncommitted cash is about A$3.25 million.
31 July 2008quarterly activities report● Neutral
June quarter: five further targets were added to the Elle JV, taking it to 13, with shallow drilling to follow and deeper drilling on good results. Net operating outflow was $85,000 and cash at quarter end was $2.338 million. No new drilling results.
4 June 2008joint venture update▲ Good
Liberty Star agreed to add five more exploration targets to the Elle JV, bringing the total to 13. Shallow drilling of about 35 days will start, with deeper drilling only on favourable results; Helvia is being considered for deeper drilling.
30 Apr 2008quarterly activities report● Neutral
March quarter: Neola, Helvia and Hafsa were transferred to the JV, making seven targets. Breccia with fine pyrite was intersected in Neola holes, but no uranium or other economic metals; a deeper hole stopped when the drill string twisted off. Assays awaited.