Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Apr 2025director officer appointment● NeutralMajor
Andrew Bald, a non-executive director since June 2022, becomes Managing Director from 4 April 2025 on $235,000 a year (0.6 FTE). Andrew Childs moves from Executive Chairman to a non-executive role, tied to the Diona-led operating push.
7 Apr 2025asset acquisition disposition▲ GoodMajor
Xstate signs to acquire 51% of the Diona Gas Project in Queensland from Elixir, paying a $250,000 deposit and sole-funding the Diona-1 well, targeted for Q3 2025. ASX gave in-principle re-admission advice, subject to re-compliance. Resolves the search for a project.
7 Apr 2025farm in farm out agreement▲ Good
Elixir Energy announces it has farmed out the Diona sub-block of ATP 2077 to Xstate, which earns 51% by fully funding the Diona-1 exploration well, targeted for the third quarter of 2025. This is the counterparty's version of Xstate's new project.
7 Apr 2025investor presentation● Neutral
Elixir's presentation repeats the Diona farmout: Xstate takes 51% and pays a $250,000 deposit. It adds a 55% chance of geologic success and an estimated gross well cost of $2.65m. Largely restates the Xstate announcement.
28 Mar 2025annual report● Neutral
Xstate's 2024 Corporate Governance Statement, lodged with the annual report, says its practices comply with the ASX 4th edition principles. The board is two independent non-executives and one executive director. No new business or financial information.
28 Mar 2025annual report● Neutral
2024 annual report: Red Earth sale funded the company without dilution, but shares were suspended 26 August 2024. Relisting needs re-compliance with Listing Rules 1 and 2 and raising from at least 300 holders. Crest Jinn was sold after year end. Relisting is hoped for next quarter.
28 Mar 2025annual report● Neutral
Appendix 4G for the year to 31 December 2024: a key to where governance disclosures sit, signed by the company secretary. Administrative filing accompanying the annual report, with no new substance.
7 Feb 2025asset acquisition disposition▼ BadMajor
Xstate sold its 25% Crest Jinn interest to Blue Sky for a 3% overriding royalty on 25% of production, valued at about C$10,500. It says talks with Blue Sky reached an impasse and exit removes restoration liabilities. Leaves Austria and California.
22 Jan 2025other● Neutral
ASX 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 deadlines before removal from the official list.
11 Sept 2024half year report● Neutral
Half-year to 30 June 2024: the main activity was the Red Earth sale (US$2.73m), with US$1.4m received in the period and the final US$1.327m after period end. Anshof-3 restarted 3 April. Search for new ventures continues. Financial figures are not shown in the text provided.
26 Aug 2024listing compliance notice▼ BadMajor
Having not completed an acquisition by the 26 August ASX deadline, Xstate says its shares will be suspended. It says it is in continuing negotiations on potential acquisitions. This is the outcome of the Guidance Note 12 deadline set in February.
26 Aug 2024listing compliance notice▼ BadMajor
ASX suspended Xstate's shares immediately, finding its level of operations inadequate to justify continued quotation (Listing Rule 12.1 breach). Suspension lasts until ASX is satisfied the company complies and reinstatement is appropriate.
22 July 2024director officer appointment● Neutral
David McArthur resigned as joint company secretary. Jordan McArthur continues as company secretary. Administrative change only.
8 July 2024asset acquisition disposition▲ GoodMajor
Xstate received the final Red Earth payment of US$1,327,273 (about A$1.973m), completing the sale of its 25% interest. The Chairman says it recapitalised the company without dilution, with proceeds to fund acquiring new exploration assets.
27 May 2024auditor change● Neutral
BDO Audit Pty Ltd replaces BDO Audit (WA) Pty Ltd as auditor after BDO restructured its audit practice. It is the same firm's restructure, not stated as a dispute. Confirmation vote is due at the 2025 AGM.
10 May 2024asset acquisition disposition▲ Good
Xstate received the third Red Earth sale payment of US$1.0m (about A$1.514m). The final US$1,327,273 is due 8 July 2024. Funds are intended for exploration opportunities, possible acquisitions and working capital.
28 Mar 2024annual report● Neutral
2023 annual report: maiden net profit of A$1,400,766, helped by gains on the Alberta Plains sale. High costs and weak Canadian output led to selling Alberta Plains and Red Earth. Anshof-3 was shut in on 12 December 2023, with restart expected Q2 2024.
28 Mar 2024admin correction● Neutral
Appendix 4G, the checklist pointing to where governance disclosures sit, lodged with the annual report. Administrative only, with no substance.
28 Mar 2024other● Neutral
Annual corporate governance statement as at 31 December 2023, describing board practices against ASX principles. No new operational or financial information.
29 Feb 2024admin correction▼ Bad
Re-issue of the Red Earth sale announcement with added wording: ASX may not be satisfied about Xstate's operations and finances, so its shares could be suspended six months after the agreement. It also states there are no other material conditions.
29 Feb 2024asset acquisition disposition● NeutralMajor
Xstate agreed to sell its 25% Red Earth interest to Blue Sky for US$2.73m (about A$4.17m), keeping its Crest Jinn Keg River acreage. It needs shareholder approval as a sale of its main undertaking, and ASX has set 26 August 2024 for it to show it merits continued listing.
6 Nov 2023farm in farm out agreement▼ BadMajor
Xstate will not take part in the Anshof-2 well, calling it a non-core asset and not an appropriate use of funds. It keeps its 20% in Anshof-3. The board is reviewing strategy, which may mean buying bigger exploration assets and trimming non-core ones.
29 Sept 2023asset acquisition disposition▲ GoodMajor
Xstate received C$1,007,731 (about A$1.17m) from Blue Sky as full and final payment, completing the sale of its 35% Alberta Plains interest. This closes the sale agreed in July 2023.
20 Sept 2023admin correction● Neutral
Corrects the listing rule cited for the Alberta Plains sale: ASX confirmed no shareholder approval is needed under Listing Rule 11.2, not 11.1.2 as previously stated. The conclusion that no vote is needed is unchanged.
18 Sept 2023farm in farm out completion▲ GoodMajor
ADX completed its deal with MND, which now holds a 30% economic interest in Anshof after paying EUR 1.93m of past costs. ADX keeps 50% and Xstate's 20% is unchanged. Anshof-2 drilling is expected in Q4 2023, funded by MND.
18 Sept 2023asset acquisition disposition● Neutral
Alberta Plains sale completion deferred to 2 October 2023, with net proceeds of C$1,082,035 (about A$1.24m). ASX confirmed no shareholder approval is needed. Most proceeds will go toward Xstate's 20% share of the Anshof-2 well, expected in Q4 2023.
13 Sept 2023half year report● Neutral
Half-year to June 2023: operating revenue A$3.33m, Canadian net production 38,611 bbl (213 bopd), Anshof 4,076 bbl net. The board says it is selling Alberta Plains because its 2023 operating performance was poor. Confirms the 10:1 consolidation.
7 Aug 2023farm in farm out agreement▲ GoodMajor
Operator ADX signed a deal for MND Austria to fund the Anshof-2 and Anshof-1 wells to earn a 30% economic interest, up to EUR 11.52m. ADX keeps 50% and Xstate's 20% is unchanged. Conditional on Austrian ministry clearance; Anshof-2 targeted for Q4 2023.
19 July 2023asset acquisition disposition● NeutralMajor
Xstate agreed to sell its 35% Alberta Plains interest to Blue Sky for C$1.575m, netting about A$1.2m after C$492,965 owed to Blue Sky. Those are the wells drilled in 2022. Sale needs any required approvals and completes 60 days after signing.
26 Apr 2023production update▲ GoodMajor
Two Keg River oil wells acquired in February are now producing in Alberta, at 170 bopd gross (43 bopd net to Xstate), a 9% rise in Canadian production. Operator plans to drill one of the 10 mapped prospects later this year.
