Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 June 2025security holder rights change● Neutral
Notice of a 223-into-100 share consolidation, cutting shares from 321,519,150 to about 144.2m, and the options' exercise price rises from $0.03 to $0.067. It depends on shareholder approval at the 28 July 2025 meeting. The second consolidation after 2023's 10:1.
26 June 2025capital raising announcement● Neutral
Re-compliance prospectus lodged: 100m shares at $0.02 for a $2.0m minimum, up to 150m shares for $3.0m, with a $1.0m priority offer for existing holders. Closes 24 July 2025. Conditional on shareholder approval, ASX re-compliance and the Diona acquisition; described as highly speculative.
23 June 2025capital raising announcement● NeutralMajor
PAC Partners and BW Equities appointed joint lead managers for a prospectus raise of $2m minimum to $3m maximum at $0.02 per share, conditional on a 2.23:1 consolidation. Fee is 6% plus up to 25 million options at $0.04. Up from the earlier $1.5m minimum.
4 June 2025asset acquisition disposition▲ Good
Xstate assigns its 20% Anshof interest (about 14 bopd) to ADX's Kathari for EUR547,075, offset against the same amount of unpaid cash calls, so no cash changes hands. Full detail of the 4 June deal; prospectus targeted mid-June, shareholder meeting late July.
4 June 2025asset acquisition disposition● NeutralMajor
ADX agrees to take Xstate's 20% Anshof interest for EUR 547,075, set off against unpaid cash calls, subject to MND consent. Xstate then has no further Anshof rights or obligations. This ends its Austrian production exposure, begun with the 2021 farm-in.
14 May 2025agm notice● Neutral
All four AGM resolutions passed on a poll, including the remuneration report, Channon re-election, BDO appointment and the 10% placement mandate. Routine governance outcome.
30 Apr 2025quarterly activities report● Neutral
March quarter: Diona deal signed; a prospectus targets a minimum $1.5m raise, needing 300 applicants at $2,000 minimum for re-quotation. Cash fell to A$3.276m. Alvares leases are reported expired, so its interest is now nil. Anshof net output was 1,295 bbl.
11 Apr 2025agm notice● Neutral
Notice of the 14 May 2025 AGM. Items: remuneration report, re-election of Greg Channon, appointment of BDO Audit Pty Ltd as auditor, and a 10% placement capacity approval. Administrative.
9 Apr 2025other● Neutral
ASX's periodic 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 removal deadlines.
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.
29 Jan 2025quarterly activities report● Neutral
December quarter: shares still suspended; Xstate hopes to announce a new project within weeks, then re-comply via a disclosure document and entitlements issue. Cash is A$3.55m. It focused solely on finding projects. Anshof-3 produced 1,709 bbl net.
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.
31 Oct 2024quarterly activities report▼ Bad
September quarter: shares remain suspended and ASX requires Xstate to re-comply with Listing Rules 1 and 2, including a disclosure document and raising capital from at least 300 holders. Cash is A$3.65m. A new project and early-2025 reinstatement are hoped for.
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.
31 July 2024quarterly activities report● Neutral
June quarter: Red Earth sale closed 8 July, lifting cash to about A$4.342m. Anshof-3 produced 1,638 bbl net and Crest Jinn 408 bbl net. A global search for new ventures continues, with no deal announced.
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.
30 Apr 2024quarterly activities report● Neutral
March quarter: no Red Earth production reported after its 1 January 2024 effective sale date; Crest Jinn net 419 bbl. Anshof-3 restarted 3 April after 197 days shut in. Xstate won't join further Austrian wells. Chairman expects a new project soon.
29 Apr 2024agm notice▲ Good
All four AGM resolutions passed on a poll, including approval of the Red Earth sale to Blue Sky (about 99.85% of votes cast in favour). Xstate will now proceed to complete the sale.
