Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Nov 2017drilling progress report● Neutral
Sacgasco says Dempsey 1-15 testing preparations continue, but initial equipment tests meant some safety-critical equipment had to be replaced. Perforating of the lowest zone still needs a clean-out and cement bond log. Xstate holds 10%.
19 Oct 2017drilling progress report● Neutral
Sacgasco says the completion rig has reached Dempsey 1-15 after a successful re-completion of a nearby producing JV well. Testing will start from the bottom zone. No new result; Xstate holds 10%.
4 Oct 2017drilling progress report● Neutral
Sacgasco says the drill rig is leaving Dempsey 1-15 and a smaller workover rig will run the tests. Perforating for the first flow test is expected towards the end of October. Gas meter station is being readied; Xstate holds 10%.
13 Sept 2017drilling result▲ Good
Dempsey 1-15 finished drilling at 2,970m, shallower than the planned 3,200m, after two more high gas show zones. Wireline logging is next to assess the reservoirs before flow testing. Xstate holds 10%.
8 Sept 2017drilling progress report▲ Good
Sacgasco says Dempsey 1-15 drilled through hard shale into a sandstone with what it calls the most significant gas shows so far, at 2,760m. About 440m remains to drill. Still unconfirmed until wireline logs; Xstate holds 10%.
4 Sept 2017drilling progress report● Neutral
Dempsey 1-15 is below 2,615m with more gas shows, but about 9-10 days behind schedule. Cost caps for farm-in parties are reached, so all partners now fund their own shares, Xstate 10%. Completion costs will be estimated after logging.
31 Aug 2017drilling progress report▲ Good
Sacgasco says Dempsey 1-15 is below 2,440m with further significant gas shows, despite heavier drilling mud. Shows have slowed drilling. Their meaning awaits wireline logs at about 3,200m. No new result; Xstate holds 10%.
30 Aug 2017drilling progress report▲ Good
Sacgasco reports Dempsey 1-15 drilling below 2,300m with a new zone of significant gas shows in a sandstone not expected to be present. Significance awaits wireline logs at about 3,200m. Early sign only; Xstate holds 10%.
28 Aug 2017drilling progress report▲ Good
Sacgasco reports Dempsey 1-15 at 2,070m with multiple gas shows, the best over 500 times background gas. Their significance will only be known when wireline logs run at total depth, near 3,200m. Early signs only; Xstate holds 10%.
25 Aug 2017drilling progress report● Neutral
Sacgasco says drilling at Dempsey 1-15 has restarted below 9⅝-inch casing set at about 1,760m, with the shallow gas zones protected behind it. Next comes about 1,300m of deeper targets before total depth near 3,200m. No new result.
21 Aug 2017drilling result▲ GoodMajor
Logs on Dempsey 1-15 confirm four interpreted gas-bearing sandstone zones between about 1,000m and 1,560m, with net pay of 30-50 feet. The operator expects the gas to cover well costs. Deeper targets are still to be drilled, so this is a first, shallow result for Xstate's 10%.
21 Aug 2017drilling result▲ Good
Pancontinental forwards the operator's news of four gas zones at Dempsey 1-15 and says the result supports the 3D seismic mapping. Xstate's 10% is unchanged. Partner's repeat of a known result.
21 Aug 2017drilling result▲ Good
Xstate forwards Sacgasco's report of four interpreted gas zones, with 30-50 feet net pay, in the shallow section of Dempsey 1-15. Xstate adds no comment of its own. Same result as the operator's release; Xstate holds 10%.
14 Aug 2017drilling progress report▲ Good
Sacgasco says Dempsey 1-15 is at about 1,300m, with mud logs showing multiple intervals of interpreted significant gas shows in the producing gas field levels. These are early indicators, to be quantified by wireline logs within a week. Xstate holds 10%.
14 Aug 2017drilling progress report● Neutral
Pancontinental update says Dempsey-1 is drilling in the upper gas targets after setting casing at 552m. It also notes Tulainyo-2 and Namibia items that do not involve Xstate. Nothing new for Xstate's 10% stake.
10 Aug 2017drilling progress report● Neutral
Pancontinental reports Dempsey 1-15 set surface casing at 552m without incident, with the blowout preventer tested, and is drilling ahead. No gas result yet. Xstate's 10% is unchanged. Partner's release.
3 Aug 2017drilling progress report● Neutral
Pancontinental says Dempsey-1 has begun drilling and is at 70m, the first of a planned three-well funded program for it. Xstate's 10% is unchanged. Partner's release repeating the operator's news.
3 Aug 2017drilling progress report● Neutral
Sacgasco reports Dempsey 1-15 began drilling on 2 August (California time) and is at 70m in 17½-inch hole. Xstate holds 10%. Operator's release confirming the well has started.
1 Aug 2017drilling spud▲ GoodMajor
Xstate announces Dempsey 1-15 is planned to spud on 1 August 2017 (California time), taking 30-40 days to reach about 3,200m. It targets over 1 Tcf unrisked gross (about 100 Bcf net to Xstate's 10%), and Xstate is funded for its US$0.44m share. This starts the key well.
20 July 2017drilling progress report● Neutral
Sacgasco says the 20-inch surface conductor for Dempsey 1-15 is installed and cemented, and rig mobilisation is under way. Spud remains on track for late July. Xstate's 10% is unchanged. Operator's release.
17 July 2017drilling progress report● Neutral
Sacgasco reports the Dempsey drill pad is finished, with the conductor pipe to be set that week before Rig 9 mobilises. Spud remains on track for late July. Xstate's 10% interest is unchanged. Operator's release.
10 July 2017drilling scheduled▲ Good
Xstate confirms Dempsey 1-15 (10%) will spud late July, with permits in hand. The well is to 3,200m, costs US$4.4m gross (US$0.44m to Xstate), and targets over 1 Tcf unrisked gross (about 100 Bcf net). Deeper targets are rated about 40% chance of success by the joint venture.
5 July 2017drilling scheduled● Neutral
Pancontinental says Dempsey-1 will spud in late July with permits in place, and puts unrisked prospective gas net to its 10% at 77 Bcf (768 Bcf gross). Xstate's 10% interest is unchanged; this is a partner's release repeating known timing.
1 Mar 2017farm in farm out agreement▲ GoodMajor
Xstate and Sacgasco farm out a 10% interest in the Alvares gas discovery to Bombora, which funds 13.33% of the next well up to a US$10m cap. Xstate drops from 25% to 21%; Bombora also pays US$20,000 toward past lease rentals.
1 Mar 2017farm in farm out agreement● Neutral
Sacgasco's own announcement of the same Alvares farmout to Bombora: 10% for funding 13.33% of the next well up to US$10m. Xstate goes to 21%, Sacgasco to 69%. It repeats Xstate's release, adding the 1982 well and 2.4 Tcf background.
15 Nov 2016resource reserve update▲ GoodMajor
Xstate says the Sansinena deal has net 1P reserves of 6.2 MMboe and 2P of 9.9 MMboe, certified by NSAI, about US$2.10/bbl of 1P. Production is 500 bopd, targeted at over 1,100 bopd by close. Still subject to due diligence.
15 Aug 2016farm in farm out agreement▲ GoodMajor
Xstate farms out up to 6% of its 30% interest in the Sacramento Basin AMI to Bombora Natural Energy, which funds up to A$400,000 of lease costs for a 20% interest across the partners. Xstate falls to 24% and gets up to A$120,000.
8 Oct 2014farm in farm out agreement▲ GoodMajor
Xstate signed a heads of agreement for Northern Gulf Petroleum to fund the Dempsey (1 Tcf) and Alvares (2.4 Tcf) wells for a 50% interest in each, with drilling planned mid-2015. Carry is capped at US$4.6m and US$10m; Xstate would hold 12.5% post-drilling. Subject to due diligence.
7 May 2013drilling result▼ BadMajor
Shea-Dividend #1-8 reached 5,200 feet but found the main reservoir sand eroded away and the secondary sand porous with gas shows but not productive. Well suspended for future use; the company points to updip potential and two other permitted locations.
26 Apr 2013drilling spud● NeutralMajor
The Shea-Dividend #1-8 well at West Brentwood, California began drilling on 25 April 2013, targeting 1,220m vertical depth. Results expected within about 8 days. Xstate's share of dry-hole cost is US$175,000 for its 16.67% interest.
