31 Mar 2023other● Neutral
Annual corporate governance statement as at 31 December 2022, describing board practices against ASX principles. No new operational or financial information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Mar 2023annual report▲ Good
2022 annual report: Canadian net production was 186,825 boe, making 2022 the first cashflow-positive year without capital injections. Anshof-3 held about 113 bopd; storage is being added to lift output above 150 bopd. Largely repeats figures already reported.
31 Mar 2023admin correction● Neutral
Appendix 4G, the checklist pointing to where governance disclosures sit, lodged with the annual report. Administrative only, with no substance.
20 Mar 2023security holder rights change● Neutral
The 10-for-1 share consolidation, approved at the 13 March 2023 meeting, is complete, leaving 321,519,150 shares and 11,550,000 unquoted options. Fractions were rounded up. This closes the consolidation thread; the rest of the timetable is unchanged.
13 Mar 2023regulatory community update▲ GoodMajor
Austria's Ministry of Finance awarded ADX a production licence for the Anshof field, in which Xstate holds 20%. This resolves the licence step after the interim 37,000-barrel limit, and allows Anshof-2 and Anshof-1 drilling from Q3 2023. Rate is to rise to about 150 bopd.
10 Feb 2023security holder rights change● NeutralMajor
Xstate announced a 10-for-1 share consolidation, cutting shares from about 3.215 billion to about 321.5 million. Options convert on the same basis, with exercise price rising from 0.5c to 5c. It needs shareholder approval at the 13 March 2023 meeting.
3 Feb 2023asset acquisition disposition▲ GoodMajor
Xstate bought a 25% interest in two completed oil discoveries and 10,240 gross acres next to Red Earth from operator Blue Sky, for C$750k net, funded from cash. A C$66,250 per-well payment applies if each well exceeds 100 bopd. Ten prospects are mapped; drilling is planned in 2023.
1 Feb 2023other● Neutral
ASX paused trading in Xstate shares pending a further announcement. No reason is given in the notice. A pause like this often precedes a deal or capital announcement (inference); the next release followed two days later.
31 Oct 2022resource reserve update▲ GoodMajor
Independent assessor RISC put Anshof 2P reserves at 5.2 million barrels gross, with a gross NPV8 of EUR 42.3m. Xstate's 20% share is 1.04 million barrels, worth about A$13.4m. This answers the open reserve assessment; 3P is 12.5 million barrels gross.
24 Oct 2022production update▲ GoodMajor
Xstate confirms Anshof-3 started commercial production at a restricted 100 bopd gross, 20 bopd net to its 20% interest. This is the first Austrian production, resolving the wait since the January 2022 discovery. It largely repeats ADX's release.
24 Oct 2022production update▲ Good
ADX reports Anshof-3 has begun commercial production at a controlled 100 bopd, limited by storage and truck capacity. Interim production of up to 37,000 barrels is permitted before a production licence. Two more wells are planned at the same site.
13 Sept 2022half year report● Neutral
Half-year to June 2022: Canadian net production was 82,566 boe (452 boepd), the company's highest, with revenue over A$10 million at over A$120/bbl. The Canadian segment still recorded a loss, with a net payable to the operator after drilling, workovers and abandonment work.
6 Sept 2022material agreement▲ GoodMajor
Operator ADX signed a lease for an early production system and an oil sales agreement with RAG E&P, setting commercial Anshof-3 production for mid-October 2022. Expected rate is about 100 bopd gross; processing and transport cost is about US$11 per barrel. Xstate holds 20%.
7 June 2022director officer appointment● Neutral
Andrew Bald, a capital-raising adviser with 35 years in financial markets, joined as non-executive director effective 6 June 2022. David McArthur resigned as a director. Board change only; Childs remains Executive Chairman.
9 May 2022well test result▲ GoodMajor
Updated Anshof-3 analysis with downhole pressure data shows a maximum flow of 132 barrels of oil a day, up from the earlier 75, with no flow barriers near the well. The well was acidised and fitted with a pump. ADX plans an early production facility for truck sales; Xstate holds 20%.
26 Apr 2022flow test result▲ GoodMajor
Anshof-3 flowed water-free 32° API oil at about 75 barrels a day gross (15 net to Xstate's 20%) from the 6m Eocene zone, within expectations. This resolves the testing wait; a pump and likely acidising come before truck sales.
26 Apr 2022drilling progress report▲ Good
The two new Taber wells are being connected for production, with pipelines being trenched and tested. The third well, Killam 16-34-41-13, should have a rig on location in about two weeks. Xstate's net Canadian production is reported at 572 boepd, about 150% of year-end 2021.
21 Apr 2022drilling progress report● Neutral
ADX has run tubing and perforating guns into Anshof-3, and cement bond logging shows good cement across the hydrocarbon zones. Initial flow results are expected early the following week. Xstate holds 20%. Preparation step only; no flow result yet.
14 Apr 2022drilling progress report▲ Good
Sacgasco re-reports that the second Alberta Plains well finished drilling with two laterals at 1,835m and 1,837m, under budget, and the rig is moving to the third well. Xstate holds 35%. Largely duplicates Xstate's own release, with Sacgasco's own production figures.
14 Apr 2022drilling result▲ Good
Second Alberta Plains well, Tabers 01-03-08-17, finished drilling with two laterals (1,835m and 1,837m) in the Sunburst sand, with good oil shows, under budget. Rig moves to the third well. Xstate says its net Canadian production is over 570 boepd, about 50% above end-2021.
11 Apr 2022drilling progress report▲ Good
Second Alberta Plains well, Tabers 01-03-08-17, spudded 7 April and reached intermediate casing 1.5m into the reservoir sand, with 12-18% porosity and free oil in the mud. A lateral is next. Early progress only; no production result.
11 Apr 2022drilling progress report● Neutral
ADX has mobilised the workover rig to Anshof-3 for flow testing of the Eocene oil zone. First oil inflow is expected the week of 18 April. Xstate holds 20%. This continues the testing plan, which had slipped from earlier timing; no result yet.
8 Apr 2022drilling result▲ Good
First of three Alberta Plains oil wells, Tabers 16-2-8-17, reached 1,729m including over 500m of lateral in the oil column, with free oil in the mud. It will now be connected for production; Xstate holds 35% of the A$2.7m gross program (about A$945k net).
5 Apr 2022drilling progress report▲ Good
Sacgasco reports Tabers 16-2-8-17 reached intermediate casing point ahead of schedule, intersecting the target sandstone with expected oil and gas shows. A near-horizontal lateral is next. Early progress on the Alberta Plains well where Xstate holds 35%; no production result yet.
5 Apr 2022drilling progress report● Neutral
Re-release of the 5 April Sacgasco update: Tabers 16-2-8-17 drilled ahead of schedule to intermediate casing point with expected oil and gas shows. No new information.
4 Apr 2022drilling spud● Neutral
Re-release of the Sacgasco announcement: Tabers 16-2-8-17, first of three Alberta Plains wells (Xstate 35%), spudded 2 April 2022 by Blue Sky. No new information beyond the previous item.
4 Apr 2022drilling spud▲ Good
Sacgasco says operator Blue Sky spudded Tabers 16-2-8-17 on 2 April 2022, the first of three Alberta Plains development wells, where Xstate holds 35%. Gross program cost A$2.7m, targeting 200 BOPD gross increase, funded by Canadian cashflow. Continues the planned drilling program.
1 Apr 2022other● Neutral
Appendix 4G, the checklist pointing to the governance statement for the year ended 31 December 2021. Administrative filing with no business substance.
1 Apr 2022annual report● Neutral
Annual report for 2021. It restates known events: first cashflow-positive quarter since 1995 incorporation, Borba gas flowed 2.1 mmcfpd but is not yet sold, and the Anshof-3 discovery. Eocene production testing is now expected early in the second quarter 2022.
1 Apr 2022other● Neutral
Corporate governance statement for 2021, dated 31 December 2021, describing board practices and stating compliance with the ASX 4th edition principles. Administrative; no new business information.