28 Mar 2024agm notice● Neutral
Notice of the 29 April 2024 AGM: remuneration report, Childs' re-election, approval of the Red Earth sale as a disposal of main undertaking, and a 10% placement capacity. The Red Earth vote is the key item.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2024quarterly activities report▼ Bad
December quarter: Canadian net production 18,545 bbl, but Anshof-3 produced nothing after its 19 September shut-in, with restart expected March 2024. The Chairman cites production difficulties hurting revenue and says new projects are being sought.
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.
31 Oct 2023quarterly activities report● Neutral
September quarter: Alberta Plains sale completed, leaving cash of A$1.225m. Red Earth net output was 17,368 bbl, with workovers keeping cash from arriving. Anshof-3 produced 1,884 bbl net, then was shut in 19 September at the regulatory 36,000 bbl limit.
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.
31 July 2023quarterly activities report● Neutral
June quarter: Canadian production 38,378 boe, but higher costs left no net income. Alberta Plains sale to bring about A$1.2m. Anshof-3 produced 2,088 bbl net (about 124 bopd gross), still limited by storage. A C$123k Canadian tax refund is expected.
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.
30 May 2023agm notice● Neutral
All eight AGM resolutions passed on a poll, including Bald's election, Channon's re-election, director options and the 10% placement capacity. Administrative result.
28 Apr 2023quarterly activities report● Neutral
March quarter: Canadian net production 44,149 boe with A$286k net receipts. Anshof-3 averaged 110 bopd gross (22 net); first extra storage tank due June. New wells lift Canadian output to 534 boepd net. Borba and Sacramento unchanged.
27 Apr 2023agm notice● Neutral
Notice of the 30 May 2023 AGM: remuneration report, election of Bald, re-election of Channon, option issues to directors, and a 10% placement capacity. Routine meeting notice.
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.
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.
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 Jan 2023quarterly activities report▲ Good
December quarter: Xstate completed its first cashflow-positive year with no capital raisings. Anshof-3 averaged 113 bopd gross with strong pressure support, though storage limits cause interruptions. Canadian production eased to 43,938 boe on weather, with A$404k net receipts.