Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Mar 2022flow test result● Neutral
Operator ADX says Anshof-3 flow testing of the 6m Eocene oil zone starts late March 2022. ADX estimates 40-100 barrels of oil per day, then interim production by truck. Xstate holds 20%. This is a plan, not a result, and pushes testing later than the earlier March-1 rig timing.
17 Jan 2022drilling progress report● Neutral
ADX's final report: Anshof-3 was cased with 7 inch casing to 2,499m and the rig released on 15 January after 28 days. The well is suspended awaiting a workover rig for testing. No new results.
14 Jan 2022drilling result▲ Good
Xstate's own release confirms the Anshof-3 discovery: 9m gross Eocene oil (2.5-4m likely net pay) and 20m gross Miocene gas (14m pay). Eocene thickness is at the low end of predrill expectations. Farm-in is complete, Xstate holds 20%, and testing will be funded from existing cash.
14 Jan 2022drilling result▲ GoodMajor
Logging confirms the Anshof-3 discovery: about 6m of oil at the Eocene target (2.5-4m likely net pay) and 14m of expected gas pay. The 11m Cenomanian oil zone is unlikely productive. Eocene thickness is at the low end of predrill expectations. The well will be cased and tested.
11 Jan 2022drilling progress report● Neutral
Anshof-3 reached total depth of 2,499m on 6 January. A further 11m Cenomanian interval with oil and gas shows was found. Hole instability delayed wireline logging; results due this week. No new confirmed result.
5 Jan 2022drilling result▲ GoodMajor
Preliminary drilling data indicate oil over a 9m gross interval at Anshof-3's primary Eocene target and a 20m gross shallow gas zone. This is a first sign of success at the well Xstate is earning 20% of; logging is needed to confirm.
4 Jan 2022drilling progress report● Neutral
Anshof-3 reached 2,201m on day 16, on schedule. The first oil target (Eocene sandstone) is expected near 2,310m. A roughly 20m gas-show zone around 850m will be evaluated after logging. No confirmed result yet.
29 Dec 2021drilling progress report● Neutral
Anshof-3 reached 1,123m on day 10, on schedule, with shallow gas shows from 175m that caused a small casing delay. Operator ADX says such shows are expected; deeper oil targets are still ahead, with planned total depth 2,540m.
20 Dec 2021drilling spud● Neutral
Anshof-3, the Austrian well Xstate is funding 40% of to earn 20%, spudded on 18 December 2021. The first 24 hours drilled to 37m and cemented surface casing. Early operations only; results are weeks away.
20 Dec 2021admin correction● Neutral
Share registry Automic is moving its Perth office to 191 St Georges Terrace from 20 December 2021. Other contact details unchanged. Administrative, no company impact.
14 Dec 2021drilling progress report● Neutral
Xstate passes on ADX's update that the Anshof well site is built and the drill rig began moving in on 13 December. Xstate says it is currently earning a 20% interest. No new result.
24 Nov 2021drilling scheduled▲ Good
ADX has final environmental approval and has started building the Anshof well site. Rig mobilisation is expected mid-December, with the well drilled from the Anshof-3 location about 50 metres from a pipeline, taking roughly 17 days. Timing update on the known farm-in well.
22 Nov 2021farm in farm out agreement● Neutral
ADX's own release of the Anshof farm-in: Xstate funds 40% of the well up to €1.8m (€720k) for 20%, with an option on a second well and a two-month option on the Oho prospect. Repeats Xstate's announcement; well due to spud December.
22 Nov 2021farm in farm out agreement▲ GoodMajor
Xstate farms into a 20% interest in ADX's Anshof prospect in Austria, paying 40% of the well up to €1.8m; expected cost about A$1.2m dry hole. Mean prospective resource 6.6 MMBOE gross, 43% chance of success. Also commits to three Alberta Plains development wells.
26 Oct 2021joint venture update▼ BadMajor
Operator Sacgasco says the pipeline owner imposed severe volume restrictions on the planned Borba gas route, so the venture is studying making hydrogen on site. This is a feasibility study only. It signals a delay to selling Borba gas by pipeline.
10 Sept 2021half year report● Neutral
Interim report for six months to 30 June 2021 describes the half as transformational, with Canadian production started and Borba tested at 2.1 mmcfpd. Repeats known events; detailed financials were not in the text provided.
3 Aug 2021other● Neutral
Section 708A notice for shares issued 2 August: 250m placement shares plus 275.6m consideration shares to Blue Sky for Alberta Plains (10% and further 25%) and Red Earth (10%). Completes those pending share issues. Administrative.
27 July 2021capital raising announcement● NeutralMajor
Xstate raises $1m through a placement of 250 million shares at 0.4c to domestic investors. Funds go to Borba infrastructure, workovers in California and Canada, and working capital. Follows the $4m raise at 0.8c in February, at a lower price.
What it means for a shareholder
250m new shares at A$0.004 to raise about A$1.0m. That's 8.5% dilution: every existing holder's slice gets 8.5% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.0093% to 0.0085% of the company. To keep it you'd need 23,238 more shares - about A$93 at the issue price.
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14 July 2021director officer appointment● NeutralMajor
David McArthur retires as Managing Director after 19 months, staying as a director and joint company secretary. Andrew Childs, already chairman, becomes Executive Chairman running the company day to day, tasked with refocusing it as a Canadian oil producer.
14 July 2021asset acquisition disposition▲ GoodMajor
Xstate buys a further 25% of Alberta Plains (to 35%) for C$1.25m: C$300k cash and C$950k in shares at 0.4c. Adds 178 BOEPD; Canadian net output 474 BOEPD. The April ABC Assets deal is terminated, as Alberta Plains was judged better value.
15 June 2021well test result▲ Good
Borba 1-7 downhole gauge data model open flow of 7.8 to 9.2 mmcfpd, though initial production stays planned at 3,000 mcfpd. Five similar Kione/Forbes drilling targets identified, and two pipeline connection options are under engineering. Gas prices above US$4/mcf.
14 May 2021well test result▲ Good
Second-phase testing lifted the Borba 1-7 Kione flow to 2.1 million cubic feet a day, up from 1.6 on 3 May. In-field testing is complete; the operator still plans about 3 mmcfpd and pipeline connection is next. Xstate holds 33.33%.
3 May 2021well test result▲ GoodMajor
Borba 1-7 Kione sands flowed dry gas at a stable 1.6 million cubic feet a day through a small choke. Operator expects to produce about 3 mmcfpd. Xstate holds 33.33%. This follows the March gas discovery and is the first flow result after the poor deeper Guinda logs.
28 Apr 2021asset acquisition disposition▲ GoodMajor
Xstate agrees to buy 25% of Blue Sky's interests in 31 Alberta and British Columbia fields, about 1,500 BOEPD net, for CAD$1m plus 71.4m shares at 0.7c. Lifts Canadian share to about 1,800 BOEPD; 2P reserves 8.03m BOE. Subject to 45-day due diligence and approvals; close expected in Q3.
20 Apr 2021well test result● Neutral
Xstate repeats the operator's news: the testing rig is on site at Borba 1-7 and Kione flow testing starts this week. No result yet.
20 Apr 2021well test result● Neutral
Operator Sacgasco says the testing rig is on site at Borba 1-7 and Kione flow testing starts this week. No test result yet.
12 Apr 2021other● Neutral
Xstate changes its share registry provider from Advanced Share Registry Services to Automic. Administrative notice only.
6 Apr 2021drilling result▼ BadMajor
Borba 1-7 reached total depth of 8,827 feet. Lower Guinda shows only 10 feet of log pay, judged sub-commercial, and deeper amplitudes were hard streaks, not gas. Hope now rests on testing the Kione. Canadian net production rose to 311 BOEPD.
31 Mar 2021annual report● Neutral
Corporate governance statement for 2020 describing board practices. Administrative, no new business information.
31 Mar 2021annual report● Neutral
Annual report for 2020 describes it as a watershed year: new board, and a shift to Canadian oil production. Notes the Red Earth 25% interest and the Borba Kione gas discovery as post-year-end events. Largely repeats known facts.
