Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2022quarterly activities report● Neutral
September quarter Canadian net production was 50,583 boe before royalty, flat on the prior quarter, with net receipts of A$402k after drilling and abandonment costs. Anshof-3 began producing and the RISC 5.2 million barrel 2P assessment was completed. Blue Sky's 59-well program starts in the December quarter.
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%.
29 July 2022quarterly activities report▲ Good
June quarter Canadian production was 50,689 boe gross (44,175 net), up from 44,052, with A$1.12m net operating receipts. Operator Blue Sky plans a 59-well reactivation program from Q4 2022 targeting 150 boepd net. Anshof-3 tested at 132 bopd; commercial production is being prepared.
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.
31 May 2022agm notice● Neutral
Results of the 31 May AGM: all nine resolutions passed, including the remuneration report (97.95% for), re-election of David McArthur, director options for Childs, McArthur and Channon, and the 10% placement capacity. Routine meeting outcome.
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%.
29 Apr 2022quarterly activities report▲ Good
March quarter Canadian production was 44,052 boe gross (38,391 net), up from 41,509, with A$933k net operating receipts including A$464k received after quarter end. Two of three Alberta Plains wells are drilled; Anshof-3 flowed 75 bopd gross after quarter end.
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.
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.
31 Jan 2022quarterly activities report● Neutral
December quarter Canadian production was 41,509 boe, steady on the prior quarter, with A$712,000 net operating receipts. Three Alberta Plains wells are planned for Q1 2022 (Xstate share C$900k, funded from cashflow). Anshof-3 testing is due from the week of 1 March.
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.
