Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Aug 2010drilling progress report● Neutral
Forwards ADX update #5: the 16-inch section reached 1,476m, deeper than the planned 1,341m, to set casing in competent shale. This shale is described as a positive sign for trapping any hydrocarbons in the Birsa sandstone below.
3 Aug 2010drilling progress report▼ Bad
ADX update #4: 53 hours of bad weather and a blowout preventer connection problem needed modifications, with reduced or zero rig rates meanwhile. Drilling resumed on 2 August in 16-inch hole, so the well is running behind the 35-day estimate.
27 July 2010drilling progress report● Neutral
ADX update #3: 20-inch casing was run and cemented at 922m, then bad weather paused work for about 48 hours. The first hydrocarbon-bearing target, the Birsa sandstone, is now expected in a later hole section than previously stated.
20 July 2010drilling progress report▼ Bad
ADX update #2: the 26-inch section was drilled to 927m, but running casing was delayed by rig power repairs, with the rig rate at zero from 18 to 19 July. The rig is working again; no hydrocarbon results yet.
13 July 2010drilling progress report● Neutral
Forwards ADX's first weekly update: Lambouka-1 spudded 11 July and drilled the top hole to 49.6m subsea; conductor casing is being run. XState holds 10% via Bombora. No results yet.
12 July 2010drilling spud● NeutralMajor
Lambouka-1 was spudded on 11 July 2010 offshore Tunisia, about 3 days late due to anchor problems. XState, via Bombora, holds 10%; the well targets 3,000m, costs about US$22m and takes about 35 days.
5 July 2010drilling progress report● Neutral
Forwards an ADX release that the rig has reached the Lambouka-1 location, slightly ahead of schedule, with spud expected within a week. Bombora holds 10% and is being acquired by XState.
17 June 2010drilling progress report● Neutral
Forwards an ADX release that the rig is being towed to Lambouka-1, expected on location in 12 to 15 days. This is a pre-spud step on the well in which XState's target Bombora holds 10%.
13 May 2010drilling progress report▲ Good
XState forwarded an AuDAX release: fast-track 3D seismic confirmed the Lambouka-1 drilling location, in which Bombora (the target XState is acquiring) can earn 10%. Spud is expected the week of 14 June 2010.
10 Sept 2008farm in farm out completion● NeutralMajor
The JV determined XState has earned 50% of three uranium areas it can choose in Arizona. The earn-in agreement ends and a 50/50 contributing JV begins, releasing US$1.035 million (A$1.24 million) to XState, about US$40,000 of it for rehabilitation. Uncommitted cash is about A$3.25 million.
16 Apr 2007drilling result▼ BadMajor
The first two Elle JV holes (Elle and Hada targets) found no breccia pipe material, and downhole surveys and an airborne survey found no conductors. The Hermina hole was postponed. First-phase result is negative; partners will try other techniques.
23 Feb 2007drilling progress report● Neutral
Liberty Star reports the first Elle hole (RDH Elle 01), collared 15 February 2007, was at 1,185 feet. It hit pyrite-bearing rock at 335 feet and the Hermit shale at 1,000 feet, with up to 17 ppm uranium in analysed shale. No breccia pipe result yet.
9 Feb 2007drilling scheduled● Neutral
Drilling at the Elle JV in Arizona will begin mid-February 2007: 4,500 feet of rotary and 32,160 feet of diamond drilling across three breccia pipes. Liberty Star runs the program, which sets up the first test of the uranium targets.
17 July 2006farm in farm out agreement▲ GoodMajor
Company signed a Liberty Star joint venture over Arizona uranium leases: a US$100,000 deposit paid, and it can earn 50% by committing US$2.9 million. This changes it from shell to uranium explorer, requiring a re-compliance prospectus raising at least 20 cents a share and a name change.
