18 Nov 2020listing compliance notice● Neutral
Xstate's shares are suspended at its request pending an announcement on an acquisition and a capital raising. This points to the long-sought producing-asset deal; no terms are given yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Nov 2020drilling progress report● Neutral
Sacgasco says the Borba drill pad is complete and drilling is still planned to start in 2020. Interests remain Sacgasco 76% and Xstate 24%, with farmout talks ongoing. The independent resource report awaits final interests.
28 Oct 2020drilling progress report▲ Good
Xstate relays Sacgasco's update: construction of an all-weather Borba 1-7 drill pad starts, with drilling expected in 2020. Interests are shown as Sacgasco 76% and Xstate 24%, with farmout talks to cut Sacgasco's share. Revises the earlier 46/24/30 split.
9 Sept 2020half year report▼ Bad
Half-year report to 30 June 2020: net gas output fell to 7,057 mcf from 10,129 a year earlier, which it attributes to COVID-19 interruptions. Borba (24%) remains delayed with no new timing. Board changes are confirmed.
18 Aug 2020director officer appointment● Neutral
Geologist Greg Channon joins as non-executive director, replacing Chris Hodge, who steps down due to his commitments as CEO of Horizon Oil. Channon is also a director of Samson Oil and Gas.
24 July 2020admin correction● Neutral
Administrative notice that 23.75m shares were issued on 23 July 2020 to a director and a former director. This is the debt-settlement issue at 0.2c that was subject to approval. No new information.
14 July 2020production update▲ Good
Operator Sacgasco completed two sub-US$30,000 workovers in the Malton Black Butte field, where Xstate holds 30%, modestly lifting gas flows. This is the low-cost workover plan noted in April; the gains are small.
9 July 2020capital raising announcement● NeutralMajor
Xstate raises $562,000 through unsecured convertible notes at a 0.2c conversion price, 10% interest, maturing in 12 months. Conversion needs shareholder approval. Funds go to Sacramento workovers, exploration costs, assessing producing-asset acquisitions and working capital.
24 Apr 2020director officer appointment● NeutralMajor
Andrew Childs joins as a non-executive director; he runs Petroleum Ventures, which the text says is Xstate's largest shareholder, and chairs operator Sacgasco. Richard Lorentz resigns after about five months.
30 Mar 2020annual report● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the governance statement on pages 17-24. Administrative; no new information.
30 Mar 2020annual report● Neutral
2019 annual report, which calls the year challenging: gas output was 21,189 net to Xstate, and legal recovery against Tanzil has been put on hold to focus elsewhere. The Champion farm-in ended in August, and the board still seeks a producing asset alongside its California interests.
9 Dec 2019drilling scheduled▲ GoodMajor
Operator Sacgasco received the final drilling permit for Borba 1-7 in the Anzus Project; Xstate holds 24%. Drilling is planned for late January to early February 2020 to test 16 stacked anomalies down to about 2,800 metres. Working interests in the well are still being finalised.
9 Dec 2019drilling scheduled● Neutral
Xstate re-lodges Sacgasco's announcement of the Borba 1-7 drilling permit, confirming Xstate's 24% interest. Cover letter repeating the operator's release; no new information.
3 Dec 2019admin correction● Neutral
Administrative notice under the Corporations Act confirming the 285m shares from the 27 November placement have been issued. No new information.
27 Nov 2019capital raising announcement● NeutralMajor
Xstate raises $570,000 by placing 285m shares at $0.002, down from 0.3c in late 2018, partly to fund Sacramento Basin work. Managing Director Damiano and director Tchacos resign; Richard Lorentz joins and David McArthur returns as interim MD while a replacement is sought.
What it means for a shareholder
285m new shares at A$0.002 to raise about A$570,000. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (500,000 at the issue price), your slice goes from 0.0438% to 0.0351% of the company. To keep it you'd need 124,946 more shares - about A$250 at the issue price.
Create a free account to see this worked out for your own holding.
13 Sept 2019half year report● Neutral
Half-year report to 30 June 2019: cash of $0.517m, 1,140,490,898 shares, and gross gas output of 84,375 cubic feet (10,129 net to Xstate). Notes the Champion farm-in was terminated after period end; the Borba well (24%) is being prepared by the operator.
21 Aug 2019admin correction● Neutral
Xstate clarifies that the Champion termination was due to significant drilling delays, not higher well costs as first stated. Corrects the reason only; no change to terms.
21 Aug 2019material agreement termination▼ BadMajor
Xstate and Mosman mutually terminate the Champion Project farm-in announced in May, with Xstate paying about A$50,000 as a break fee. It cites drilling delays, ending its Texas foothold and the plan to drill two wells there; other US assets are being assessed.
15 July 2019director officer appointment● Neutral
David McArthur resigned as a director but remains company secretary; the board is now Damiano, Tchacos and Hodge. Xstate has cut costs about 30% ($150,000), with management and board deferring payments until it secures a producing asset.
3 July 2019regulatory community update▲ Good
Singapore High Court found Tanzil Hidayat guilty of all 13 contemptuous acts, fining him SGD60,000 (30 days' jail in default) plus SGD20,000 costs. Xstate is weighing resumed examination and reporting him to Singapore authorities; the US$33m judgment remains largely unrecovered from him.
30 May 2019investor presentation● Neutral
AGM presentation describing a strategic 'reset' toward lower-risk Texas oil and gas exploration, citing inability to gain traction on California production deals. Shows 1,140.5m shares, A$3.4m market cap at $0.003. Mostly repeats the Texas farm-in already announced.
22 May 2019regulatory community update▲ Good
Fifth and final instalment received from Hong, completing the A$500,000 forbearance payment. This resolves the Hong settlement; focus now turns to Tanzil's contempt hearing in early July 2019.
8 May 2019farm in farm out agreement▲ GoodMajor
Xstate signs a binding farm-in with Mosman Oil & Gas to earn 25% of the Champion Project, Newton County, Texas, by funding 33.33% of a two-well program costing about US$400,000 from existing cash. First well targets 1.9 BCF, starting early Q3 2019. Marks a shift from California.
24 Apr 2019regulatory community update▲ Good
Fourth instalment received from Hong, bringing total paid to A$400,000. The final A$100,000 is due mid-May 2019, with its Australian dollar value subject to exchange rates.
28 Mar 2019annual report● Neutral
Annual report for 2018, which management calls a challenging year: Singapore litigation absorbed management time and Sacramento exploration disappointed. Dempsey-1 remains shut in for water. Settlement with a second Singapore defendant (Hong) noted after year-end; Tanzil contempt case continues.
28 Mar 2019admin correction● Neutral
Corporate governance checklist lodged with the annual report. No new substance.
25 Mar 2019regulatory community update▲ Good
Third instalment received from Hong under the forbearance agreement, bringing total paid to A$250,000. The remaining A$250,000 is due by mid-May 2019.
11 Mar 2019material agreement▲ GoodMajor
Xstate agreed not to sue Hong Hung Thiam in return for A$500,000, paid in five instalments to mid-May 2019; A$100,000 already received. This is the first cash from the US$33m judgment. Bankruptcy hearing adjourned to 23 May; Tanzil contempt case continues.
29 Jan 2019material agreement▲ GoodMajor
Xstate signs a strategic alliance with TSX-listed Hillcrest Petroleum to jointly pursue oil and gas acquisitions in onshore Canada and the USA. No deal, price or funding is stated; it follows the long, unsuccessful search for production assets.
22 Jan 2019admin correction● Neutral
Sacgasco re-issued its 21 January announcement to correct the Dempsey table, which should show Bombora's interest before 31 December 2018 as 10%, not 15%. Under the agreement, Xstate's Alvares interest rose from 21% to 25%.