Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Jan 2019joint venture update▲ GoodMajor
Operator Sacgasco is acquiring Raven/Bombora's interests in the Alvares, Dempsey and Dempsey Trend projects. Xstate's Alvares interest rises from 21% to 25%, with Dempsey unchanged at 10% and Anzus/Dempsey Trend at 24%. The Alvares re-entry is delayed to the North American summer.
6 Dec 2018capital raising announcement● Neutral
Disclosure of the $611,000 placement at $0.003: 113.65m shares under Rule 7.1 and 93.3m under Rule 7.1A, plus 33.3m director shares approved 27 November. Shares on issue rise from 900.2m to about 1.14bn; a 6% fee was paid.
6 Dec 2018admin correction● Neutral
Administrative notice that Xstate issued 240,333,334 shares to sophisticated investors without a disclosure document. No new substance.
30 Nov 2018capital raising announcement● NeutralMajor
Xstate raises about $611,000 through a placement of about 203.7m shares at $0.003, to fund its Sacramento Basin share and the Alvares re-entry. This follows the October $1.0m placement announcement.
What it means for a shareholder
204m new shares at A$0.003 to raise about A$611,000. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (333,333 at the issue price), your slice goes from 0.037% to 0.0302% of the company. To keep it you'd need 75,431 more shares - about A$226 at the issue price.
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20 Nov 2018regulatory community update▲ Good
Xstate registered a Writ of Seizure and Sale over Hong's share of his Singapore home, blocking any dealing without its consent and giving it priority over residual sale proceeds. Contempt proceedings against Tanzil are progressing.
1 Nov 2018asset acquisition disposition▼ BadMajor
Raven defaulted on the Dempsey sale, failing to pay about US$410,000 and issue A$250,000 of shares by 31 October, so Xstate terminated it. Xstate keeps roughly US$88,500 and 138.9m Raven shares, and retains its 10% Dempsey interest.
1 Nov 2018asset acquisition disposition● Neutral
Raven confirms Xstate terminated the XGas acquisition and that Xstate keeps the non-refundable payments. Raven says it will hold a 10% Dempsey interest via its Bombora acquisition and expects to reopen talks with Xstate on lower terms (Raven's view).
10 Oct 2018capital raising announcement● NeutralMajor
Xstate raises $1.0m via a two-tranche placement of about 333m shares at $0.003 each, plus about 33m shares to directors in lieu of $100,000 owed. This funds its 21% share of the Alvares re-entry; tranche 2 ($650,000) needs shareholder approval.
17 Sept 2018regulatory community update▲ Good
Singapore High Court found defendant Hong Hung Thiam in contempt for ignoring examination orders, fining him SGD15,000 or 10 days' jail in default. Xstate calls it a step forward in recovering the US$33m judgment and will start contempt proceedings against Tanzil Hidayat.
13 Sept 2018investor presentation● Neutral
Operator Sacgasco's conference presentation promotes the Sacramento Basin gas potential, Dempsey results, and the Anzus and Alvares projects. It is a re-presentation of known facts with no new result for Xstate's 10% Dempsey and 21% Alvares interests.
5 Sept 2018half year report● Neutral
Half-year report to 30 June 2018 restates known events: Dempsey 1-15 selling ~1,300 mcf/d then shut in for water, the Raven sale revised on 17 August, and slow Singapore enforcement. Xstate says it is still seeking acquisitions, with no deal concluded. Financial figures are truncated.
30 Aug 2018joint venture update● Neutral
Pancontinental re-releases the operator's Alvares re-entry and Dempsey update, including the temporary Dempsey shut-in to clear water. Nothing new for Xstate's 21% Alvares and 10% Dempsey interests.
30 Aug 2018joint venture update● Neutral
Operator says Alvares-1 re-entry has regulatory approval and is planned early next quarter. Bombora funds 50% of well-integrity costs, up to US$200,000. Dempsey gas was temporarily shut in to clear accumulated water, interrupting the ~1,300 mcf/d. Xstate holds 21% of Alvares, 10% of Dempsey.
17 Aug 2018asset acquisition disposition● Neutral
Raven confirms the deed of variation: a US$20,000 second extension deposit, 138,888,889 shares issued to Xstate now and the same number on completion, and an end date of 31 October 2018. Deposits and shares are forfeited if the deal fails.
17 Aug 2018asset acquisition disposition● NeutralMajor
Xstate and Raven varied the Dempsey sale: Raven pays another US$20,000 (US$90,000 total) and issues about 139m shares (A$250,000) by 31 August. The US$410,000 cash and remaining A$250,000 shares are due by 31 October 2018; otherwise payments are forfeited.
20 July 2018asset acquisition disposition● Neutral
Xstate received a further non-refundable US$35,000 from Raven, bringing deposits to US$70,000. Raven now has exclusivity to 31 August 2018 to pay the US$430,000 balance. The A$500,000 final payment is due 29 November 2018. Sale not yet completed.
18 July 2018production update▲ GoodMajor
Operator Sacgasco reported Dempsey 1-15 was selling pipeline-quality gas at a combined ~1,300 mcf/d from all four producing zones. Xstate holds a 10% working interest, which was then being sold to Raven.
17 July 2018asset acquisition disposition▼ Bad
Raven confirms it is extending the XGas acquisition end date to 31 August 2018. It discloses nil cash, about A$238,000 of listed shares, and expected A$200,000 deferred sale proceeds to fund the US$35,000 fee. This raises questions about its ability to pay (inference).
13 July 2018asset acquisition disposition● Neutral
Raven will extend the Dempsey sale closing to 31 August 2018, paying a US$35,000 fee by 20 July. The US$430,000 balance is then due, with A$500,000 in cash or shares 90 days later. Completion slips from the original 15 July date.
30 May 2018investor presentation● Neutral
AGM presentation repeats known facts: the Dempsey sale to Raven (valued at A$1,166,666), Dempsey's ~1,200 mcf/d, Alvares 21% and Singapore judgment enforcement. After the sale Alvares will be Xstate's only Sacramento exposure. Nothing new.
23 May 2018production update▲ GoodMajor
Operator Sacgasco says Dempsey 1-15 will shortly sell gas at about 1,200 mcf/d from the Kione field-level zone plus Zones 2-4 combined. Zone 4 added little (175 mcf/d combined with Zones 2-3). Xstate holds 10%, but is selling it to Raven.
23 May 2018production update▲ Good
Pancontinental re-releases the operator's announcement of Dempsey commercial gas at about 1,200 mcf/d, adding its CEO's comment that more production upside exists. No new information for Xstate's 10% interest.
15 May 2018regulatory community update▼ Bad
Xstate says it learned defendant Tanzil Hidayat is reported to be an undischarged bankrupt since November 2013, and is investigating. It will keep pursuing all three defendants worldwide and may consider defamation action over the social media reports. This raises doubt over collecting the judgment (inference).
10 May 2018asset acquisition disposition▲ Good
Raven has paid the non-refundable US$35,000 deposit for the Dempsey sale. It has until 15 July 2018 to pay the US$465,000 balance, or extend to 31 August for another US$35,000. After completion, Alvares will be Xstate's only Sacramento exposure.
7 May 2018flow test result● Neutral
Pancontinental re-releases the operator's Kione result of 1,000 Mcf/day from Dempsey 1-15, adding a comment from its CEO that the result is pleasing and more zones remain to test. Nothing new.
7 May 2018flow test result▲ GoodMajor
Dempsey 1-15 flowed 1,000 Mcf/day of water-free gas from the field-level Kione sandstone, which the operator calls commercial and says should double its operated gross Sacramento production. A much stronger result than the deeper zones' 140-195 mcf/d. Xstate holds 10%.
7 May 2018asset acquisition disposition● NeutralMajor
Xstate agreed a binding letter of intent to sell its Dempsey interests (via XGas LLC) to Raven Energy for US$500,000 cash plus A$500,000 in cash or Raven shares at A$0.0018. Completion is expected by 15 July 2018. Proceeds are to fund Alvares; it is conditional on due diligence.
7 May 2018asset acquisition disposition● Neutral
Raven Energy confirms its binding letter of intent to buy XGas LLC, holder of Xstate's Dempsey interests, on the same terms: US$500,000 cash plus A$500,000 in cash or shares. Raven also gets a right of first refusal over Xstate's Alvares interest and says it remains suspended pending other acquisitions.
17 Apr 2018director officer appointment● Neutral
Xstate appointed Jordan McArthur, a chartered accountant with 8 years' experience, as joint company secretary alongside David McArthur.
16 Apr 2018flow test result● Neutral
Dempsey 1-15 Zone 3 flowed clean gas at 195 mcf/d with no water, a small rate similar to Zone 2's 140. Zone 4 testing is next, then field-level zones, with flows to be combined. Xstate holds 10%.
