20 Nov 2020listing compliance notice● Neutral
Trading in Xstate shares resumes after the Red Earth acquisition and capital raising were announced. Administrative notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Nov 2020asset acquisition disposition▲ GoodMajor
Xstate buys a 15% interest in the Red Earth oil fields in Alberta (about 150 barrels a day net) for CAD$300,000 plus 58.3m shares at 0.3c. 1P reserves are 0.66m barrels net. A 362m-share placement at 0.25c raises $905,000. Sacgasco holds 30%.
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.
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.
30 Oct 2020quarterly activities report● Neutral
September quarter report: Borba pad construction began after quarter-end and drilling is expected in late Q4 2020. Net gas output was flat at 3,522 mcf. Greg Channon replaced Chris Hodge on the board.
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.
31 July 2020quarterly activities report● Neutral
June quarter report: cash $56,000 before the $562,000 note raising, and net gas output flat at 3,528 mcf. Borba drilling stays delayed by COVID-19. Shareholders approved the 23.75m director shares at the 21 July AGM.
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.
30 Apr 2020quarterly activities report▼ Bad
March quarter report: cash fell to $145,000 and net gas output slipped to 3,529 mcf from 4,010. Borba drilling is delayed by COVID-19 with no new timing. Xstate is talking to parties about a convertible note and plans a raising.
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.
22 Apr 2020agm notice● Neutral
Xstate despatches the 2019 annual report to shareholders and says the AGM date is undecided because of COVID-19. ASIC's no-action position allows an AGM up to the end of July 2020. Administrative.
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.
31 Jan 2020quarterly activities report● Neutral
December quarter report: cash $541,000, 1,425,490,898 shares after the placement, and net gas output down to 4,010 mcf from 7,050. Borba and Alvares timing still awaits Sacgasco. Xstate now widens its search for a producing asset to include South East Asia.
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.
31 Oct 2019quarterly activities report● Neutral
September quarter report: cash $516,000, and Tanzil chose a 30-day jail term over paying the SGD60,000 fine. Xstate says it is well advanced in talks with two groups on a possible transaction; Champion termination cost about A$50,000. Alvares and Borba timing awaits Sacgasco.
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.
31 July 2019quarterly activities report● Neutral
June quarter report: Texas Champion farm-in awaiting a late Q3 first well, A$500,000 received from Hong, and Tanzil found guilty of contempt. Tanzil's fine deadline extended to 6 August; Alvares and Anzus timing awaits the operator.
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.