30 May 2019agm notice● Neutral
All resolutions at the 30 May 2019 AGM passed, including the remuneration report, Ian Tchacos's re-election and the 10% placement capacity. Routine meeting outcome.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2019quarterly activities report● Neutral
March quarter report: Hong has paid A$400,000 of A$500,000, and a Tanzil contempt hearing is set for 2-4 July 2019. A Hillcrest-pursued producing asset in Western Canada and a Texas exploration opportunity are under negotiation; Alvares timing awaits the operator.
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.
31 Jan 2019quarterly activities report● Neutral
December quarter report: about $960,000 raised at $0.003 per share, Raven sale terminated with Xstate keeping about US$88,500 and A$250,000 of shares, and Alvares interest rising to 25%. Contempt proceedings against Tanzil and bankruptcy action against Hong advanced; Hillcrest alliance seeking acquisitions.
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%.
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.
Create a free account to see this worked out for your own holding.
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).
31 Oct 2018quarterly activities report● Neutral
September quarter report: Hong found in contempt, Chloe Kwok agreed confidentially to withdraw her challenges to the judgments, Dempsey shut in for water with a workover planned for the December quarter, and a $1.0m placement announced. Raven deposits and shares received.
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.
31 July 2018quarterly activities report● Neutral
June quarter: cash was $0.412m at 30 June, mainly spent on Dempsey drilling. Singapore enforcement is proceeding slowly, and no new acquisition has been concluded. Dempsey was selling about 1,300 mcf/d after quarter end. Directors' pay remains deferred.
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.