Past year: ▼ 48%(1.00c – 2.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2026quarterly activities report▼ Bad
June quarter report: Diona-1 well suspended pending artificial lift review by JJM, now with the operator. Cash fell to A$1.248m after $2.759m completion costs. Report describes a 2-stage stimulation, unlike the earlier 3-stage plan. No sustained flow rate yet.
24 June 2026drilling progress report● Neutral
The joint venture has hired JJM Consultancy to analyse options, costs and risks for removing the remaining completion fluid from Diona-1. No decision or timing is given. Testing is still paused.
29 May 2026agm notice● Neutral
All nine AGM resolutions passed, including director performance rights and the Listing Rule 7.1A placement capacity mandate. Childs' re-election and his performance rights drew large against votes. Administrative.
28 May 2026well test result▼ Bad
Xstate says Diona-1 is shut in, because fluid recovery stalled at about 46%, and a technical committee is weighing capillary tubing, nitrogen lift or velocity string. Board says it remains confident of reaching pipeline flow rates; no rate has been shown.
26 May 2026joint venture update▼ BadMajor
Operator Elixir says Diona-1 testing is paused. About 46% of injected fluid returned, short of the 50-60% target, so artificial lift is being assessed. Sproule ERCE is briefed to book a contingent resource. Contradicts hopes of the well flowing naturally. Partner's release.
18 May 2026well test result▲ GoodMajor
Joint venture says Diona-1 met its exploration objectives, confirming over-pressured Permian gas and condensate, with ~4,300 psi estimated reservoir pressure. About 45% of ~6,400 barrels of completion fluid recovered; fluid column still limits flow. Independent contingent resource to be sought; no sustained flow rate yet.
12 May 2026director officer appointment● Neutral
Uno Makotsvana joins as joint company secretary, then becomes sole secretary after the 29 May AGM when Jordan McArthur resigns. Management says it wants Sydney-based support as it focuses on the east coast Diona project.
11 May 2026flow test result▲ Good
Diona-1 was opened 10 May and is flowing gas and condensate with stimulation fluids, at 731 psig flowing tubing pressure on a 20/64th choke. Gas is not yet routed to measurement equipment, so no flow rate. Early encouraging sign for the testing program.
4 May 2026drilling progress report▲ Good
All Diona-1 zones were stimulated, and methane showed on a hand-held meter during flowback. Temporary plugs are being milled out before completion and the 14-day flow test. Stimulation slipped from the earlier target but is now done; no flow rates yet.
28 Apr 2026quarterly activities report● Neutral
March quarter report: Diona-1 stimulation and 14-day flow test still pending. Cash fell to A$2.519m; $1.69m raised after quarter end for the production test and pipeline connection. Management expects early sales if gas flows commercially. Routine update.
28 Apr 2026drilling progress report▲ Good
Elixir, as operator and 49% holder, says stimulation equipment has arrived at Diona-1 and the three-zone fracture stimulation starts imminently, followed by completion and a flow test about a week later. Elixir notes it was fully carried for the drilling by Xstate. This is a partner's release.
22 Apr 2026other● Neutral
Target market determination for the options in the 22 April prospectus, describing them as highly speculative. Regulatory paperwork with no new company information.
22 Apr 2026security holder rights change● Neutral
Prospectus offers up to 17.07m free $0.06 options to placement participants, 12.8m to the lead managers, and up to 6m $0.04 consultant options, plus a 1,000-share cleansing offer. A general meeting to approve them is expected 29 May 2026. Completes the 20 April placement terms.
20 Apr 2026capital raising announcement● NeutralMajor
Xstate raises $1.69m through 51,277,122 shares at $0.033, with one $0.06 option per three shares, to fund extended production tests and a pipeline connection, or cover stimulation overruns. Stimulation by Condor Energy is due to start by the end of the week.
What it means for a shareholder
51.3m new shares at A$0.033 to raise about A$1.7m. That's 1.9% dilution: every existing holder's slice gets 1.9% smaller. If you held A$1,000 of shares (30,303 at the issue price), your slice goes from 0.00113% to 0.00111% of the company. To keep it you'd need 578 more shares - about A$19 at the issue price.
Create a free account to see this worked out for your own holding.
31 Mar 2026annual report● Neutral
Annual report for the year to 31 December 2025 describes 2025 as transformational: remaining Anshof and California interests divested, Diona farm-in and Diona-1 gas discovery. It cites prospective resources of nearly 200 Bscfe gross mean, with flow results expected early April 2026. Financial figures are not in the extract.
31 Mar 2026annual report● Neutral
Appendix 4G, the checklist pointing to the company's corporate governance disclosures, dated 30 March 2026. Administrative, with no new information.
31 Mar 2026annual report● Neutral
Corporate governance statement for 2025 describing board practices, with a board of two independent non-executive directors and one executive director. Compliance document with no new operational or financial information.
5 Mar 2026drilling progress report● Neutral
Contractors are selected and a 3-stage perforation and stimulation program is set, starting the week of 9 March 2026, followed by a 14-day flow test. Results are now targeted for mid-April. Directors also propose performance rights, vesting at $0.04 and $0.06, for approval at the AGM.
9 Feb 2026drilling progress report▲ Good
Cement bond log shows a good bond over all target zones, and cuttings analysis shows good visual porosity. Perforation of the Wallabella Wash starts this week, with stimulation late March or early April 2026. Tenders are due to be awarded within a week.
5 Feb 2026other● Neutral
Share registry moves from Automic to Boardroom Pty Limited; Boardroom takes over on 9 February 2026. Administrative only, with no effect on holdings.
30 Jan 2026quarterly activities report● Neutral
December quarter report restates Diona-1 results: 23m net pay, and a 100 Bscfe net prospective resource, still internally generated and not JV-reviewed. California sale completed. Perforation and stimulation is on track for end March 2026, with flow results expected early April, later than the earlier 'before Christmas' hope.
17 Dec 2025investor presentation● Neutral
Update says Diona-1 testing has slipped to 2026: cement bond log and fracture test in February, stimulation and flow test late Q1 2026. Diona-2 is possible in Q3/Q4 2026, subject to test results and JV approval. Earlier hope was testing before Christmas.
12 Dec 2025security holder rights change● Neutral
Prospectus offering up to 86,899,977 free $0.04 four-year options to placement participants (one per two shares), plus up to 10 million options to contractors in settlement of amounts owed. Issue expected 18 December 2025. Completes the options promised in the October raising.
8 Dec 2025asset acquisition disposition● NeutralMajor
Xstate assigns all its California interests (10-33% working interests) to Australian Oil and Gas (AOK) for forgiveness of US$95,103 (about A$143k) of unpaid cash calls. AOK takes on the obligations, leaving Diona as Xstate's sole focus. This ends the California portfolio review.
18 Nov 2025admin correction● Neutral
Clarification that a seismic image in the 22 October presentation came from a 1984 Bridge Oil 2D survey on permit ATP 145, which later became ATP 2077. Added to meet listing rule requirements; no change to results.
10 Nov 2025other● Neutral
Cleansing prospectus for up to 1,000 shares at $0.022 to remove trading restrictions on shares from the placement. Administrative, with no new information in the extract.
31 Oct 2025capital raising announcement▲ GoodMajor
Firm commitments to raise just over $3.82m at $0.022 per share in two tranches: $829,556 now and $2.99m subject to shareholder approval. Investors get one $0.04 four-year option per two shares. Funds go to Diona-1 testing, exploration and working capital.
31 Oct 2025quarterly activities report● Neutral
September quarter report restating known events: re-quotation, Diona-1 drilled, and the resource upgrade. Cash ended at $2.417m. Diona-1 spend was $1.431m. California output was 1,317 mcf net. Management hopes to sell gas in the first half of 2026.
27 Oct 2025resource reserve update▲ GoodMajor
Xstate's internal estimate lifts Diona prospective resource to a mean 100.5 Bscfe net to Xstate, from 6.4 Bscfe, on a possible basin-centred gas play. Chance of discovery is put at 38%. Not yet reviewed by the JV. Flow testing is targeted before Christmas 2025.
22 Oct 2025investor presentation● Neutral
Presentation repeats the Diona-1 results: 23m net pay, 181m gross gas, Showgrounds had no hydrocarbons, well cased and suspended. It adds regional comparisons and a market capitalisation of $7.5m at $0.03 per share, with no debt. Flow rates are the key unknown.
