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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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 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.
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.
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.
14 Oct 2025drilling result▲ GoodMajor
Logs confirm 23m of net gas pay (116m gross) in three Permian zones, with average porosity about 10%. Wells is cased and cemented at 2,479m final depth. Wallabella could not be fully logged. Flow testing is still to be planned and agreed.
8 Oct 2025drilling result▲ GoodMajor
Diona-1 reached 2,479m. The main Showgrounds target had no hydrocarbons, but a 181m gas-bearing Permian section was hit, including an overpressured gas kick. Wireline logging is pending. This was an unexpected result, and the Managing Director raises the possibility of a larger unconventional gas play.
2 Oct 2025drilling progress report▲ Good
Xstate's 51% of ATP 2077 was registered on title on 29 September 2025, and it operates. Diona-1 had reached about 1,130m and the first target, the Showgrounds at 2,300m, is expected around 3-4 October, on schedule.
29 Sept 2025drilling spud▲ GoodMajor
Diona-1 spudded on 27 September 2025, a day later than planned, and had reached 549m while running casing. Xstate holds 51% and operates. The Showgrounds target at about 2,300m should be reached in 7-8 days.
25 Sept 2025drilling progress report● Neutral
Rig arrived 22 September and is set up, with Diona-1 spud planned for 1700 on 26 September. Drilling to the Showgrounds target at 2,300m should take 7-8 days. Timetable update only.
16 Sept 2025drilling progress report● Neutral
Well pad for Diona-1 is finished, with cellar and conductor pipe installed. The Ventia 101 rig is expected around 22 September. Preparation step before the well is spudded.
7 Apr 2025farm in farm out agreement▲ Good
Elixir Energy announces it has farmed out the Diona sub-block of ATP 2077 to Xstate, which earns 51% by fully funding the Diona-1 exploration well, targeted for the third quarter of 2025. This is the counterparty's version of Xstate's new project.
6 Nov 2023farm in farm out agreement▼ BadMajor
Xstate will not take part in the Anshof-2 well, calling it a non-core asset and not an appropriate use of funds. It keeps its 20% in Anshof-3. The board is reviewing strategy, which may mean buying bigger exploration assets and trimming non-core ones.
18 Sept 2023farm in farm out completion▲ GoodMajor
ADX completed its deal with MND, which now holds a 30% economic interest in Anshof after paying EUR 1.93m of past costs. ADX keeps 50% and Xstate's 20% is unchanged. Anshof-2 drilling is expected in Q4 2023, funded by MND.
7 Aug 2023farm in farm out agreement▲ GoodMajor
Operator ADX signed a deal for MND Austria to fund the Anshof-2 and Anshof-1 wells to earn a 30% economic interest, up to EUR 11.52m. ADX keeps 50% and Xstate's 20% is unchanged. Conditional on Austrian ministry clearance; Anshof-2 targeted for Q4 2023.
31 Oct 2022resource reserve update▲ GoodMajor
Independent assessor RISC put Anshof 2P reserves at 5.2 million barrels gross, with a gross NPV8 of EUR 42.3m. Xstate's 20% share is 1.04 million barrels, worth about A$13.4m. This answers the open reserve assessment; 3P is 12.5 million barrels gross.
26 Apr 2022drilling progress report▲ Good
The two new Taber wells are being connected for production, with pipelines being trenched and tested. The third well, Killam 16-34-41-13, should have a rig on location in about two weeks. Xstate's net Canadian production is reported at 572 boepd, about 150% of year-end 2021.
21 Apr 2022drilling progress report● Neutral
ADX has run tubing and perforating guns into Anshof-3, and cement bond logging shows good cement across the hydrocarbon zones. Initial flow results are expected early the following week. Xstate holds 20%. Preparation step only; no flow result yet.
14 Apr 2022drilling progress report▲ Good
Sacgasco re-reports that the second Alberta Plains well finished drilling with two laterals at 1,835m and 1,837m, under budget, and the rig is moving to the third well. Xstate holds 35%. Largely duplicates Xstate's own release, with Sacgasco's own production figures.
14 Apr 2022drilling result▲ Good
Second Alberta Plains well, Tabers 01-03-08-17, finished drilling with two laterals (1,835m and 1,837m) in the Sunburst sand, with good oil shows, under budget. Rig moves to the third well. Xstate says its net Canadian production is over 570 boepd, about 50% above end-2021.
11 Apr 2022drilling progress report▲ Good
Second Alberta Plains well, Tabers 01-03-08-17, spudded 7 April and reached intermediate casing 1.5m into the reservoir sand, with 12-18% porosity and free oil in the mud. A lateral is next. Early progress only; no production result.
11 Apr 2022drilling progress report● Neutral
ADX has mobilised the workover rig to Anshof-3 for flow testing of the Eocene oil zone. First oil inflow is expected the week of 18 April. Xstate holds 20%. This continues the testing plan, which had slipped from earlier timing; no result yet.
8 Apr 2022drilling result▲ Good
First of three Alberta Plains oil wells, Tabers 16-2-8-17, reached 1,729m including over 500m of lateral in the oil column, with free oil in the mud. It will now be connected for production; Xstate holds 35% of the A$2.7m gross program (about A$945k net).
5 Apr 2022drilling progress report▲ Good
Sacgasco reports Tabers 16-2-8-17 reached intermediate casing point ahead of schedule, intersecting the target sandstone with expected oil and gas shows. A near-horizontal lateral is next. Early progress on the Alberta Plains well where Xstate holds 35%; no production result yet.
5 Apr 2022drilling progress report● Neutral
Re-release of the 5 April Sacgasco update: Tabers 16-2-8-17 drilled ahead of schedule to intermediate casing point with expected oil and gas shows. No new information.
4 Apr 2022drilling spud● Neutral
Re-release of the Sacgasco announcement: Tabers 16-2-8-17, first of three Alberta Plains wells (Xstate 35%), spudded 2 April 2022 by Blue Sky. No new information beyond the previous item.
4 Apr 2022drilling spud▲ Good
Sacgasco says operator Blue Sky spudded Tabers 16-2-8-17 on 2 April 2022, the first of three Alberta Plains development wells, where Xstate holds 35%. Gross program cost A$2.7m, targeting 200 BOPD gross increase, funded by Canadian cashflow. Continues the planned drilling program.
17 Jan 2022drilling progress report● Neutral
ADX's final report: Anshof-3 was cased with 7 inch casing to 2,499m and the rig released on 15 January after 28 days. The well is suspended awaiting a workover rig for testing. No new results.
14 Jan 2022drilling result▲ Good
Xstate's own release confirms the Anshof-3 discovery: 9m gross Eocene oil (2.5-4m likely net pay) and 20m gross Miocene gas (14m pay). Eocene thickness is at the low end of predrill expectations. Farm-in is complete, Xstate holds 20%, and testing will be funded from existing cash.