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.
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.
Pre-quotation disclosure confirms the offer closed with 107,200,000 shares issued at $0.02 for $2,144,000, plus 16,440,000 lead manager options at $0.04. Planned use includes $2.65m for Diona-1; pro forma net assets $5.14m. Shares total 251,380,863.
What it means for a shareholder
107m new shares at A$0.020 to raise about A$2.1m. That's 3.8% dilution: every existing holder's slice gets 3.8% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.00186% to 0.00179% of the company. To keep it you'd need 1,993 more shares - about A$40 at the issue price.
ASX says Xstate shares will be reinstated on 16 September 2025. The offer issued 107,200,000 shares at $0.02 (A$2,144,000), giving 251,380,863 shares. 16,440,000 lead manager options at $0.04 are escrowed for 24 months.
What it means for a shareholder
107m new shares at A$0.020 to raise about A$2.1m. That's 3.8% dilution: every existing holder's slice gets 3.8% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.00186% to 0.00179% of the company. To keep it you'd need 1,993 more shares - about A$40 at the issue price.
The re-compliance offer is completed, raising about $2.14m before costs. Diona acquisition completion now 4 September, reinstatement 11 September (ASX discretion), a further slip from 9 September. Drilling contract to be signed within a week, rig expected week of 22 September.
14 Aug 2025capital raising announcement▲ GoodMajor
Xstate says it has raised more than the $2.0m minimum from over 300 new applicants, putting it in position to meet ASX's reinstatement conditions. Timetable unchanged: completion 28 August, reinstatement 9 September 2025, at ASX's discretion.
ASX advises it will re-admit Xstate if conditions are met, including raising $2m from at least 300 new applicants. Offer close extended to 21 August; completion 28 August; reinstatement now 9 September 2025. A second slip.
Offer close extended from 24 July to 7 August 2025. Re-instatement to trading now targeted for 26 August; funds are returned if shares are not reinstated by 26 September 2025. First slip in the relisting timetable.
The re-compliance prospectus is now open for applications, with the $1.0m priority offer going to existing holders. Shareholder meeting set for 28 July 2025 to approve Diona and the consolidation. Opening of an already announced raise.
Re-compliance prospectus lodged: 100m shares at $0.02 for a $2.0m minimum, up to 150m shares for $3.0m, with a $1.0m priority offer for existing holders. Closes 24 July 2025. Conditional on shareholder approval, ASX re-compliance and the Diona acquisition; described as highly speculative.
23 June 2025capital raising announcement● NeutralMajor
PAC Partners and BW Equities appointed joint lead managers for a prospectus raise of $2m minimum to $3m maximum at $0.02 per share, conditional on a 2.23:1 consolidation. Fee is 6% plus up to 25 million options at $0.04. Up from the earlier $1.5m minimum.
27 July 2021capital raising announcement● NeutralMajor
Xstate raises $1m through a placement of 250 million shares at 0.4c to domestic investors. Funds go to Borba infrastructure, workovers in California and Canada, and working capital. Follows the $4m raise at 0.8c in February, at a lower price.
What it means for a shareholder
250m new shares at A$0.004 to raise about A$1.0m. That's 8.5% dilution: every existing holder's slice gets 8.5% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.0093% to 0.0085% of the company. To keep it you'd need 23,238 more shares - about A$93 at the issue price.
Xstate raises $4m via a 500m-share placement at 0.8c, to fund Borba drilling and working capital. It also earns a further 9.33% of Borba by paying 13.5% more of the well cost, lifting its interest from 24% to 33.33%. The 10% Alberta deal's vendor purchase has completed.
Operator Sacgasco raises $5m at 6.5c and assigns 9.33% of Borba to Xstate, leaving Sacgasco about 67% and Xstate 33.33%. Sacgasco funds about 62.5% of the Borba well cost. Mirrors Xstate's own raising and farm-in.
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.
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.
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.
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.
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.
20 Oct 2017capital raising announcement● NeutralMajor
Xstate raised $752,378 (before costs) via 62.7m shares at 1.2c, a 17% discount to the 5-day average price. Funds go to its Dempsey 1-15 testing share, Alvares re-entry assessment and leasing. Shares on issue rise to about 783m.
What it means for a shareholder
62.7m new shares at A$0.012 to raise about A$752,378. That's 8.0% dilution: every existing holder's slice gets 8.0% smaller. If you held A$1,000 of shares (83,333 at the issue price), your slice goes from 0.0116% to 0.0106% of the company. To keep it you'd need 7,249 more shares - about A$87 at the issue price.
17 July 2017capital raising announcement▲ GoodMajor
Xstate raised $470,000 by placing 94m shares at 0.5c to sophisticated investors. Funds go partly to leasing extra acreage on trend with Dempsey, ahead of the late July spud. A small, funded raise, in contrast to the $25m placement that was never paid.
What it means for a shareholder
94.0m new shares at A$0.005 to raise about A$470,000. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0319% to 0.0277% of the company. To keep it you'd need 29,994 more shares - about A$150 at the issue price.
Pancontinental's raising of up to $2m at 0.2c per share, to fund its Dempsey-1 share after buying Bombora, Xstate's farm-in partner. It does not change Xstate's interests, but supports Bombora's ability to pay for its Dempsey stake. Pancontinental's release.
Still no funds from the $25m raising, about 70% of which was meant for the LA Basin purchase. The vendor has given only two more weeks to settle. Xstate is starting legal action against the investors, including for the US$625,000 non-refundable deposit if the deal fails.
Xstate says no funds have been received from the $25m raising, despite bank documents showing transfers. This contradicts the February report of A$19.3m remitted. The LA vendor has agreed to extend while the money is awaited.
21 Feb 2017capital raising announcement● NeutralMajor
Investors have remitted about A$19.3m, 77% of the A$25m commitment; the balance is still delayed. The LA vendor has given Xstate extra time past the 17 February closing. No new closing date was stated.
The Asian investors are now in formal breach of their subscription agreements and have been issued breach notices. Maybank gave an irrevocable undertaking that the full A$25m will reach Australia by 15 February. Xstate still expects to close the LA deal on 17 February.
The deposit is still not received, with Maybank citing regulatory delays. Xstate extended the deadline for the balance of the $25m from 25 to 31 January 2017. Settlement of the Sansinena purchase remains 17 February, subject to shareholder approval.
The $1.25m deposit is still unpaid. A signed Maybank transfer form exists but needs Indonesian Government approval, with no confirmed date. Xstate says it has no reason to believe the deposit won't arrive.
The $1.25m deposit on the $25m placement, due 29 December, was delayed by bank holidays; investors were given until 6 January 2017. Xstate says closing the Los Angeles acquisition by 17 February is unaffected.
19 Dec 2016capital raising announcement▲ GoodMajor
Xstate signed binding letters of offer to raise $25m by placing about 658m shares at 3.8c with four Asian investors. That is 51.4% of the enlarged capital. Needs shareholder approval; 5% deposit due by 29 December, balance by 25 January 2017. Mainly funds the Los Angeles acquisition.
