Announcement • May 01
Xstate Resources Limited, Annual General Meeting, May 29, 2026 Xstate Resources Limited, Annual General Meeting, May 29, 2026. Location: at unit 14, 210 bagot road, subiaco wa 6008 Australia Announcement • Apr 23
Xstate Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.69 million. Xstate Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 1.69 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,439,396
Price\Range: AUD 0.033
Discount Per Security: AUD 0.00198
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 38,772,726
Price\Range: AUD 0.033
Discount Per Security: AUD 0.00198
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Apr 22
Xstate Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.692145 million. Xstate Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.692145 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 12,439,396
Price\Range: AUD 0.033
Discount Per Security: AUD 0.00198
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 38,837,726
Price\Range: AUD 0.033
Discount Per Security: AUD 0.00198
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Apr 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (197% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$15.0m market cap, or US$10.7m). New Risk • Apr 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$6.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.1m free cash flow). Shareholders have been substantially diluted in the past year (197% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$9.43m market cap, or US$6.49m). New Risk • Mar 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (197% increase in shares outstanding). Revenue is less than US$1m (AU$618k revenue, or US$425k). Market cap is less than US$10m (AU$9.43m market cap, or US$6.48m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Announcement • Dec 17
Xstate Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.823599 million. Xstate Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.823599 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 37,707,129
Price\Range: AUD 0.022
Discount Per Security: AUD 0.00132
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 136,092,826
Price\Range: AUD 0.022
Discount Per Security: AUD 0.00132
Transaction Features: Subsequent Direct Listing Announcement • Dec 11
Sacgasco CA, Inc. completed the acquisition of Xstate USA Corporation from Xstate Resources Limited (ASX:XST). Sacgasco CA, Inc. entered into a binding agreement to acquire Xstate USA Corporation from Xstate Resources Limited (ASX:XST) on December 8, 2025. A cash consideration of $0.1 million will be paid by Sacgasco CA, Inc. As part of consideration, an undisclosed value is paid towards common equity and $0.1 million is paid towards forgiveness of unpaid cash calls of XGas LLC.
Sacgasco CA, Inc. completed the acquisition of Xstate USA Corporation from Xstate Resources Limited (ASX:XST) on December 10, 2025. Announcement • Dec 08
Sacgasco CA, Inc. entered into a binding agreement to acquire Xstate USA Corporation from Xstate Resources Limited (ASX:XST). Sacgasco CA, Inc. entered into a binding agreement to acquire Xstate USA Corporation from Xstate Resources Limited (ASX:XST) on December 8, 2025. A cash consideration of $0.1 million will be paid by Sacgasco CA, Inc. As part of consideration, an undisclosed value is paid towards common equity and $0.1 million is paid towards forgiveness of unpaid cash calls of XGas LLC. New Risk • Nov 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 101% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (57% average weekly change). Shareholders have been substantially diluted in the past year (101% increase in shares outstanding). Revenue is less than US$1m (AU$618k revenue, or US$405k). Market cap is less than US$10m (AU$5.49m market cap, or US$3.60m). Announcement • Oct 31
Xstate Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 3.823599 million. Xstate Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 3.823599 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 37,707,129
Price\Range: AUD 0.022
Discount Per Security: AUD 0.00132
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 136,092,826
Price\Range: AUD 0.022
Discount Per Security: AUD 0.00132
Transaction Features: Subsequent Direct Listing Board Change • Sep 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. MD & Independent Non-Executive Director Andrew Bald was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 16
Xstate Resources Limited (ASX:XST) completed the acquisition of 51% stake in Diona Gas Project from Elixir Energy Limited (ASX:EXR). Xstate Resources Limited (ASX:XST) agreed to acquire 51% stake in Diona Gas Project from Elixir Energy Limited (ASX:EXR) for AUD 0.25 million on April 4, 2025.
The transaction is subject to approval of offer by acquirer shareholders, consummation of due diligence investigation and consummation of private placement OF AUD 2.5 million. The expected completion of the transaction is September 1, 2025. On July 28, 2025, the transaction has been approved by the shareholders of Xstate Resources Limited. As of August 21, 2025, the transaction was approved by Queensland Department of Natural Resources and Mines. As of August 20, 2025, the expected completion of the transaction is August 28, 2025. As of September 3, 2025, the expected completion of the transaction is September 4, 2025.
Xstate Resources Limited (ASX:XST) completed the acquisition of 51% stake in Diona Gas Project from Elixir Energy Limited (ASX:EXR) on September 15, 2025. Announcement • Sep 12
Xstate Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 2.144 million. Xstate Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 2.144 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 107,200,000
Price\Range: AUD 0.02
Discount Per Security: AUD 0.0012 Announcement • Jun 04
Kathari Energia GmbH reached an agreement to acquire 20% stake in Anshof Field Area in Austria from Xstate Resources Limited (ASX:XST) for €0.55 million. Kathari Energia GmbH reached an agreement to acquire 20% stake in Anshof Field Area in Austria from Xstate Resources Limited (ASX:XST) for €0.55 million on June 4, 2025. Following completion of the transaction, ADX’s economic interest in the Anshof Field Area Partnership increases from 50% to 70%. ADX will hold a 70% interest in Anshof-3 and a 60% interest in Anshof-2A production wells, increasing ADX’s share of oil production from the Anshof Field Area from 58 BOPD to 72 BOPD. . The transfer of interest is subject to the consent of MND Austria a.s. (MND), ADX’ remaining partner in the Anshof Field Area. Announcement • Apr 11
Xstate Resources Limited, Annual General Meeting, May 14, 2025 Xstate Resources Limited, Annual General Meeting, May 14, 2025. Location: at level 1, 31 cliff street, fremantle, wa 6160, Australia Announcement • Apr 07
Xstate Resources Limited has filed a Follow-on Equity Offering. Xstate Resources Limited has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Transaction Features: Rights Offering New Risk • Sep 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 436% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). High level of non-cash earnings (436% accrual ratio). Market cap is less than US$10m (AU$2.89m market cap, or US$1.94m). Minor Risk Revenue is less than US$5m (AU$4.2m revenue, or US$2.8m). New Risk • Apr 19
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: AU$7.8m (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Market cap is less than US$10m (AU$5.79m market cap, or US$3.70m). Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (AU$7.8m revenue, or US$5.0m). Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: AU$0.004 (vs AU$0.011 loss in FY 2022) Full year 2023 results: EPS: AU$0.004 (up from AU$0.011 loss in FY 2022). Revenue: AU$7.82m (down 61% from FY 2022). Net income: AU$1.40m (up AU$4.88m from FY 2022). Profit margin: 18% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. Announcement • Mar 29
Xstate Resources Limited, Annual General Meeting, Apr 29, 2024 Xstate Resources Limited, Annual General Meeting, Apr 29, 2024, at 10:00 W. Australia Standard Time. Location: Level 1, 31 Cliff Street, Fremantle Fremantle Western Australia Australia New Risk • Jan 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$567k free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 27% per year over the past 5 years. Market cap is less than US$10m (AU$5.79m market cap, or US$3.82m). Reported Earnings • Sep 18
First half 2023 earnings released: AU$0.002 loss per share (vs AU$0.008 loss in 1H 2022) First half 2023 results: AU$0.002 loss per share (improved from AU$0.008 loss in 1H 2022). Revenue: AU$3.98m (down 62% from 1H 2022). Net loss: AU$505.2k (loss narrowed 80% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. New Risk • Sep 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$567k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$567k free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 27% per year over the past 5 years. Market cap is less than US$10m (AU$3.54m market cap, or US$2.27m). Announcement • Feb 10
Xstate Resources Limited, Annual General Meeting, Mar 13, 2023 Xstate Resources Limited, Annual General Meeting, Mar 13, 2023, at 11:00 W. Australia Standard Time. Location: Level 1, 31 Cliff Street Fremantle, Western Australia Western Australia Western Australia Australia Agenda: To consider the consolidation of capital; and to discuss other matters. Board Change • Nov 16
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Executive Chairman Andrew Childs is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Reported Earnings • Sep 14
First half 2022 earnings released: AU$0.001 loss per share (vs AU$0.001 loss in 1H 2021) First half 2022 results: AU$0.001 loss per share (in line with 1H 2021). Revenue: AU$10.4m (up 430% from 1H 2021). Net loss: AU$2.56m (loss narrowed 18% from 1H 2021). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Board Change • Apr 27
No independent directors There are 3 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Joint Company Secretary & Executive Director David Maxwell McArthur is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Apr 14
Xstate Resources Limited Provides Update on Oil Development Well Xstate Resources Limited provided its shareholders and the market with an update on the planned oil development wells. The second well, Tabers 01-03-08-17 which spud on 7 April has been drilled and the Bonanza 3 rig is moving to the third oil development well. After setting the Intermediate Casing two laterals were drilled through the Sunburst Sand reservoir to Total Depths of 1835 and 1837 metres respectively. Good oil and gas shows were observed. The well has been drilled in a very efficient manner and under budget. The planned development wells are: 1. Tabers 16-2-8-17: Drilled to Produce Proved Undeveloped Reserves; 2. Tabers 1-2-8-17: Drilling a dual lateral to Probable Undeveloped Reserves; 3. Killam 16-34-41-13: Targeting Probable Undeveloped Reserves. The wells are considered independent of each other. The cost of the 3 well development program is estimated at AUD 2.7 million (gross), which will be circa AUD 945,000 net to Xstate. The operator anticipates a gross increase in production of 200 BOPD, which is 70 BOPD net to Xstate. Given the current benchmark oil price of around $100/bbl, these wells are projected to pay back the capital expenditure in less than 12 months. The Alberta Plains Working Interests are: Xstate Group: 35%; Sacgasco Group: 20%; Blue Sky Resources: 45%. Announcement • Apr 11
Xstate Resources Limited Announces 2nd Canadian Oil Development Well in Reservoir Xstate Resources Limited provided its shareholders and the market with an update on the planned oil development wells. The second well, Tabers 01-03-08-17 spud on 7 April and has been drilled to the intermediate casing point 1.5 metres into the reservoir sand. The sand exhibited porosity of 12-18%, strong oil and gas shows, with free oil in drilling mud system samples. After setting the intermediate casing a near horizontal lateral will be drilled through the reservoir sands. The drilling program will be funded from the net cashflow resulting from production in Canada. The planned development wells are: Tabers 16-2-8-17: Drilled to Produce Proved Undeveloped Reserves; Tabers 1-2-8-17: Drilling ahead - target Probable Undeveloped Reserves; and Killam 16-34-41-13: Targeting Probable Undeveloped Reserves. The wells are considered independent of each other. The cost of the 3 well development program is estimated at AUD 2.7 million (gross), which will be circa AUD 945,000 net to Xstate. The operator anticipates a gross increase in production of 200 BOPD, which is 70 BOPD net to Xstate. Given the current benchmark oil price of around USD 100/bbl, these wells are projected to pay back the capital expenditure in less than 12 months. Announcement • Apr 09
Xstate Resources Limited Provides Canadian Drilling Update Xstate Resources Limited provided its shareholders and the market with an update on the planned oil development wells. The first well, Tabers 16-2-8-17, has been drilled to Total Depth of 1729m including over 500m of near horizontal lateral which was drilled within the oil column. Free oil was observed in the mud pits. The well will now be connected for production at which time they will have an Initial Oil Production rate. The Bonanza #3 drilling rig is being moved to the second well in the program, the Taber 1-2-8-17 well. The drilling program will be funded from the net cashflow resulting from production in Canada. The planned development wells are: Tabers 16-2-8-17: Drilled to Produce Proved Undeveloped Reserves, Tabers 1-2-8-17: Targeting Probable Undeveloped Reserves, Killam 16-34-41-13: Targeting Probable Undeveloped Reserves. The wells are considered independent of each other. The cost of the 3 well development program is estimated at A$2.7 million (gross), which will be circa AUD 945,000 net to Xstate. The operator anticipates a gross increase in production of 200 BOPD, which is 70 BOPD net to Xstate. Given the current benchmark oil price of around US$100/bbl, these wells are projected to pay back the capital expenditure in less than 12 months. Announcement • Apr 06
Xstate Resources Limited Provides an Update on the First of 3 Planned Oil Development Wells Xstate Resources Limited provided its shareholders and the market with an update on the first of 3 planned oil development wells. The Tabers 162817 well has been drilled to intermediate casing point ahead of schedule. The well has intersected the target sandstone reservoir as expected with oil and gas shows. The next planned operation is to run intermediate casing and then drill a near horizontal lateral through the reservoir section. This is the first of 3 oil development wells that Sacgasco intends to participate in drilling in SGC's Alberta Plains Asset. The drilling program will be funded from the net cashflow resulting from production in Canada. The planned development wells are: Tabers 162817: Targeting Proved Undeveloped Reserves; Tabers 12817: Targeting Probable Undeveloped Reserves; Killam 16344113: Targeting Probable Undeveloped Reserves. The wells are considered independent of each other. The cost the 3 well development program is estimated at AUD 2.7 million (gross), which will be AUD 560,000 net to Sacgasco. Company anticipate a gross increase in production of 200 BOPD (gross) which is 40 BOPD net to SGC. Given the current benchmark oil price of around USD 100/bbl, these wells are projected to pay back the capital expenditure in less than 12 months. The Alberta Plains Working Interests are: Xstate Group: 35%; Sacgasco Group: 20%; Blue Sky Resources: 45%. Reported Earnings • Apr 03
Full year 2021 earnings released: AU$0.002 loss per share (vs AU$0 in FY 2020) Full year 2021 results: AU$0.002 loss per share (down from AU$0 in FY 2020). Revenue: AU$8.68m (up AU$8.61m from FY 2020). Net loss: AU$4.64m (loss widened AU$3.99m from FY 2020). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Nov 22
Xstate Resources Limited Commences Fully Funded Four Well Exploration and Development Drilling Program Xstate Resources Limited informed its shareholders and the market of its drilling plans over the next six months. Xstate intends to participate in the drilling of 4 wells; one high impact exploration well in Austria and 3 development wells in Canada. The drilling program is fully funded from existing cash reserves and the net cashflows from Canadian production assets. Xstate has negotiated with the 100% owner and Operator ADX Energy Limited to farmin to a 20% working Interest in the highly prospective Anshof Prospect in the ADX-AT-II Exploration Licence in Austria. The prospect is located in the Molasse Basin in central-northern Austria and has an independently assessed unrisked mean prospective resource of 6.6 MMBOE. The Molasse basin is highly productive, and the Operator has identified several new prospects following a detailed technical review of the area. Xstate will fund 40% of the Anshof-3 well up to a cap at 1.8 million (AUD 3.1 million) to earn a 20% equity interest in the Anshof Prospect Area. Beyond the 1.8 million cap, Xstate will pay its working interest share of 20%. The expected total cost to Xstate for drilling Anshof-3 at 20% working interest is AUD 1.2 million (on a dry hole cost basis). Xstate also has the right to elect to fund 40% of a second well on the Anshof Prospect or the Anshof Farmin Area to earn a 20% interest in the Anshof Farmin Area within the ADX-AT-II exploration license. In addition to the farmin, Xstate has an option for two months to farmin into the highly prospective Oho Prospect in ADX-AT-I. The Anshof Prospect is situated in the eastern margin of the Molasse basin and is a thrusted anticline defined on 3D seismic. The large Voitsdorf oil field (22 MMbbls 2P Reserve) lies immediately to the west and adjacent to the Anshof Prospect. Success at Anshof can be rapidly commercialised due to close proximity to abundant oil and gas infrastructure that is accessible on favourable contracted terms. Announcement • Jul 15
Xstate Resources Limited (ASX:XST) signed binding letter agreement to acquire an additional 25% stake in Alberta Plains Assets from Blue Sky Resources Ltd. for CAD 1.3 million. Xstate Resources Limited (ASX:XST) signed binding letter agreement to acquire an additional 25% stake in Alberta Plains Assets from Blue Sky Resources Ltd. for CAD 1.3 million on July 14, 2021. Under the agreement, Xstate Resources Limited shall pay CAD 0.3 million in cash along with issuance of shares for CAD 0.95 million. The transaction will be funded from cash reserves. The transaction is subject to 30 days due diligence and the signing of a formal agreement. Announcement • Jun 15
Xstate Resources Limited Provides an Operational Update for the Borba 1-7 Well Xstate Resources Limited provided an operational update for the Borba 1-7 well, in particular the Kione Reservoir well test. The joint venture tested 13 feet of perforations at approximately 3,900 feet (1,200 metres). A detailed review of the downhole pressure gauge data from the Borba 1-7 well test has modeled a theoretical Absolute Open Flow ("AOF") potential of 7.8 to 9.2 million cubic feet of gas per day (mmcfgpd). The shut-in pressure of the well was 1,700 psi, and as an indicator of practical flow potential, the calculated flow from the Borba well at 1,300 psi tubing pressure (equivalent to just 400 psi of pressure drawdown) is 5,000 mcfgpd. Consistent with good oilfield practice, the joint venture plans to initially flow the Borba 1-7 well at 3,000 mcfpd. This flow rate may be increased depending on operational pipeline pressures and well performance after the well enters production. *Note: 1 `mcfgpd' is 1,000 cubic feet of gas per day or approximately 1 sales units of gas per day Gas analysis confirmed that the Borba gas is consistent with adjacently produced gas, has no associated water, contains 85.4% Methane, and has a Gross heating Value of 856 Btu/mcf. A comprehensive technical review of the geology and geophysics associated with the joint venture leases and infrastructure footprint surrounding the Borba Area in Northern Sacramento Basin has resulted in a renewed focus on relatively shallow and lower cost Kione and Forbes Formation conventional sandstone prospects. Five (5) lookalike drilling targets have been identified. The review is ongoing to qualify additional targets and to rank the prospects. Detailed engineering is underway on two preferred sales pipeline connection options. The selected option will cater for future connection of wells in nearby Kione and Forbes sandstone prospects. The well was drilled on a standard form Oil and Gas Mineral Lease with private mineral right owners who receiveannual lease fees or a royalty when wells are in production. The applicable Royalty Rate is 20%. Reference Natural Gas prices for Xstate gas sales in the northern Sacramento Basin are currently above US$4 /mcf (AUD$5 /mcf). This represents a 28% premium to the US Benchmark Henry Hub Natural Gas Price. The well was drilled on a standard form Oil and Gas Mineral Lease with private mineral right owners who receive annual lease fees or a royalty when wells are in production. The applicable Royalty Rate is 20%. Announcement • May 16
Xstate Resources Announces Results from the 2nd Phase of Flow Testing of the Conventional Kione Sandstones in the Near Vertical Borba 1-7 Well Xstate Resources announced results from the 2nd Phase of flow testing of the conventional Kione Sandstones in the near vertical Borba 1-7 well located adjacent to the Ord Bend GasField in the northern Sacramento Basin, onshore California. The 2nd Phase of more detailed stable and extended flow testing using digital flow meters has been completed and the well has been shut in for a 48-hour shut in pressure test. The well flowed at an improved stable rate of 2.1 mmcfpd (3 May: 1.6 mmcfpd) on a 16/64" choke at 1,440 psi Flowing Tubing Pressure (FTP). Shut in Tubing Pressure (SITP) was 1,530 psi. More detailed pressure data will be recovered from downhole gauges at the end of the shut-in period and then analysed. Gas samples have been collected and sent to labs for analysis. Based on the initial stable flow rates and pressure data and analogue data from local well production histories, the Operator plans to bring the well into production at a flowing rate of around 3 mmcfpd. Whilst the Operator believes much higher headline rates flow are achievable, the joint venture is adopting more conservative `Good Oil Field Practice' to achieve optimum Natural Gas recovery over the life of the well. The well was perforated at 4 Shots per foot over a 13 feet interval from 3,885 to 3,898 feet within the pay intervals reported in the release to the ASX platform on 15 March 2021. The well was drilled on a standard form Oil and Gas Mineral Lease with private mineral right owners who receiveannual lease fees or a royalty when wells are in production. The applicable Royalty Rate is 20%. The in-field testing of the Borba 1-7 well is now complete. Connection of the Borba well to the natural gas pipeline system is the next priority. The results from the pressure gauges and gas analysis will be evaluated as part of the decision on the best pipeline connection. The delineation of additional prospects and plans for drilling and improved production in California and Canada are a priority for the balance of CY 2021. Further updates will be provided as significant results are received. Announcement • Apr 29
Xstate Resources Limited (ASX:XST) signed an agreement to acquire oil and gas producing asset in Alberta and British Columbia from Blue Sky Resources Ltd. for CAD 1.3 million. Xstate Resources Limited (ASX:XST) signed an agreement to acquire oil and gas producing asset in Alberta and British Columbia from Blue Sky Resources Ltd. for CAD 1.3 million on April 28, 2021. Xstate’s asset purchase price is CAD 1 million plus the issue of 71,428,571 Xstate shares. The acquisition by Xstate is subject to regulatory approvals and the completion of the acquisition of the ABC Assets by the vendor Blue Sky Resources Limited. The acquisition is also subject to 45 days due diligence by Xstate. The Assets acquisition can be funded from cash reserves and cash flows from Xstate’s producing assets. Closing of the purchase is expected in the third quarter of calendar 2021. Announcement • Mar 19
Xstate Resources Limited Announces Intersected a Further 30 Metre Xstate Resources Limited announce that it has intersected a further 30 metre (100 feet) interval of high gas shows in Lower Guinda Formation sandstones at the Borba 1-7 well below a measured depth of 1,879 metres (6,165 feet). The gas shows which are the best seen to date in the well exhibited a gas peak of 385 units over a background of 10U (39x increase) from a 30 metres (100 feet) zone with very high sand content. Also, for the first time in the well, ethane (C2H6) is now present in the gas stream. It should be noted that the Borba 1-7 well is being drilled in well 8 ½" diameter hole, using 13 ppg mud weight following good well control practices. Drilling will continue to the next objective. The next suite of petrophysical logs are planned to be run at the TD of the well after drilling through 8 or more high amplitude targets. Announcement • Mar 01
Xstate Resources Limited Announces Borba Drilling Update Xstate Resources announced that 13 3/8" casing has been run and cemented at a depth of 1,828 feet as planned. Graham Rig 5 drilled to 1,828 feet in 17 ½" hole out of the 20" conductor set at 50 feet. The Borba 1-7 well will be drilled directionally to test multiple stacked 3D seismic anomalies in the interval from 3,200 feet (975 metres) to 9,500 feet (2,800 metres) depth and finish in Basement rocks. The prospective interval covers around 6,300 feet (1,920 metres). The well is expected to take some 25 - 35 days to drill. Announcement • Feb 23
Xstate Resources Limited Announces Graham Drilling Rig 5 Spudded the Borba 1-7 Well in the Northern Sacramento Basin Onshore California Xstate Resources Limited announced that Graham Drilling Rig 5 spudded the Borba 1-7 Well in the Northern Sacramento Basin onshore California. The rig is now drilling ahead in 17 ½" hole to a planned depth of some 1,800 feet where 13 3/8" casing will be set. The Borba 1-7 well will be drilled to test multiple stacked 3D seismic anomalies in the interval from 3,200 feet (975 metres) to 9,500 feet (2,800 metres) depth and finish in Basement rocks. The prospective interval covers around 6,300 feet (1,920 metres). The well is expected to take some 25 - 35 days to drill. Recent Insider Transactions Derivative • Feb 18
Interim MD exercised options and sold AU$75k worth of stock On the 16th of February, David McArthur exercised 5m options at a strike price of around AU$0.005 and sold these shares for an average price of AU$0.02 per share. This trade did not impact their existing holding. For the year to December 2019, David's total compensation was 5% salary and 95% non-salary (Indicating these sales could comprise a meaningful part of their income for the year). Since March 2020, David's direct individual holding has increased from 24.99m shares to 28.99m. Company insiders have collectively sold AU$89k more than they bought, via options and on-market transactions in the last 12 months. Announcement • Feb 18
Xstate Resources Limited Announces Borba Prospective Resource and Operations Update Xstate Resources announced the results of an Independent Prospective Resources Report of the Borba Prospect, located in Glenn County, Sacramento Basin, California. The report, completed by ERC Equipoise Pte Ltd. (ERCE), has assessed a Mean Unrisked Prospective Resource of 141 Bcf (Gross 100% JV) and 38 Bcf (Net XST Entitlement Share) of recoverable Natural Gas for the Borba Prospect. The chance of intersecting at least one gas zone has been estimated at 70%. The rig move to the Borba location is well underway, and the Borba 17 well is expected to spud this week. The oil and gas leases in the Borba AMI are standard Mineral Right leases with a total royalty of 21%. The net entitlement to Xstate (after royalties deducted) is 37 Bscf for the mean Unrisked Prospective Resource. The Borba 17 well has been planned test the presence of hydrocarbons in all 11 layers. Using the risking matrix in the Tables above, ERCE has aggregated, to a Prospect level, volumetrics based on the risks and volumetric distributions of each reservoir layer. To calculate this Chance of Success (COS), ERCE has made assumptions regarding the dependency of risk elements between each reservoir layer. The resulting volumetric distributions and risks were created by "Rolling Up" the risks, and assuming success in at least one drilled interval. The result determined Success Case prospect COS of 70%. Announcement • Feb 12
Xstate Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 4 million. Xstate Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 4 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 500,000,000
Price\Range: AUD 0.008
Transaction Features: Subsequent Direct Listing Announcement • Feb 09
Xstate Resources Limited (ASX:XST) completed the acquisition of 10% working interest in oil and gas producing assets in Southern Alberta, Canada from Blue Sky Resources Ltd. Xstate Resources Limited (ASX:XST) signed a binding term sheet to acquire 10% working interest in oil and gas producing assets in Southern Alberta, Canada from Blue Sky Resources Ltd. for AUD 0.33 million on January 22, 2021. As reported,. Xstate Resources Limited will pay AUD 0.26 million in cash and will issue 10.94 million shares as consideration. A refundable deposit of AUD 51,000 has been paid. The transaction will be fully funded from existing cash. The acquisition by Xstate Resources Limited is subject to the completion of the acquisition of the assets by Blue Sky Resources. As of February 3, 2021, Blue Sky Resources Ltd completed the acquisition of the assets. The transaction is expected to close on March 10, 2021.
Xstate Resources Limited (ASX:XST) completed the acquisition of 10% working interest in oil and gas producing assets in Southern Alberta, Canada from Blue Sky Resources Ltd. on February 9, 2021. Announcement • Feb 04
Xstate Resources Limited announced that it expects to receive AUD 4 million in funding Xstate Resources Limited (ASX:XST) announced a private placement of 500,000,000 fully paid ordinary shares at a price of AUD 0.008 per share for gross proceeds of AUD 4,000,000 on February 3, 2021. The transaction will include participation from new and existing domestic investors. The transaction is expected to close on February 8, 2021. The company will pay 6% broker fees in the transaction for the securities being issued through broker. Announcement • Jan 29
Xstate Resources Limited (ASX:XST) signed a term sheet to acquire 10% working interest in oil and gas producing assets in Southern Alberta, Canada for CAD 0.3 million. Xstate Resources Limited (ASX:XST) signed a term sheet to acquire 10% working interest in oil and gas producing assets in Southern Alberta, Canada for CAD 0.3 million on January 22, 2021. Xstate Resources Limited will pay CAD 0.25 million in cash and will issue 10.94 million shares. A refundable deposit of AUD 0.05 million (CAD 0.05 million) has been paid. The acquisition by Xstate Resources Limited is subject to the completion of the acquisition of the assets by Blue Sky Resources Limited. The transaction will be fully funded from existing cash. The transaction is expected to close by March 10, 2021. Announcement • Nov 20
Xstate Resources Limited (ASX:XST) agreed to acquire 15% stake in Red Earth Project in Northern Alberta, Canada from Blue Sky Resources Ltd. for CAD 0.5 million. Xstate Resources Limited (ASX:XST) agreed to acquire 15% stake in Red Earth Project in Northern Alberta, Canada from Blue Sky Resources Ltd. for CAD 0.5 million on November 2, 2020. The purchase price to be paid by Xstate is CAD 0.3 million cash and 58.3 million Xstate Resources shares. A deposit of CAD 0.03 million has been placed in an Escrow Account for the acquisition. A total of 362 million shares of Xstate Resources are to be issued for financing the transaction. The issue of shares is subject to shareholder approval. The acquisition is subject to approval by the Alberta Energy Regulator (AER). The asset purchase is expected to close before January 31, 2021 with the same effective date. Announcement • Jul 10
Xstate Resources Limited announced that it expects to receive AUD 0.562 million in funding Xstate Resources Limited (ASX:XST) announced that it has entered into agreements for a private placement of 562 unsecured convertible notes at a price of AUD 1,000 per note for the gross proceeds of AUD 562,000 on July 9, 2020. The transaction will include participation from sophisticated investors. The notes will mature on July 10, 2021 and convert into fully paid shares of the company at a conversion price of AUD 0.002 per share at maturity, or at an earlier time subject to the consent of the company. The notes carry interest rate of 10%, payable quarterly in arrears. The investors will can elect to be paid interest via share issue at the same price as the note conversion upon maturity of the notes. The conversion of the notes is subject to, and conditional upon, the company obtaining all necessary approvals from its shareholders for the conversion of the notes into shares. The transaction is expected to close on July 10, 2020. 