https://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Mon, 15 Oct 2018 23:48:39 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Xstate Resources to lift funds following legal stoush ]]> https://www.proactiveinvestors.com.au/companies/news/185752/xstate-resources-to-lift-funds-following-legal-stoush-185752.html Xstate Resources Ltd (ASX:XST) is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.

Earlier in the month, the company provided an update in relation to its Supreme Court action against Tanzil Hidayat, Chloe Kowk Yun Qing, Hong Hung Thiam and Kevin Lim Gunawan seeking damages for the non‐payment of A$25 million in subscription funds.

Recently the defendants had requested an additional four weeks to file any affidavits in response to the summary judgment application.

The Court agreed the extension but said no more would be granted.

The halt will remain in place until the opening of trade on Friday 20th October 2017, or earlier if an announcement is made to the market.

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Wed, 18 Oct 2017 10:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/185752/xstate-resources-to-lift-funds-following-legal-stoush-185752.html
<![CDATA[News - Xstate Resources to raise funds ]]> https://www.proactiveinvestors.com.au/companies/news/173154/xstate-resources-to-raise-funds-173154.html Xstate Resources (ASX:XST) has been granted a trading halt by the ASX, pending details related to a capital raising.

The halt will remain in place until the opening of trade on Friday, 17th February 2017, or earlier if an announcement is made to the market.

Xstate recently entered into binding agreements with four sophisticated Asian investors to raise a total of $25 milion at $0.38 per share.

The aim is to fund the acquisition of Xstate’s intended Los Angeles Basin oil fields transaction.

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Wed, 15 Feb 2017 09:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/173154/xstate-resources-to-raise-funds-173154.html
<![CDATA[News - Xstate Resources eyes productivity gains at Los Angeles Basin oil fields ]]> https://www.proactiveinvestors.com.au/companies/news/170086/xstate-resources-eyes-productivity-gains-at-los-angeles-basin-oil-fields-170086.html The company is currently carrying out due diligence on the Sansinena oil field located near the City of La Habra and the East LA oil field located in Los Angeles.

Xstate’s initial review of production operations in the Sansinena field indicates that significant productivity gains are available through:
- flaring of excess gas
- gas plant debottlenecking; and
- the ongoing return to production of shut in wells.

These gains are expected within months of closing the acquisition in February 2017.

Xstate anticipates more substantial production increases by mid‐2017 following the commencement of drilling of proven undeveloped reserves in close proximity to existing producing wells.

From the due diligence work to date, Xstate continues to gain confidence in the underlying quality of the assets.

The company is aiming to complete the due diligence by December 16, 2016.

Under the terms of the acquisition Xstate has agreed to pay US$13 million for a 24.5% gross working interest for both the Sansinena and the East LA oil fields.

The estimated lease operating expense of less than US$15 barrel places Xstate in an ideal position to take advantage of any increases in oil price, further field productivity gains and reserves growth.

The company’s share price has more than tripled since the start of 2016, last trading $0.016.

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Wed, 07 Dec 2016 12:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/170086/xstate-resources-eyes-productivity-gains-at-los-angeles-basin-oil-fields-170086.html
<![CDATA[News - Xstate Resources Ltd has an acquisition on the table ]]> https://www.proactiveinvestors.com.au/companies/news/168379/xstate-resources-ltd-has-an-acquisition-on-the-table-168379.html Xstate Resources Ltd (ASX:XST) has some interesting news pending in the form of an acquisition.

The ASX has granted Xstate a trading halt, with its shares placed in pre-open.

The halt will remain in place until the opening of trade on Friday 4th November 2016, or earlier if an announcement is made to the market.

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Wed, 02 Nov 2016 14:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/168379/xstate-resources-ltd-has-an-acquisition-on-the-table-168379.html
<![CDATA[News - Xstate Resources Ltd among ASX % Gainers intra-day ]]> https://www.proactiveinvestors.com.au/companies/news/163535/xstate-resources-ltd-among-asx-gainers-intra-day-68097.html Friday's leading ASX % Gainers intra-day.

Company NameCodeLastChangeVolume Xstate Resources Ltd XST $0.015 66.67% 5,613,309 Kollakorn Corporation Ltd KKL $0.006 50% 500,000 Moreton Resources Ltd MRV $0.004 33.33% 405,000 Charter Pacific Corporation Ltd CHF $0.014 27.27% 737,500 IOT Group Ltd IOT $0.024 26.32% 31,936,942 Malachite Resources Ltd MAR $0.005 25% 200,000 Capital Mining Ltd CMY $0.005 25% 100,000 Q Technology Group Ltd QTG $0.005 25% 100,000 Zambezi Resources Ltd ZRL $0.010 25% 200,000 First Growth Funds Ltd FGF $0.011 22.22% 240,950

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Fri, 15 Apr 2016 15:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163535/xstate-resources-ltd-among-asx-gainers-intra-day-68097.html
<![CDATA[News - Xstate Resources leads ASX% Gainers intra-day ]]> https://www.proactiveinvestors.com.au/companies/news/163534/xstate-resources-leads-asx-gainers-intra-day-64537.html Tuesday’s leading ASX % Gainers intra-day.

NameCodeLastChangeVolume Xstate Resources ASX:XST $0.007 40% 176,645 Planet Gas ASX:PGS $0.004 33.3% 290,000 Venturex Resources ASX:VXR $0.004 33.3% 500,000 Minbos Resources ASX:MNB $0.004 33.3% 1,672,914 Greenvale Energy ASX:GRV $0.026 30% 99,900 Rubicon Resources ASX:RBR $0.013 30% 146,926 Mithril Resources ASX:MTH $0.005 25% 401,414 Emergent Resources ASX:EMG $0.019 18.8% 2,043,000 Decimal Software ASX:DSX $0.07 18.6% 571,143 Azure Minerals ASX:AZS $0.013 27.3% 2,560,000

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong.

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Tue, 15 Sep 2015 14:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163534/xstate-resources-leads-asx-gainers-intra-day-64537.html
<![CDATA[News - Xstate Resources, Charter Pacific Corporation atop % Gainers intra-day ]]> https://www.proactiveinvestors.com.au/companies/news/163533/xstate-resources-charter-pacific-corporation-atop-gainers-intra-day-64488.html Friday’s leading ASX % Gainers intra-day.

NameCodeLastChangeVolume Charter Pacific Corporation ASX:CHF $0.037 68.2% 1,657,290 Xstate Resources ASX:XST $0.005 66.7% 650,000 Sovereign Gold ASX:SOC $0.003 50% 500,000 Argo Exploration ASX:AXT $0.024 41.2% 30,000 Stargroup Limited ASX:STL $0.035 29.6% 1,941,206 Bioxyne Limited ASX:BXN $0.012 20% 400,000 Tamaska Oil & Gas ASX:TMK $0.006 20% 100,000 Peninsula Mines ASX:PSM $0.006 20% 9,100 Sabre Resources ASX:SBR $0.019 18.8% 128,174 BGD Corporation ASX:BGD $0.013 18.2% 100,000

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong.

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Fri, 11 Sep 2015 15:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163533/xstate-resources-charter-pacific-corporation-atop-gainers-intra-day-64488.html
<![CDATA[News - These two companies are up 100% today ]]> https://www.proactiveinvestors.com.au/companies/news/163532/these-two-companies-are-up-100-today-64276.html Monday’s leading ASX % Gainers at midday.

NameCodeLastChangeVolume Carajas Copper Company ASX:CJC $0.006 100% 317,533 Xstate Resources ASX:XST $0.004 100% 596,212 BBX Minerals ASX:BBX $0.012 33.3% 692,576 Delta SBD Limited ASX:DSB $0.10 33.3% 120,000 Kollakorn Corporation ASX:KKL $0.013 30% 36,292,572 Stellar Resources ASX:SRZ $0.032 28% 25,000 Tawana Resources ASX:TAW $0.005 25% 39,400 Tamaska Oil & Gas ASX:TMK $0.005 25% 1,000,000 Caeneus Minerals ASX:CAD $0.01 25% 3,635,067 Golden Rim Resources ASX:GMR $0.005 25% 176,499

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 31 Aug 2015 12:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163532/these-two-companies-are-up-100-today-64276.html
<![CDATA[News - Xstate Resources granted halt, has farm out to divulge ]]> https://www.proactiveinvestors.com.au/companies/news/163531/xstate-resources-granted-halt-has-farm-out-to-divulge-57829.html Xstate Resources (ASX:XST) has been granted a trading halt this morning by the ASX pending details of a farm out.

Currently Xstate is focussed on multi-trillion cubic feet of gas prospects onshore California with partner the Australian Oil Company (ASX:AOC).

Earlier in the month Australian Oil Company has commenced permitting to drill the multi-zone, conventional Dempsey Gas Prospect located below AOC production facilities in the northern Sacramento Basin, onshore California

Xstate Resources has a working interest of 10%, with AOC 55% and private interests 35%.

AOC and XST have an option, on terms to be finalized, to increase their working interests to 60% and 25% respectively.

The halt will remain in place until the opening of trade on Tuesday 30th September 2014, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 26 Sep 2014 16:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163531/xstate-resources-granted-halt-has-farm-out-to-divulge-57829.html
<![CDATA[News - Xstate Resources in fund raising for onshore California oil exploration ]]> https://www.proactiveinvestors.com.au/companies/news/163530/-xstate-resources-in-fund-raising-for-onshore-california-oil-exploration-52899.html Xstate Resources (ASX:XST) has raised $1,000,000 in working capital after placing 20,000,000 fully paid ordinary shares at $0.05 cents.

Funds raised will be used to acquire additional 2D seismic data and expand the scope of the joint venture leasing and prospect capture within the Sacramento Basin in California, according to managing director Paul Cartwright.

The joint venture agreement is with Australian Oil Company (AOC) for onshore California to develop major hydrocarbon resources.

Xstate currently has 30% of the joint venture and has been actively involved in prospect generation, drilling program design and leasing suggestions.

The joint venture purchased an additional 1,447 kilometres (900 miles) of 2D seismic data in the Northern Sacramento Basin which along with it its existing 2D and 3D data base has enabled Keith Martens (Technical Director of AOC and lead project explorationist) to expand the JV play types and generate a plethora of prospects.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 17 Feb 2014 19:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/163530/-xstate-resources-in-fund-raising-for-onshore-california-oil-exploration-52899.html
<![CDATA[News - Xstate Resources to raise cash ]]> https://www.proactiveinvestors.com.au/companies/news/163529/xstate-resources-to-raise-cash-52835.html Xstate Resources (ASX:XST) is likely to raise cash with its shares in a trading halt pending an announcement.

The halt is likely to be in effect until an announcement is made or the start of trade on 18 February.

Xstate had said late last year that it had signed a binding Heads of Agreement with major shareholders of Bombora Energy to acquire around 75.90% of shares on issue in Bombora that would give Xstate exposure to about 20,000 gross acres of oil and gas leases in California.

Bombora has a 22.55% working interest in a lease that is prospective for oil in California. That lease is in the prolific oil rich Monterey Formation, which has been producing oil for over hundred years and has produced in excess of 2 billion barrels.

The agreement with Bombora also includes its working interest of 6.67% in the West Brentwood, which covers about 3,000 acres of high quality seismic data. The agreement with Bombora will take Xstate's interest in the project to 23.33%.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 14 Feb 2014 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/163529/xstate-resources-to-raise-cash-52835.html
<![CDATA[News - Xstate Resources expands alliance with Australian Oil Company ]]> https://www.proactiveinvestors.com.au/companies/news/163528/xstate-resources-expands-alliance-with-australian-oil-company-49372.html Xstate Resources (ASX: XST) has signed an Area of Mutual Interest agreement with Australian Oil Company (ASX: AOC) regarding new joint venture opportunities in California.

The three year agreements build on their existing relationship.

The partners aim to mutually develop exploration opportunities that sets the stage for value creation.

Xstate had previously noted that it was focusing on onshore oil and gas exploration in California, having acquired on 8 August, a 10% interest in seven producing gas wells and associated land leases and production and pipeline access equipment in the Sacramento Basin.

These produce about 740,000 cubic feet of gas per day from conventional sandstone reservoirs and provide access to exploration opportunities.

AOC has a 40% interest in the wells.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 22 Oct 2013 19:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/163528/xstate-resources-expands-alliance-with-australian-oil-company-49372.html
<![CDATA[News - Xstate Resources shares lift-off on California conventional oil and gas focus ]]> https://www.proactiveinvestors.com.au/companies/news/163527/xstate-resources-shares-lift-off-on-california-conventional-oil-and-gas-focus-48750.html Xstate Resources (ASX: XST) shares have steadily advanced to its current $0.018, up 125% since its 7 August 2013 close of $0.008.

This follows its 8 August announcement of the acquisition of a 10% interest in seven producing gas wells and associated land leases and production and pipeline access equipment in the Sacramento Basin, California, for US$37,500.

These wells produce about 740,000 cubic feet of gas per day from conventional sandstone reservoirs providing the company with a source of modest cash flow.

More importantly, the acquisition provides access to exploration opportunities consistent with the company’s current focus on conventional onshore California opportunities.

Over 375 square kilometres of 3D seismic over the assets have resulted in the identification of a number of attractive drillable prospects which the joint venture intends to pursue.

Existing gross gas reserves are internally estimated to be in the order of 1.5 billion cubic feet and a number of well rejuvenation opportunities that may significantly enhance production have been identified.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 03 Oct 2013 16:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163527/xstate-resources-shares-lift-off-on-california-conventional-oil-and-gas-focus-48750.html
<![CDATA[News - Xstate Resources completes sale of Tunisian assets, focuses on U.S. oil and gas ]]> https://www.proactiveinvestors.com.au/companies/news/163526/xstate-resources-completes-sale-of-tunisian-assets-focuses-on-us-oil-and-gas-44546.html Xstate Resources (ASX: XST) will now focus on its U.S. oil and gas assets after completing the sale of its Tunisian assets to Gulfsands Petroleum plc (LON: GPX).

The company was paid US$890,000 for the assets and may receive a US$500,000 cash bonus upon first production resulting from the drilling of the next exploration well on the Kerkouane Permit.

Xstate had held a 10% participating interests in the Chorbane, Kerkouane and Pantelleria permits.

It continues to review opportunities with high prospectivity for oil and gas; availability of new data like 3D seismic; access to production and transport infrastructure; relatively underexplored; and located in a lower operating cost area.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 18 Jun 2013 09:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163526/xstate-resources-completes-sale-of-tunisian-assets-focuses-on-us-oil-and-gas-44546.html
<![CDATA[News - Xstate Resources spuds exploration well at West Brentwood in California ]]> https://www.proactiveinvestors.com.au/companies/news/163525/xstate-resources-spuds-exploration-well-at-west-brentwood-in-california-42506.html Xstate Resources (ASX:XST) has spudded the Shea-Dividend-1-8 exploration well at its West Brentwood prospect in California.

The well will be directionally drilled to a true vertical depth of 1,220 metres from a central drilling area and is expected to take 8 days to determine if hydrocarbons are present.

The latest drilling well will target the highly productive Anderson Sandstone with two other locations also permitted to drill from the same central location.

All three prospects are estimated to contain up to 500,000 barrels of recoverable oil each, with natural flow rates of 200‐500 barrels of oil per day per well.

Xstate will earn a 16.67% working interest in the 340 acre West Brentwood prospect by paying 25% of the first US1 million spent on drilling and thereafter pay its earned working interest share of 16.67%.

The original West Brentwood farm-in deal also includes an Area of Mutual Interest covering about 3,000 acres of high quality seismic data. An additional 7 drillable prospects have been identified on this data set.

The West Brentwood Prospect Area is located 50 kilometres east of San Francisco and just west of the Brentwood oil and gas field which has produced over 8 million barrels of oil and 60 billion cubic feet (Bcf) of gas and adjacent to the West Brentwood fields which have produced approximately 3 MMbbl of oil and 9 Bcf of gas.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 26 Apr 2013 11:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163525/xstate-resources-spuds-exploration-well-at-west-brentwood-in-california-42506.html
<![CDATA[News - Xstate Resources to update acquisition of Blue Sky Langsa ]]> https://www.proactiveinvestors.com.au/companies/news/163524/xstate-resources-to-update-acquisition-of-blue-sky-langsa-40916.html Xstate Resources (ASX: XST) is preparing to update the acquisition of Blue Sky Langsa and an asset acquisition, with the ASX granting the company a trading halt this morning - with its shares placed in pre-open.

Last month Xstate signed a Memorandum of Understanding to acquire 100% of an offshore Sumatra, Indonesia, oil project that is currently producing profitably at a rate of about 340 barrels per day.

Production from the Langsa Technical Assistance Contract (TAC) currently comes from one well via a dedicated leased floating production, storage and offloading vessel.

Importantly, Langsa was originally developed with five other subsea wells that are currently shut-in and are candidates for workover to recover additional oil.

Plans are already advanced to complete the suspended H-3 well in the northern part of the H field that was drill be Mobil and which flowed oil at rates of over 3,500 barrels per day before it was suspended for future production.

Xstate expects that a successful workover program could allow the field to produce at an initial rate exceeding 3,000bpd of oil.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 20th March 2013.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 18 Mar 2013 12:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/163524/xstate-resources-to-update-acquisition-of-blue-sky-langsa-40916.html
<![CDATA[News - Xstate Resources acquiring producing Sumatran offshore oil project ]]> https://www.proactiveinvestors.com.au/companies/news/163523/xstate-resources-acquiring-producing-sumatran-offshore-oil-project-39557.html Xstate Resources (ASX: XST) has signed a Memorandum of Understanding to acquire 100% of an offshore Sumatra, Indonesia, oil project that is currently producing profitably at a rate of about 340 barrels per day.

Production from the Langsa Technical Assistance Contract (TAC) currently comes from one well via a dedicated leased floating production, storage and offloading vessel.

Importantly, Langsa was originally developed with five other subsea wells that are currently shut-in and are candidates for workover to recover additional oil.

Plans are already advanced to complete the suspended H-3 well in the northern part of the H field that was drill be Mobil and which flowed oil at rates of over 3,500 barrels per day before it was suspended for future production.

Xstate expects that a successful workover program could allow the field to produce at an initial rate exceeding 3,000bpd of oil.

Cash flow from this increased production may be used for further exploration on Langsa and other projects that are under consideration.

MoU Details

Xstate is acquiring Blue Sky Langsa (BSL), which holds 100% of the Langsa TAC, by issuing 459.57 million new shares to BSL shareholders.

Following the transaction, BSL shareholders will own 82% of Xstate shares and will nominate two directors to Xstate’s board. BSL president Ilyas Chaudhary will be appointed Xstate’s chairman.

Value: The transaction is based on the following approximate valuations:
Xstate: - ASX listed entity with approximately $750,000 cash,
after Tunisia Sale proceeds are received:. $2 million
BSL: Langsa TAC 100% interest including reserves,
and $3 million equipment inventory: $9.1 million

Langsa

Langsa is located in 70 to 100 metres of water about 50 kilometres off north Sumatra. It contains the L and H oil fields and related oil field equipment inventory.

Production is sourced from limestone reservoir rocks about 1,600 metres below the sea surface.

Langsa is adjacent to other oil discoveries, providing Xstate with opportunities for growth.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 14 Feb 2013 11:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/163523/xstate-resources-acquiring-producing-sumatran-offshore-oil-project-39557.html
<![CDATA[News - Xstate Resources to reveal acquisition ]]> https://www.proactiveinvestors.com.au/companies/news/163522/xstate-resources-to-reveal-acquisition-39435.html Xstate Resources (ASX: XST) is preparing to announce details of an asset acquisition, with the ASX granting the company a trading halt this morning, with its shares placed in pre-open.

Xstate said in the December 2012 quarterly that it continues to actively seek new oil and gas assets to revitalise the company and is pursuing mergers, acquisition and acreage application opportunities over areas where Xstate management and advisors have extensive oil and gas exploration and development experience.

Andrew Childs was recently appointed as a Director of the company, and is well known in the Australian oil & gas industry and is based in Perth.

At the time of the appointment, the company said it is anticipated that Childs business connections will assist the company in its endeavour to locate a suitable oil or gas project and help facilitate the future restructuring and recapitalisation of the company.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 14th February 2013.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 12 Feb 2013 09:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/163522/xstate-resources-to-reveal-acquisition-39435.html
<![CDATA[News - Xstate Resources: Chorbane prospectivity boosted with 51m barrels of oil from Sidi Dhaher ]]> https://www.proactiveinvestors.com.au/companies/news/163521/xstate-resources-chorbane-prospectivity-boosted-with-51m-barrels-of-oil-from-sidi-dhaher-22073.html XState Resources’ (ASX: XST) Sidi Dhaher oil discovery within the Chorbane Permit onshore Tunisia has been estimated at 51 million barrels of oil in place, which makes the other mapped prospects on the permit more attractive as future drilling targets.

The interpreted 30 metre oil column in the Sidi Dhaher 1 well occurs in good quality Cretaceous age, Bireno Carbonate reservoir rocks. Oil was recovered from the reservoir using wireline sampling tools.

A further boost to the project is the oil bearing reservoirs are quite shallow at around 1100 metres which would result in relatively inexpensive appraisal and development wells.

The Sidi Dhaher-1 well is located within the 2,428 square kilometre Chorbane Exploration Permit, near the oil industry services supply centre of Sfax.

It is surrounded by several producing oil fields, some with characteristics similar to the Sidi Dhaher discovery well, and extensive oil and gas infrastructure.

Sidi Dhaher is located 60 kilometres from the La Skhira oil terminal and oil pipelines to the terminal run through the Chorbane Permit.

Xstate has earned a 10% interest in the permit and will pay 10% of future costs including the cost of testing the well.

The operator for the Chorbane Permit is currently in the process of finalising rig selection to proceed with well testing as soon as possible.

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Tue, 15 Nov 2011 13:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/163521/xstate-resources-chorbane-prospectivity-boosted-with-51m-barrels-of-oil-from-sidi-dhaher-22073.html
<![CDATA[News - Xstate Resources readies to flow test well at Sidi Dhaher oil discovery in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/163520/xstate-resources-readies-to-flow-test-well-at-sidi-dhaher-oil-discovery-in-tunisia-20925.html Xstate Resources (ASX: XST) has reported that the drilling phase of the onshore Sidi Dhaher 1 oil and gas exploration well has been completed and made ready for flow rate testing.

The drilling rig was released on 5 October 2011 at the well which is located near Sfax on the Mediterranean coast in Tunisia that is surrounded by several producing oil fields and extensive oil and gas infrastructure.

A commercial flow rate of oil and associated gas from the upcoming tests, combined with the access to nearby oil and gas production infrastructure, could potentially position Xstate for significant growth as the well has a 300 million barrel (recoverable) Prospective Resource.

On October 3, operator ADX Energy (ASX: ADX) encountered an interpreted oil column of 30 metres on the basis of pressure data, oil recovered and mud filtrate from down hole sampling, resulting in its share price rising 40% on volumes of more than 12 million shares.

Significantly, well data indicates potential 30 metre light oil accumulation in good quality reservoir rocks consistent with the oil produced from nearby oil fields.

Gary Jeffery, managing director of Xstate Resources, said “the results from the onshore Sidi Dhaher well are very encouraging and have confirmed the oil and gas prospectivity of the Chorbane Area.

Further detailed investigation is required for other zones of interest in the Sidi Dhaher well, and analysis of the extensive physical property measurements taken during drilling. Some of these zones may also be tested if the above analysis confirms them to be of economic interest.

The Sidi Dhaher well has been cased to provide stability and reservoir separation in the drilled well bore, and to allow near term access to the well for flow testing of the potential 30 metre oil zone.

Xstate has now earned 10% interest in the Chorbane area and will be paying its 10% interest share of future costs and will receive the benefits from 10% of future production.

Other participant interests in the Sidi Dhaher -1 well will be: ADX Energy Ltd 40% Operator, Gulfsands Petroleum plc 40%, and Verus Investments Limited 10% (ASX: VIL).

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Wed, 19 Oct 2011 11:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/163520/xstate-resources-readies-to-flow-test-well-at-sidi-dhaher-oil-discovery-in-tunisia-20925.html
<![CDATA[News - Xstate Resources views progress at Sidi Dhaher-1 Well in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/163519/-xstate-resources-views-progress-at-sidi-dhaher-1-well-in-tunisia-20004.html Xstate Resources (ASX: XST) has a 10% stake in the Sidi Dhaher-1 well drilled by ADX Energy (ASX:ADX) in Tunisia.

The prospect is located in the 2,428km2 large Chorbane Exploration Permit onshore central Tunisia near the port city of Sfax. It is surrounded by several producing oil fields and extensive oil and gas infrastructure.

The operator has reported that Sidi Dhaher-1 has now been logged without further technical problems from the casing shoe at 999 metres to 1785 metres.

The well was then deepened to 2011m and wireline logs as well as pressure tests were run.

As of Sunday 6am GMT, the well was prepared for MDT to test identified zones of interest. Planned for the week include complete testing and evaluation and conditioning the well for running casing

The Sidi Dhaher well is targeting an Eocene reservoir with estimated prospective resources of 175 billion cubic feet (5 billion m³) of recoverable gas and a Cretaceous reservoir with estimated prospective resources of 44 million barrels (5.9 million tons) of oil.

Additional targets exist in the deeper Douleb and Bireno reservoirs that produce oil and gas in the Guebiba-El Hajeb field immediately east of the Chorbane permit.

Participant interests in the Sidi Dhaher -1 well will be as follows;

ADX Energy Ltd 40% Operator
Gulfsands Petroleum plc 40% *
XState Resources Ltd 10% * (ASX code: XST)
Verus Investments Limited 10% * (ASX code: VIL)

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Mon, 26 Sep 2011 09:19:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163519/-xstate-resources-views-progress-at-sidi-dhaher-1-well-in-tunisia-20004.html
<![CDATA[News - Xstate Resources watches progress at Sidi Dhaher-1 well in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/163518/xstate-resources-watches-progress-at-sidi-dhaher-1-well-in-tunisia-19287.html Xstate Resources (ASX:XST) would be watching the story unfold at the Sidi Dhaher-1 well in Tunisia with considerable interest. The well has a 300 million barrel (recoverable) Prospective Resource.

The well spudded at 07:00am GMT on Saturday 27 August 2011. Xstate is earning a 10% interest in the well. The Sidi Dhaher well has a planned total depth of 2,168 metres and is expected to take about 33 days to drill.

Operator, Xstate Resources (ASX: XST) said that it had successfully drilled 16” hole to a total depth of 1,001 metres and located competent formation for casing shoe and started to prepare for 13 3/8” casing operations.

The current operation is running casing.

On current prognosis the 12 ¼” hole is expected to intersect the first potentially hydrocarbon bearing target (Eocene reservoir) later this week.

The Sidi Dhaher prospect is located in the 2,428km2 large Chorbane Exploration Permit onshore central Tunisia near the port city of Sfax. It is surrounded by several producing oil fields and extensive oil and gas infrastructure.

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Tue, 06 Sep 2011 08:38:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163518/xstate-resources-watches-progress-at-sidi-dhaher-1-well-in-tunisia-19287.html
<![CDATA[News - Xstate Resources Sidi Dhaher well spudded in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/163517/xstate-resources-sidi-dhaher-well-spudded-in-tunisia-19043.html XState Resources (ASX:XST) will undoubtedly be pleased with the announcement by ADX Energy (ASX:ADX) that the Sidi Dhaher-1 well in the Chorbane licence, onshore Tunisia, spudded at 07:00 am GMT, Saturday 27 August 2011.

There had been delays as the rig moved tp the well site and along the access road.

The current operation is drilling the 16” hole. Sidi Dhaher-1 has a planned total depth of 2,168 metres and is expected to take about 33 days to drill. Additional time will be required in the event of formation testing.

The Sidi Dhaher prospect is located in the 2,428km2 large Chorbane Exploration Permit onshore central Tunisia near the port city of Sfax.

It is surrounded by several producing oil fields and extensive oil and gas infrastructure. The Sidi Dhaher well is targeting an Eocene reservoir with estimated prospective resources of 175 billion cubic feet (5 billion m³) of recoverable gas and a Cretaceous reservoir with estimated prospective resources of 44 million barrels (5.9 million tons) of oil.

Additional targets exist in the deeper Douleb and Bireno reservoirs that produce oil and gas in the Guebiba-El Hajeb field immediately east of the Chorbane permit

Participant interests in the Sidi Dhaher -1 well will be as follows;

ADX Energy Ltd 40% Operator (ASX: ADX)
Gulfsands Petroleum plc 40% *
XState Resources Ltd 10% * (ASX: XST)
Verus Investments Limited 10% * (ASX: VIL)

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Mon, 29 Aug 2011 08:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163517/xstate-resources-sidi-dhaher-well-spudded-in-tunisia-19043.html
<![CDATA[News - Xstate Resources reports commencement of rig mobilisation at Sidi Dhaher well in Tunisia ]]> https://www.proactiveinvestors.com.au/companies/news/163516/xstate-resources-reports-commencement-of-rig-mobilisation-at-sidi-dhaher-well-in-tunisia-17290.html Xstate Resources (ASX: XST) has reported the commencement of the mobilisation of the camp and rig equipment for the Sidi Dhaher exploration well in Tunisia.

The rig mobilisation commenced on June 20 and drilling of the 300+ million barrel potential Sidi Dhaher Prospect is expected to kick off in early July.

Tunisian authorities will provide road clearance, traffic control and road safety measures. Once the rig mobilization is completed, rig up and equipment testing will start immediately in order to enable drilling operations to start as soon as possible.

Gary Jeffery, managing director, said "it is rare for shareholders to get the opportunity to participate in the drilling of a large oil and gas prospect with up to six separate and vertically stacked prospective reservoirs, all of which have produced oil nearby.”

At the Sidi Dhaher prospect there is potential for over 300 Million barrels of recoverable prospective oil resource in just the two primary reservoir zones.

The company expects the well to intersect 6 prospective reservoir zones; all of which produce oil and gas from fields within 50 kilometres of Sidi Dhaher.

The estimated cost to drill the well is about $6 million and the well is planned to take around 30 days to drill. There is a 1 in 3 chance of Geologic Success.

The prospectivity of Sidi Dhaher is also supported by the presence of coincident hydrocarbon indicator anomalies.

Sidi Dhaher lies within the Chorbane permit that covers 2,428 square kilometres and is adjacent to several onshore producing oil and gas fields.

Xstate said there is excellent operational access, and proximal access to oil and gas pipeline infrastructure as well as support services in the city of Sfax.

Tunisia is directly connected to European gas markets by pipelines, and if gas is discovered at the prospect at the estimated scale, the product could be marketed in Tunisia or in Europe.

Xstate is earning a 10% stake in the Chorbane permit in part by funding on a promoted basis the drilling of Sidi Dhaher.

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Tue, 21 Jun 2011 16:25:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163516/xstate-resources-reports-commencement-of-rig-mobilisation-at-sidi-dhaher-well-in-tunisia-17290.html
<![CDATA[News - Xstate Resources reports mobilisation of rig at Sidi Dhaher well in Tunisia to commence in late June ]]> https://www.proactiveinvestors.com.au/companies/news/163515/xstate-resources-reports-mobilisation-of-rig-at-sidi-dhaher-well-in-tunisia-to-commence-in-late-june-16999.html Xstate Resources (ASX: XST) has reported that an agreement has been reached with authorities in Tunisia for a schedule of supervision designed to ensure safe rig mobilisation and efficient drilling operations at the Sidi Dhaher exploration well.

The rig operator anticipates Tunisian authorities will provide road clearance, traffic control and road safety measures, which would allow rig mobilisation to begin on 20 June and drilling to start in early July.

Sidi Dhaher has the potential to host over 300 million barrels of recoverable prospective oil resource in only two primary reservoir zones.

The prospect has six prospective reservoir zones, all of which produce oil and gas from fields within 50 kilometres of Sidi Dhaher.

The estimated cost to drill the well is around $6 million with drilling to take about 30 days.

According to a report released in May 2010, Isis Petroleum Consultants give Sidi Dhaher a 1 in 3 chance of success.

Sidi Dhaher lies within the Chorbane permit that covers 2,428 square kilometres and is adjacent to several onshore producing oil and gas fields.

Xstate said there is excellent operational access, and proximal access to oil and gas pipeline infrastructure as well as support services in the city of Sfax.

Tunisia is directly connected to European gas markets by pipelines, and if gas is discovered at the prospect at the estimated scale, the product could be marketed in Tunisia or in Europe.

Xstate is earning a 10% stake in the Chorbane permit in part by funding on a promoted basis the drilling of Sidi Dhaher.

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Thu, 09 Jun 2011 15:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/163515/xstate-resources-reports-mobilisation-of-rig-at-sidi-dhaher-well-in-tunisia-to-commence-in-late-june-16999.html
<![CDATA[News - Cluff Resources Pacific NL confirms 224 carat ruby crystal from Madagascar ]]> https://www.proactiveinvestors.com.au/companies/news/163514/cluff-resources-pacific-nl-confirms-224-carat-ruby-crystal-from-madagascar-14160.html Cluff Resources Pacific NL (ASX: CFR) has discovered a 224 carat ruby crystal excavated by hand from a shaft up to 50 metres deep, in Madagascar.

An independent gemmological consultant confirmed the discovery.

The stone was excavated from a prospect in which Cluff will have a 35% interest after the conclusion of the current expenditure commitment.

This new discovery presents the joint venture with a potential opportunity to secure existing infrastructure and local labour expertise.

Cluff said it is proceeding after the wet season to a program to expose the sapphire bearing rock and to map its extent on the licence.

Around half of the world's known sapphire reserves are contained in Madagascar, although production has been falling for the past two years.

 

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Wed, 23 Feb 2011 10:25:00 +1100 https://www.proactiveinvestors.com.au/companies/news/163514/cluff-resources-pacific-nl-confirms-224-carat-ruby-crystal-from-madagascar-14160.html
<![CDATA[News - XState Resources shares in pre-open pending capital raising announcement ]]> https://www.proactiveinvestors.com.au/companies/news/163513/xstate-resources-shares-in-pre-open-pending-capital-raising-announcement-14155.html XState Resources (ASX: XST) has been granted a trading halt by the ASX, pending a capital raising announcement, with the company's shares placed in pre-open.

XState did not indicate where the potential inflow of funds will be allocated, but the company is currently preparing to spud the plus 300 million barrel Sidi Dhaher prospect well.

The company is exploring in both Tunisia and Italy, and has an extensive asset base including 6150 square kilometres of prospective permits in under explored basins.

The key factor for XState are the held permits are strategically located near oil and gas infrastructure, providing the potential to pipeline gas to the European market.

 

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Wed, 23 Feb 2011 08:17:00 +1100 https://www.proactiveinvestors.com.au/companies/news/163513/xstate-resources-shares-in-pre-open-pending-capital-raising-announcement-14155.html