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Xstate Resources completes sale of Tunisian assets, focuses on U.S. oil and gas

Xstate Resources completes sale of Tunisian assets, focuses on U.S. oil and gas

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.

 

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Xstate Resources Ltd Timeline

Newswire
February 15 2017
Newswire
August 31 2015

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A comprehensive exploration program will commence upon transaction completion.

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