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Xstate Resources expands alliance with Australian Oil Company

Xstate Resources expands alliance with Australian Oil Company

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.

 

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Xstate Resources Ltd Timeline

Newswire
February 15 2017
Newswire
August 31 2015

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