Sign up Australia
Proactive Investors - Run By Investors For Investors

Xstate Resources to raise cash

Xstate Resources to raise cash

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.

View full XST profile View Profile

Xstate Resources Ltd Timeline

February 15 2017
August 31 2015

Related Articles

Picture of stacking gate
May 08 2018
The Etango mine is expected to be a top 10 producer once developed.
Uranium on periodic table
May 10 2018
Cauldron owns the Yanrey Uranium Project, 85 kilometres south of Onslow in Western Australia.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use