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.
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