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Xstate Resources Limited ( (AU:XST) ) has provided an announcement.
ADX Energy Ltd has finalized an agreement to increase its economic interest in the Anshof Field Area from 50% to 70% by acquiring Xstate Resources Limited’s 20% stake. This acquisition, which involves no cash outflow due to offsetting against unpaid cash calls, enhances ADX’s strategic position and increases its share of oil production from 58 to 72 barrels of oil per day. The transaction is expected to bolster ADX’s cash flows and strengthen its future exploration potential in the Eocene oil appraisal sector.
More about Xstate Resources Limited
ADX Energy Ltd is an energy company operating in the oil and gas industry, primarily focused on exploration, production, and storage activities. It operates through its wholly-owned Austrian subsidiary, Kathari Energia GmbH, and has significant interests in the Anshof Field Area located in Upper Austria.
Technical Sentiment Signal: Sell
Current Market Cap: A$2.89M
Learn more about XST stock on TipRanks’ Stock Analysis page.