Xstate Advances Diona-1 Testing After Reservoir Quality Upgrade

Xstate Resources Limited ( (AU:XST) ) just unveiled an update.

Xstate Resources has provided an operations update on its Diona-1 well in the Diona Block of ATP 2077, where post-drilling cuttings analysis has upgraded reservoir quality with evidence of good porosity and indications of permeability in several key zones. A Cement Bond Log has confirmed strong cement integrity across all targeted intervals, enabling the joint venture to move ahead with its planned multi-zone testing and stimulation program.

Over the coming weeks, the joint venture will secure equipment and contractors to execute a comprehensive stimulation and testing campaign from the Bandanna Formation to the Wallabella Wash, beginning with perforation of the lowermost Wallabella Wash to support a potential Extended Leak Off Test. With competitive tenders in hand and awards expected shortly, the stimulation program is slated to commence in late March or early April 2026, marking a critical step in de-risking the Diona project and clarifying its production potential for stakeholders.

The most recent analyst rating on (AU:XST) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Xstate Resources Limited stock, see the AU:XST Stock Forecast page.

More about Xstate Resources Limited

Xstate Resources Limited is an ASX-listed energy company focused on exploration and development activities within the Surat-Bowen Basin in Queensland. Through its interest in ATP 2077 and the Diona Block, the company targets Permian-age formations such as the Bandanna Formation and Wallabella Wash, aiming to advance its unconventional gas resource portfolio.

YTD Price Performance: 11.11%

Average Trading Volume: 1,144,185

Technical Sentiment Signal: Sell

Current Market Cap: A$8.57M

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