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Xstate Resources Limited ( (AU:XST) ) has issued an announcement.
Xstate Resources has reported progress at its Diona-1 exploration well in Queensland’s Surat-Bowen Basin, where stimulation across the identified Permian gas pay has been completed and the well finished with tubing and sliding sleeve completions. The workover rig has been demobilised, the testing package installed, and the well is now in the flow-back and clean-up phase, already producing gas and condensate alongside stimulation and completion fluids.
The company notes a flowing tubing head pressure of 731 psig on a 20/64th choke, with measurement equipment currently being bypassed until completion fluids decline. In the coming days, Xstate plans to divert the production stream to measurement systems and begin multi-rate and pressure monitoring, a step that will help define Diona-1’s production potential and inform the project’s future development and value for stakeholders.
More about Xstate Resources Limited
Xstate Resources Limited is an ASX-listed oil and gas company focused on its Diona project in Queensland’s Surat-Bowen Basin. The company holds a 51% interest in the Diona block within ATP 2077, where it spudded its first exploration well, Diona-1, in September 2025, while partner Elixir Energy retains full beneficial ownership of adjacent Blocks A and B.
YTD Price Performance: 66.67%
Average Trading Volume: 3,029,143
Technical Sentiment Signal: Hold
Current Market Cap: A$14.4M
Learn more about XST stock on TipRanks’ Stock Analysis page.