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Xstate Resources Limited ( (AU:XST) ) has issued an announcement.
Xstate Resources reported that stimulation and flow testing at its Diona-1 well in Queensland’s Surat-Bowen Basin are progressing according to schedule, with all zones successfully stimulated and equipment now being demobilised. During routine post-stimulation flowback, indications of methane gas were detected, suggesting potential gas-bearing zones in the well.
The company has begun milling out temporary plugs using a coil tubing unit in preparation for running the completion at Diona-1. Once this work is finalised, a 14-day program of flow testing and pressure monitoring will commence, marking a key step in evaluating the commercial potential of the Diona project and informing future development plans.
More about Xstate Resources Limited
Xstate Resources Limited is an ASX-listed company focused on the oil and gas sector. The company’s core asset is the Diona project in the Surat-Bowen Basin of South-West Queensland, where it holds a 51% interest alongside partner EXR with 49%.
YTD Price Performance: 61.11%
Average Trading Volume: 3,005,449
Technical Sentiment Signal: Hold
Current Market Cap: A$13.92M
For a thorough assessment of XST stock, go to TipRanks’ Stock Analysis page.