Xstate Resources Limited ( (AU:XST) ) just unveiled an announcement.
Xstate Resources Limited has announced its acquisition of a 51% working interest in the Diona block of ATP 2077, facilitating the re-quotation of its shares on the ASX. The company plans to issue a Prospectus for a minimum capital raise of $1.5 million, with existing shareholders receiving priority entitlement. The Diona project is expected to be a cornerstone for Xstate, providing low technical risk and potential for both gas and liquids. Additionally, Xstate disposed of its non-cashflow accretive interests in the Crest Jinn wells in Canada, while maintaining its interests in projects in Austria and the USA. The company reported a decrease in its cash balance due to legal and technical fees related to the Diona acquisition.
More about Xstate Resources Limited
Xstate Resources Limited is a company operating in the oil and gas industry, focusing on exploration and production activities. The company holds interests in various projects across Austria, the USA, and Canada, with a strategic focus on enhancing and monetizing its portfolio.
Technical Sentiment Signal: Buy
Current Market Cap: €1.63M
For a thorough assessment of XST stock, go to TipRanks’ Stock Analysis page.