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Xstate Resources Limited ( (AU:XST) ) has provided an announcement.
Xstate Resources reported that quarterly activities were dominated by preparations for drilling and testing the Diona-1 well in the Taroom Trough on ATP 2077 in Queensland, targeting three gas-condensate bearing Permian formations with a staged stimulation and 14-day flow test program planned. If commercial flows are achieved, the well is intended to be rapidly tied into a nearby pipeline to enable early gas and liquids sales.
After the quarter end, the company raised $1.69 million from sophisticated and professional investors to fund immediate capital needs for the Diona-1 production test, potential pipeline connection and to strengthen working capital, while quarter-end cash stood at A$2.519 million. Xstate also disclosed higher-than-prospectus spend on the Diona-1 well, no new tenement acquisitions or farm-in/farm-out deals, and related-party payments of $105,000, underlining its concentrated operational and financial focus on advancing the Diona project toward near-term revenue generation.
More about Xstate Resources Limited
Xstate Resources Limited is an ASX-listed oil and gas company focused on exploration and development in Australia. Its flagship asset is the Diona project in the Surat Bowen Basin of south-west Queensland, where it holds a 51% working interest alongside joint venture partner Elixir Energy, positioning the company in the gas-condensate segment of the upstream energy sector.
YTD Price Performance: 72.22%
Average Trading Volume: 2,923,224
Technical Sentiment Signal: Sell
Current Market Cap: A$15.36M
For a thorough assessment of XST stock, go to TipRanks’ Stock Analysis page.