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Xstate Resources Limited (ASX:XST)

ALERT: Price-sensitive ASX Announcement for XST
Current share price for XST : $0.012 -0.007 (-36.84%)+
Announcement
Release
28 May 2026 8:18AM
Price at Release
$0.019
Full Release
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Summary
Xstate Resources Limited has provided an update on their operations at the Diona-1 well located in the Surat-Bowen basin of South West Queensland. The well is a significant gas discovery that suggests the Taroom Trough unconventional play extends further west than previously identified. The well experienced a consistent flow of hydrocarbons to the surface, but the flow has been hampered by a large column of wellbore stimulation fluid. The well has been shut in to allow for pressure build-up and data collection. A joint venture meeting with Elixir Energy Limited, the operator, is planned to discuss options for accelerating the recovery of the remaining wellbore fluids. Xstate is exploring several methods for fluid recovery, including capillary tubing installation, nitrogen and foam lift, and siphon tubing installation. The company remains confident in its ability to remove the completion fluids and connect the well to a nearby pipeline for long-term production testing.
Key Points
  • Diona-1 is a gas discovery extending the Taroom Trough play west.
  • Gas flow is hampered by a large column of wellbore stimulation fluid.
  • The well is shut in for pressure build-up and data analysis.
  • A joint venture meeting will discuss fluid recovery options.
  • Fluid recovery methods being considered include capillary tubing, nitrogen and foam lift, and siphon tubing.
  • Xstate is confident in removing completion fluids and pipeline connection.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.