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Xstate Resources Limited (ASX:XST)

ALERT: Price-sensitive ASX Announcement for XST
Current share price for XST : $0.011 0 (0%)+
Announcement
Release
31 Jul 2026 1:32PM
Price at Release
$0.011
Full Release
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Summary
The report details the activities and financial status of Xstate Resources Limited during the quarter ending 30 June 2026. The company, in partnership with Elixir Energy Limited, completed a two-stage stimulation of the Diona-1 well in the Surat Bowen Basin, Queensland. Despite recovering a significant portion of the completion fluids, operations were temporarily halted to evaluate alternative artificial lift options due to slow progress. Financially, the company raised $1.69 million to fund completion works, with a cash balance of $1.248 million at quarter's end. The report also includes information on exploration expenditures, with $2.792 million spent on the Diona-1 project, and no production expenditures during the quarter. Additionally, no changes in petroleum tenements or farm-in/farm-out agreements occurred during this period. Payments to related parties amounted to $161,000, primarily for directors' salaries, superannuation, and office lease expenses to a director-related entity.
Key Points
  • Completed a two-stage stimulation of the Diona-1 well.
  • Recovery of completion fluids was slow, prompting suspension and evaluation of artificial lift methods.
  • Raised $1.69 million for completion works, with $1.248 million cash remaining at quarter end.
  • $2.792 million spent on Diona-1 project exploration.
  • No production expenditures and no changes in petroleum tenements or farm-in/farm-out agreements.
  • Payments to related parties totaled $161,000.
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.