Issue Price (Per Share)
A$0.0200
Xstate Resources Limited (ASX:XST)
XST
Lead Manager
Contact - Chris Whitehead
0421 228 684
chris@stillcapital.com.au
Offer Price
A$0.0200
per share
Minimum Subscription
A$2,000,000
Offer Details
Minimum Subscription
Offer Size
A$2,000,000
Shares Available
100,000,000
Maximum Subscription
Offer Size
A$3,000,000
Shares Available
150,000,000
The Company is now raising $2m to $3m via a re-compliance Prospectus that will see the shares resume trading and be used to fund the upcoming well that is due to be drilled in August 2025.
Documents & Downloads
Company Overview
Xstate Resources Limited (ASX:XST) is an ASX-listed oil and gas company with assets in California and a 3% royalty interest in former Canadian holdings. After selling its main Canadian interest in January 2024, the company was suspended from trading in August 2024 and required to re-comply with ASX Listing Rules. In April 2025, Xstate agreed to acquire a 51% interest in the Diona Project, an oil and gas exploration project in Queensland's Surat-Bowen Basin, from Elixir Energy Limited (ASX: EXR) (Diona Acquisition).
Investment Highlights
Strategic Location in Proven Basin: The Diona Prospect is situated within the Surat-Bowen Basin—one of Australia’s most prolific and well understood gas provinces. The surrounding region hosts multiple commercial discoveries, active operations, and strong geological datasets, providing a supportive and low-risk environment for new exploration
Low Geological Risk and High Confidence Structure: The target is a four-way dip closed anticline—considered a technically simple and geologically low-risk trap type. Supported by 2D seismic and located near proven hydrocarbon sources, the structure has an estimated 55% geological chance of success.
Fast Track to Commercialisation: In the event of a discovery, the well is ideally positioned for rapid tie-in to the Waggamba-Silver Springs pipeline directly adjacent, with a gas processing facility just 15 km away. This enables an efficient pathway to early monetisation in a strong east coast gas pricing environment.
Multi-Target Exploration with Strong Resource Potential: Diona-1 is designed to test three stacked conventional gas reservoirs—Showgrounds, Tinowon, and Wallabella Sandstones—in a single vertical well. The prospect carries a gross mean unrisked prospective resource 12.5 Bscfe (6.2bscfe net to XST) offering multiple opportunities for success from a single drill.
Drill Ready with Near-Term Catalysts: All environmental and regulatory approvals have been secured. Well design is complete and rig options are currently being finalised. Drilling of the Diona-1 well is scheduled for Q3 2025, providing a clear and imminent catalyst for value creation.
Scalable Future Upside Within the Permit: Seismic reprocessing is underway to mature additional leads across the permit area, targeting both structural and stratigraphic traps. Success at Diona-1 could open up a broader multi-well exploration program, further enhancing long-term value.
Indicative Use of Funds
Use of proceeds with minimum funds raised:
- Drilling Diona-1 well
- Exploration & Development
- Working Capital / Cost of the Offer
Amounts raised in addition to the minimum will go towards supporting working capital.
Disclaimer
This site does not constitute an offer, recommendation, or invitation to any person, nor does it purport to provide all of the information an interested party may require in order to investigate the affairs of Xstate Resources Limited. This site is provided for information only and has not been prepared with the intention that the recipient should rely on it. Liquidity Technology Pty Ltd ("Liquidity") does not make any representation in relation to the contents of this site or give any assurances as to the accuracy or the degree of care or diligence used in preparing this document. The information, data, and advice herein is provided to recipients on the clear understanding that Liquidity nor any of its representatives, directors, officers, employees, agents, or advisers makes any representation or warranty about its accuracy, reliability, completeness, or suitability for any particular purpose and does not accept liability (including, but not limited to, for any expenses, losses, damages, and/or costs (including, but not limited to, indirect or consequential damage)) nor take any responsibility of any kind whatsoever (including, but not limited to, whether in contract, tort, financial or otherwise) for the information, data, or advice contained in or for any omission or for any other information, statement, or representation provided to any recipient (including, but not limited to, as a result of information, data, or advice being inaccurate, unreliable, incomplete, or unsuitable in any way and for any reason whatsoever). Users of this site must conduct their own investigation and analysis regarding any information, statement, or representation contained or provided to any recipient or its associates by Liquidity or any of the Liquidity Personnel. Each recipient waives any right of action, which it has now or in the future against Liquidity or any of the Liquidity Personnel in respect of any errors or omissions on or from this site, however caused. All rights are reserved. If the whole or any part of a provision of this "Notice and Disclaimer" is invalid, illegal, or unenforceable, then such provision will be severed and neither that part or provision or its severance will affect the validity or enforceability of the remaining parts or provisions.
Disclosure of Interest: Liquidity receives commission from dealing in securities and its introducers of business may directly share in this commission. Liquidity and its associates may hold shares in Xstate Resources Limited.
