Xstate Resources Limited ( (AU:XST) ) has shared an update.
Elixir Energy Limited has entered into an agreement with Xstate Resources Ltd to farm out the Diona sub-block of ATP 2077. Xstate will fund the drilling of an exploration well in exchange for a 51% interest in the sub-block, while Elixir retains full interest in the Taroom Trough sub-blocks. The exploration well, named Diona-1, targets a conventional gas accumulation near an underutilized gas line, with drilling planned for the third quarter of this year. This deal is expected to meet Elixir’s work commitments for the ATP 2077 license and could quickly lead to positive cash flows if successful.
More about Xstate Resources Limited
Technical Sentiment Signal: Strong Buy
Current Market Cap: €1.6M
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