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Xstate Resources Limited ( (AU:XST) ) has provided an update.
Xstate Resources Limited announced a successful capital raising of $3.82 million through a two-tranche placement of shares, aimed at advancing the appraisal and production testing of its Diona-1 well. This funding will support further exploration activities and enhance the company’s working capital, positioning Xstate advantageously for the next phase of its Diona project. The Diona project, strategically located near existing infrastructure in Queensland’s Surat-Bowen basin, offers potential for a rapid market path, enhancing Xstate’s industry positioning and stakeholder value.
More about Xstate Resources Limited
Xstate Resources Limited is an ASX-listed company operating in the oil and gas sector, primarily focusing on its Diona project in Queensland, Australia. The company holds a 51% interest in ATP 2077 and also has exploration assets in the Sacramento Basin, California.
YTD Price Performance: 10.0%
Average Trading Volume: 9,191,830
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$5.53M
Find detailed analytics on XST stock on TipRanks’ Stock Analysis page.