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Xstate Resources Limited ( (AU:XST) ) has provided an announcement.
Xstate Resources Limited announced significant developments in its Diona project in Queensland, with the drilling of the Diona-1 well revealing a substantial gas column across multiple formations. This discovery suggests a potential Basin Centred Gas play, leading to an upgraded resource estimate. The company’s shares were re-quoted on the ASX following a successful capital raising, and a new Non-Executive Chairman was appointed. These developments are expected to enhance shareholder value and position the company for future growth.
More about Xstate Resources Limited
Xstate Resources Limited operates in the oil and gas industry, focusing on exploration and production. The company holds interests in various projects in Australia and the USA, particularly in the Sacramento Basin, California, and the Diona Block, Queensland.
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.