Welcome to Xstate Resources
Xstate Resources (XST) is an ASX listed company focused on the oil and gas sector.
The company's mission is to put as much of shareholder funds as practicable into exploration, ensuring the most value for shareholders.
Xstate’s strategy is to generate value for shareholders through exploration and appraisal drilling in areas that:
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Have high prospectivity for oil and gas
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Have access to oil and gas production and transport infrastructure, but
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Are relatively under-explored.
Xstate Resources has 10% interests in onshore and offshore hydrocarbon permits in Tunisia and in an Italian offshore permit. Xstate is exploring in this area of the world because of the attractive geology of the productive, but under-explored Pelagian Basin, and the multiple opportunities for discovering oil and gas in up to 10 vertically stacked reservoir/seal combinations which are fundamental to finding oil and gas.
Tunisia and Italy have established oil and gas industries, including direct gas pipeline links from Tunisia into European gas markets.
Xstate plans to flow test the recently announced onshore Sidi Dhaher oil discovery in late 2011/early 2012. The Sidi Dhaher well is located onshore Tunisia in an area of good oil and gas infrastructure and support facilities.
Sidi Dhaher 1 was drilled in the Chorbane Permit in September and October 2011 and found a potential 30 metre oil column at around 1100 metres. The Operator of the Chorbane Permit has estimated the gross original oil in place ("OOIP") in the Bireno reservoir, calculated using probabilistic methods::
The Mean OOIP estimate is 51 million barrels derived from the following range of estimates:
- -P90 OOIP 13 million barrels
- -P50 OOIP 37 million barrels
- -P10 OOIP 110 million barrels
Assessment of recoverable volumes and resulting potential reserves are contingent upon completion of the currently ongoing fluid studies and a flow test from the well. There are additional zones of interest in the well that may also be flow tested at the same time.
Xstate plans to flow test the onshore Sidi Dhaher oil discovery
in late 2011/early 2012
Xstate Resources announced the results from its first offshore well, the Lambouka-1 gas discovery in September 2010, Lambouka is the third discovery in the Kerkouane Permit.
Xstate's offshore Kerkouane and Pantelleria Permits, in Tunisia and Italy respectively, are the location of 3 discoveries of gas and condensate. No dry holes have been drilled in the 3,725 km2 Permit area. Xstate has a 10% equity interest (with an option to increase to 20% equity) in the areas outside the 150 sq km Lambouka area. The offshore Dougga gas and condensate discovery, which tested gas and condensate, has recently been estimated by the Kerkouane permit operator to have mean recoverable Contingent Resources of over 173 million barrels of oil equivalent (mmboe)
New seismic has recently been acquired over the Kerkouane gas discovery in the offshore Kerkouane Permit. This discovery in 110 metres of water is interpreted to have a potential 600 metre gas column overlying a potential oil accumulation in shallow reservoirs and deeper exploration potential.
Analysis of the Lambouka-1 well indicated an untested gas and associated condensate (light oil) discovery, with at least two hydrocarbon bearing zones interpreted to be present. Upon completion of the drilling of Lambouka-1 and the continued technical review of the results it was decided to suspend the well in readiness for future re-entry and further evaluation of hydrocarbon-bearing zones. Currently estimated Contingent (mean recoverable) Resources at Lambouka are 309 Bcf gas and 24 million barrels of condensate (75 mmboe).
The Xstate Permits contain 4 discoveries of oil and gas and extensive Prospective Resources in an under-explored and very prospective basin with good infrastructure.
Xstate shares (ASX symbol: XST) and options (XSTO) are listed on the ASX
