
XState Resources (XST) is an ASX listed company which has entered into the oil and gas sector after previously operating in the uranium exploration industry in the United States of America. The Company currently has only minor uranium interests which are to be disposed.
In May 2010, XState Resources entered into the oil and gas sector by agreeing to acquire 100% of Bombora Energy Limited, an unlisted Australian public company, which is in the process of earning 10% interests in onshore and offshore hydrocarbon permits in Tunisia and an Italian offshore permit.
Tunisia and Italy have established oil and gas industries, including direct gas pipeline links from Tunisia into European gas markets.
XState Resources will participate in an active drilling program for oil and gas during the second half of calendar year 2010. The wells are targeting the large offshore Lambouka-1 exploration prospect (Offshore Tunisia), and the onshore Sidi Daher exploration prospect, each of which has potential for recoverable Prospective Resources of greater than 300 million barrels of oil equivalent ("mmboe"). Xstate has a 10% equity interest (with an option to increase to 20% equity) in the offshore Dougga Discovery with estimated recoverable Contingent Resources of 96 mmboe.
Atwood Oceanic's Southern Cross drilling rig is currently drilling at Lambouka.
XState shares (ASX symbol: XST) and options (XSTO) relisted on the ASX on July 13 2010 following recapitalization and a change to the nature and scale of the company's business.
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