Overview
The Company’s projects provide Xstate with exposure to oil and gas activity. Xstate plans to drill exploration wells and evaluate appraisal of existing and new discoveries.
Xstate via its 100% owned subsidiary, Xstate Mediterranean Pty Ltd, currently holds the right to or the rights to earn interests in the following project areas (Assets) in Tunisia and Italy:
| Permits | % interest |
|---|---|
| Tunisia onshore-Chorbane PSC | 10% |
| Tunisia offshore- Kerkouane PSC |
10% (option to increase to 20%; Lambouka Prospect Area (150km2) remains at 10%) Kerkouane plus Pantelleria cover 3725 km2 |
| Italy offshore-G.R.15.PU (Pantelleria) permit |
10% (option to increase to 20%; Lambouka Prospect Area (150km2) remains at 10%) Kerkouane plus Pantelleria cover 3725 km2 |
The directors of Xstate have extensive experience in the upstream oil and gas industry and resources industry.
The Company plans to actively contribute to the joint ventures exploring the project areas by undertaking its own technical and commercial evaluations. It will rely on the experience of its people to assist the respective project operators to more fully evaluate the oil and gas potential of the projects.
