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Xstate Resources Limited (ASX: XST) has acquired a 51% working interest in Elixir Energy’s ATP 2077 Diona Sub-Block, located in Queensland’s Surat-Bowen Basin. This acquisition marks Xstate’s transition into an operator role, with plans to drill the Diona-1 exploration well by Q3 2025. The Diona Prospect targets three stacked reservoir zones with a combined mean prospective resource of 6.4 billion standard cubic feet equivalent (bscfe), net to Xstate in the event of success across all targets.
Positioned beneath existing gas pipeline infrastructure, the project offers fast-track production potential. Xstate has submitted re-compliance documents to the ASX and plans a shareholder vote and capital raise between AU$1.5 million and AU$3 million to support this expansion. The company has also appointed Andrew Bald as Managing Director, further solidifying its shift towards becoming a leading East Coast gas player.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
