All tagged XState Resources ASX:XST
Xstate Resources Limited (ASX:XST) has announced that the vendors of the Los Angeles Basin assets have granted extra time to complete the acquisition, following delays in the receipts of funds from Indonesia. The Company has received bank transfer confirmations totalling A$19.3m out of A$25m committed. The remaining funds are expected to be remitted over the coming weeks.
Xstate Resources Limited (ASX:XST) had a busy December quarter, acquiring a working interest in two oil & gas fields in the Los Angeles basin and entering into a funding agreement to raise $25 million from four sophisticated investors. The transaction and funding are expected to conclude in February 2017.
Xstate Resources Limited (ASX:XST) has advised that the $1.25m deposit to be paid by Indonesian investors has been held up by an administrative delay. The Company is confident that the payment will be received. The Company has agreed to extend the due date out to 31 January 2017, with the Sansinena Project acquisition still expected to occur on 17 February 2017.
Xstate Resources Limited (ASX:XST) has announced that A$1.25m in deposit funds for the announced A$25 million placement have been delayed until 6 January 2017, following delays due to bank holidays. The delay does not impact on the Company’s ability to close the acquisition of the Los Angeles Basin oil fields acquisition by February 17, 2017.
Xstate Resources (ASX:XST) has completed due diligence and executed the Purchase and Sales Agreement for the acquisition of two oilfields in the Los Angeles Basin. The US$13 million acquisition cost will be funded from a recently completed A$25 million equity capital raising at 3.8 cents per share.
Xstate Resources Limited (ASX:XST) has received binding subscription agreements from four new investors for $25 million at 3.8 cents per share. The placement price represents a 250% premium to the 20 day VWAP. The funds will be used to fund Xstate's Los Angeles basin acquisition and work program.
Xstate Resources (ASX:XST) has extended the due diligence period on its LA Basin Oil Fields acquisition to 16 December 2016, enabling the company to secure all available field data and engage directly with Matrix Oil Corp, the operator of the Sansinena field. The engagement has provided an intimate understanding of the current field operations as well as the planned productivity enhancements and reserves development work program.
Xstate Resources has provided an update and further material information in regards to the Los Angeles Basin Oil Fields acquisition announced at the start of November. The Company said the interest in the Sansinena oil field, which is the primary asset being acquired, would provide shareholders with immediate production, cash flow and low cost reserves. The implied reserve acquisition multiple based on 1P reserves is an attractive US$2.10/bbl.