Xstate’s flagship tenement is located in Queensland, Australia. The Diona Prospect is approximately 12 km west of Waggamba Gas Field and 11 km east of the Taylor Gas and Oil Field and lies directly beneath the Waggamba to Silver Springs gas export pipeline. The prospect targets three stacked reservoir objectives at Showgrounds, Upper Tinowon and Wallabella Sandstone levels, all of which will be tested via a single vertical exploration well. The net total mean unrisked prospective resource (at 51% WI) is 6.4 Billion standard cubic feet equivalent (BSCFE) for the scenario where all three reservoirs discover hydrocarbons. The Diona Prospect is covered by a 2D seismic grid that confirms the presence of a four-way dip closed anticline at all three reservoir objectives. A further technical work program will be undertaken by Elixir to identify and mature further prospects within the Diona Block.
Projects
In 2022, Xstate participated in the Anshof-3 exploration well in Austria. The Anshof Prospect is situated in the eastern margin of the Molasse Basin and is a thrusted anticline defined on 3D seismic. Xstate has earned a 20% working interest in the Anshof Prospect Area.
The Anshof-3 exploration well is located in the ADX-AT-II license in Upper Austria. In January 2022 it encountered oil in the Eocene oil reservoirs and was subsequently flow tested in May 2022. An extended production test commenced on 16 October 2022 using a lease production unit. The well produced at a stable rate of 120 bbl/d in the first quarter of production, to 31 December 2022. The well delivered water-free 33 API crude oil, the quality of which meets all required specifications of the OMV refinery.
Xstate holds various working interests in a small number of producing gas wells and, more importantly, associated land leases and production and pipeline access equipment in the Sacramento Basin, California.