Xstate Resources (ASX:XST) Exits Austrian Anshof Project
Asset Disposal
Xstate Resources has disposed of its 20% working interest in the Anshof Project in Austria by assigning it to Kathari Energia GmbH, a wholly owned subsidiary of ADX Energy Limited (ASX:ADX). The disposal achieved the full value of EUR547,075, offset against accrued cash calls without any net cash payments.
Operational Impact
As a result of the disposal, Xstate’s production will decrease by 14 barrels of oil per day (bopd). The company will now focus its efforts on the Diona Project.
Future Outlook
Xstate is on track with its re-listing process, tentatively scheduled for July 2025. The company is preparing to comply with ASX Listing Rules and expects to lodge its prospectus with ASIC in mid-June, followed by a shareholder meeting in late July.
Executive Comments
Managing Director Andrew Bald stated, “The exit from the Anshof Project is a fantastic result for Xstate shareholders and simplifies our portfolio, allowing us to focus on getting the Diona project moving. Whilst there were no cash considerations paid, the assignment reduces our liabilities and strengthens our balance sheet in preparation for our imminent re-listing and progressing with the Diona Project. The XST team is now dedicating 100% of its time and efforts towards Diona and re-listing our shares.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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