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XSTATE RESOURCES LIMITED — Capital/Financing Update 2021
Feb 28, 2021
66107_rns_2021-02-28_a0db14a8-d61b-4fc7-9b36-a1f190b8146d.pdf
Capital/Financing Update
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1 March 2021
Announcement to ASX
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ABN: 96 009 217 154
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Borba 1-7 Drilling Update
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Borba 1-7 sets 13 3/8” Casing
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Will drill ahead to first objective this week
Xstate Resources (ASX:XST (“Xstate” or “the Company”) is pleased to announce that 13 3/8” casing has been run and cemented at a depth of 1,828 feet as planned. Graham Rig 5 drilled to 1,828 feet in 17 ½” hole out of the 20” conductor set at 50 feet.
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Fig. 1: 13 3/8” Casing now cemented to 1,828 Feet in Borba 1-7 Well
The Borba 1-7 well will be drilled directionally to test multiple stacked 3D seismic anomalies in the interval from 3,200 feet (975 metres) to 9,500 feet (2,800 metres) depth and finish in Basement rocks. The prospective interval covers around 6,300 feet (1,920 metres). The well is expected to take some 25 - 35 days to drill.
The Working Interests (“WI”) in the Borba 1-7 well and Borba AMI are:
| Drilling Costs | After Drilling WI | |
|---|---|---|
| Sacgasco Limited (Operator) (ASX: SGC) | 62.5% | 66.67% |
| Xstate Resources Limited (ASX: XST) | 37.5% | 33.33% |
Level 1, 31 Cliff Street, Fremantle WA 6959 | Tel + 61 8 9435 3200 | www.xstateresources.com.au
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ABN: 96 009 217 154
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Xstate Managing Director, David McArthur commented: “The Graham Rig 5 is performing well and has secured the 13 3/8” Casing. The well will shortly drill out of the casing shoe towards our first gas objectives.”
This release is authorised by the board of the company.
David McArthur Managing Director +61 8 9435 3200
About Xstate Resources Limited
Xstate Resources (ASX Code: XST) is an ASX listed company focused on the oil and gas sector. The Company has existing assets located in the Sacramento Basin in California and associated production interests together with production interests in Alberta Canada. Xstate is presently pursuing new opportunities in the oil and gas sector in North America.
Level 1, 31 Cliff Street, Fremantle WA 6959 | Tel + 61 8 9435 3200 | www.xstateresources.com.au