XSTATE RESOURCES LIMITED — Capital/Financing Update 2023

Sep 17, 2023

ABN 96 009 217 154

==> picture [151 x 68] intentionally omitted <==

Announcement to ASX

18 September 2023

Update on Alberta Plains Asset Sale

Xstate Resources Limited ( ASX:XST ) (“ Xstate ” or “ the Company ”) advise that it has agreed with Blue Sky Resources Limited (“ Blue Sky ”) to defer the comple�on date of its sale agreement to 2 October 2023, at which �me the Company will receive net proceeds C$1,082,035 (approximately $1,240,000) as considera�on for the sale of its 35% working interest in the Alberta Plains Assets, as announced to the market on 19 July 2023.

under Lis�ng Rule 11.1.2 for the transac�on to progress to comple�on.

The majority of the proceeds will be employed as funding a propor�on of the Company’s 20% working interest contribu�ons for the Anshof-2 appraisal and development well, an�cipated to commence in Q4 2023.

This release was approved by the Board of the Company

Andrew Childs

Executive Chairman

Xstate Resources Limited

About Xstate Resources Limited:

Xstate Resources (ASX Code: XST) is an ASX listed company focused on the oil and gas sector. The Company has oil and associated gas production interests in Alberta Canada and Austria, and exploration assets located in the Sacramento Basin, California. Xstate is presently pursuing new opportunities in the oil and gas sector globally.

www.xstateresources.com.au