XST 0.00% 0.9¢ xstate resources limited

Ann: ADX:European Industry Partner MND to fund Anshof Oil Program, page-7

  1. 101 Posts.
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    XST (existing partner) will be paying beau didley squat extra because they already retained the rights. The fact that MND stumped up for the whole drill cost to earn their 30% Working Interest acknowledges and confirms those rights. I quote:

    "The transaction is conditional on the clearance of the documentation for the Anshof Partnership between ADX, MND and existing partner Xstate Resources Limited (XST) by the ministry of finance (BMF) of the Republic of Austria (Bundesministerium für Finanzen). At completion of the transaction ADX will remain operator and retain a 50% economic interest in the Anshof Field Area. MND and XST will hold a 30% and 20% economic interest respectively. ADX will retain a 100% interest in the remainder of the ADX-AT-II exploration area other than the Welchau Area where ADX holds an 80% economic interest. Of particular relevance to the expansion of Anshof, ADX has retained a 100% interest in adjacent oil prospects such as GRB which has similar resource potential to Anshof (see Figure 1). The Anshof partnership intends to drill the Anshof-2 appraisal and development well during the fourth quarter of 2023 at which time MND will pay ADX its first investment in the Anshof Field Area."
 
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