Excerpts taken from the 22 November 2021 XST Announcement to ASX
XSTATE COMMENCES FULLY FUNDED FOUR WELL EXPLORATION AND DEVELOPMENT DRILLING PROGRAM
Xstate farms In to earn 20% working interest in the highly prospective 6.6 MMBOE* Anshof oil prospect in the Austrian Molasse Basin- 43% chance of geological success • Xstate has preserved the right to extend the farm in to other prospects in the farmin area.
Xstate will fund 40% of the Anshof-3 well up to a cap at €1.8 million (A$3.1 million) to earn a 20% equity interest in the Anshof Prospect Area. Beyond the €1.8 million cap, Xstate will pay its working interest share of 20%. The expected total cost to Xstate for drilling Anshof-3 at 20% working interest is A$1.2 million (on a dry hole cost basis). Xstate also has the right to elect to fund 40% of a second well on the Anshof Prospect or the Anshof Farmin Area to earn a 20% interest in the Anshof Farmin Area within the ADX-AT-II exploration license.
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Using these factual figures from the previous XST Announcement concerning the initial Anshof 3 funding, I'm thinking XST will need to raise around $3M - $3.5M AUD to cover their 20% Working Interest in BOTH upcoming wells Anshof-1 and Anshof-2. I'm also thinking XST already have around $1.5M in the kitty based on the recent asset sale and incomings announced in the most recent quarterly report. So any cap raise could be spread over the two separate spuds making them relatively light and easily achievable.
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Ann: ADX:European Industry Partner MND to fund Anshof Oil Program, page-46
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