The XST 20% Working Interest in Anshof is starting to look like...

The XST 20% Working Interest in Anshof is starting to look like the bargain buy-in of the century.
Back then, there was talk XST's normal partner in such things (being SGC) was also to be involved along the same lines but apparently they pulled out prior to the spud for whatever the reason. With MND stumping up some huge capital in recent days to become involved with ADX/XST in buying a 30% stake in Anshof, the now low-risk/high reward possibilities have become very attractive for all those concerned in the farm-in across both the short and long term. A detailed excerpt from the announcement at the time reads as follows:

22 November 2021 "ADX Secures Farm-in Funding for the Anshof Prospect in Upper Austria “ASX listed Xstate Resources to fund 40% of well costs to earn a 20% participating interest in the prospect” Key points: Xstate Resources Limited (“Xstate” will fund 40% of the Anshof well up to a cap at EUR 1,800,000 (EUR 720,000) to earn a 20% equity interest in the Anshof Prospect Area. Xstate may 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. (Refer to figure 1) Post farm-in to Anshof and a second well, ADX will retain an 80% interest in the Anshof Prospect Area and the Anshof Farmin Area. ADX will retain a 100% interest in the remainder of the ADXAT-II exploration license and the entire ADX-AT-I exploration license. (Refer to figure 2) Success at Anshof can be rapidly commercialised due to close proximity to infrastructure that is accessible on favourable contracted terms. A number of attractive follow up prospects are located within the Anshof Prospect Area which are defined on high quality 3D seismic. ADX is currently preparing to spud the Anshof well during December 2021 and expects to have initial well results by mid to late January. The Anshof exploration well has a best technical case prospective resource potential of 6.6 million barrels of oil equivalent (MMBOE)* with significant upside potential in the primary Eocene sandstone target at a depth of 2,000 metres Measured Depth (“MD”. The well will reach a Total Depth (“TD” of 2,200 meters MD to also explore Cenomanian reservoirs with a best technical prospective resource potential of 2.1 MMBOE (a significant oil producing reservoir in the large Voitsdorf oilfield to the East of Anshof). The Original Resources Reporting Date: Upper Austria Exploration was on 30/11/2020, estimates were further revised on 30/3/21. *Prospective Resources: those estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) related to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further explorations appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. An independent review of the Anshof Prospect was undertaken by RISC Advisory Pty Ltd (“RISC” was completed in November 2021 and RISC assessed that the mean un-risked Prospective Resource for the Anshof prospect is 6.6 Million Barrels of Oil Equivalent (“MMBOE” (primary Eocene target only) and the probability of success is 43%. Xstate has an option for two months after the drilling of Anshof to farmin to ADX OHO prospect in ADX-AT-I license area by funding up to 50% of the well to earn up to a 25% interest. ADX Executive Chairman, Mr Ian Tchacos, said, “The Board of ADX is delighted to welcome Xstate"