Ok, I hope this helps and eases everybody's nerves.
The following are inserts from XST anns as we have gone, it will show you the language used, confirm for you that XST have had a plan all along and have reported when they say they would.
01.03.21 - “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.”
08.03.21 - Xstate Resources (ASX:XST (“Xstate” or “the Company”) is pleased to announce that the Borba 1- 7 well has intersected a gas show in the first reservoir objective, called the Kione sands. Xstate Managing Director, David McArthur commented: “The intersection of gas shows in our first reservoir objective is very promising. This zone appears to coincide with our first bright amplitude on the seismic. The zone will be logged and put behind 9 5/8” casing and secured for further testing at a later date.”
15.03.21 - Xstate Resources (ASX:XST (“Xstate” or “the Company”) is pleased to announce that the Borba 1- 7 well has run wireline logs over the intermediate hole, and has interpreted up to 28m of net gas pay in sandstone reservoirs of the Lower Kione Sandstone. The pay zone is co-incident with the gas show previously reported (ASX:XST release 08/03/21).
Xstate Managing Director, David McArthur commented: “This gas discovery at the first objective is an excellent outcome for the well so far. The seismic amplitudes, gas shows, sand quality and gas pay at the shallow Kione zone are all coincident, and bode well for the objectives to come. We should be drilling out to our Guinda Formation objective in the coming days.”
17.03.21 -Xstate Resources (ASX:XST) (“Xstate” or “the Company”) is pleased to announce that it has intersected a gas peak in the Guinda Formation at the Borba 1-7 well at a depth of 1,726 metres (5,662 feet).
Drilling will continue to the next objective with the next suite of logs to be run at the TD of the well.
19.03.21 - Xstate Resources (ASX:XST (“Xstate” or “the Company”) is pleased to announce that it has intersected a further 30 metre (100 feet) interval of high gas shows in Lower Guinda Formation sandstones at the Borba 1-7 well below a measured depth of 1879 metres (6,165 feet). The gas shows which are the best seen to date in the well exhibited a gas peak of 385 units over a background of 10U (39x increase) from a 30 metres (100 feet) zone with very high sand content. Also, for the first time in the well, ethane (C2H6) is now present in the gas stream.
Drilling will continue to the next objective. The next suite of petrophysical logs are planned to be run at the TD of the well after drilling through 8 or more high amplitude targets.
To me it appears that the next objective is the 8 targets.
Take advantage of this buying opportunity... EVERYTHING IS GOING TO PLAN!
XST Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
