50% interest and operator of the High Island Block:
5,760 acres, off the Gulf of Mexico, 160 km offshore from High Island, Texas.
The block lies in shallow water depths of 80 metres, is located in a prolific oil and gas producing trend, and is within 5 kilometres of oil and gas production infrastructure.
Two prospects have been identified on 3D seismic data and a technical review estimated recoverable resources between 100 and 300 Bcf of gas, and 7 to 22 million barrels of associated condensate.
Xstate’s current plans include the preparation of a prospects and lead inventory with a view to pursuing a farm-out of an exploration well in late 2013.
Jumped to 5c on acquisition news and has retreated to just .007c on miniscule volume - OBV has remained steady during trickle selldown.
