PP its a case of only really only having the sideshow of Dempsey...

PP

its a case of only really only having the sideshow of Dempsey to discuss at the moment, which has got known hydrocarbons in place at the target depths, but needs to have the good fortune of the right numbers in the geology and a good healthy flow from the zone to be commercial well. upside from that high risk and expensive exploration target is obviously something xstate would welcome, but we have this unique place of being in a silent running mode on the phase 2 and phase 3 oil production portfolio expansions..  

Xstate announced a Board restructure to reflect an alignment with the Company’s strategic positioning and proposed future activities in California. The key change was the appointment of Mr Cosimo Damiano, who joined the Board on 27 October 2015, as Managing Director on 31 May 2016. Mr Damiano has extensive commercial and finance experience and asset familiarity on the ground in the Company’s core areas of interest in the USA. His appointment to the role of Managing Director will assist the Company to pursue, assess and secure funding for a strategy of adding low operating cost conventional oil and gas production as well as undeveloped reserves to the Company’s portfolio.

Specifically, the company’s strategy is as follows:

- to secure a suitable farminee(s) and/or to drill or otherwise evaluate its existing high impact multi-TCF
appraisal and exploration assets in the Sacramento Basin
- to continue to screen and pursue the acquisition of low risk production assets in multiple proven hydrocarbon basins
- to build a production portfolio with diversity, materiality and follow-up potential focused on low risk conventional production enhancement and development drilling
- to prudently manage cash in order to keep operating and administrative costs to a minimum

this is what i am waiting for, all the cash that was injected was put in place to achieve the new venture success.. and not for exploration drilling...

Project Overview

New Ventures

Concurrent with the Company’s existing Sacramento Basin gas assets, Xstate announced a strategic shift to focus on low risk conventional production opportunities onshore U.S.A targeting underperforming or distressed assets at or near the bottom of the oil price cycle.

The Company remains focused on assets with proven upside, which are in production rather than shut in.
This ensures that the facilities are functioning, all required environmental and regulatory approvals are in place and importantly in the case of onshore production acquisitions a viable water disposal solution is in place.

California is one of the world’s most prolific oil and gas provinces, with well over 100 years of continuous oil and gas production. The state of California has extensive infrastructure and support facilities with abundant opportunities that Xstate’s Board believe the Company is well positioned to acquire and enhance.

lets get it going!!