Xstate Resources has disposed of its 20% stake in the Austrian Anshof project, eliminating liabilities and streamlining its portfolio ahead of a planned ASX re-listing and development of its Diona project in Queensland.
- Disposal of 20% working interest in Anshof project to Kathari Energia GmbH
- No cash payment; liabilities of EUR547,075 extinguished
- Production decreases by 14 barrels of oil per day
- Focus shifts entirely to the Diona project in Queensland
- ASX re-listing process targeted for July 2025
Strategic Exit from Austrian Operations
Xstate Resources Limited (ASX – XST) has formally exited its involvement in the Anshof oil project in Austria by assigning its 20% working interest to Kathari Energia GmbH, a subsidiary of ADX Energy Limited. This move marks a significant portfolio simplification for Xstate, which had been managing modest production levels of approximately 14 barrels of oil per day from the Anshof field.
The transaction did not involve any cash payments; instead, the assignment offsets accrued liabilities totaling EUR547,075, which included Xstate’s share of contributions toward a permanent production facility. By transferring both its equity interest and associated obligations, Xstate effectively clears these liabilities from its balance sheet, strengthening its financial position.
Implications for Production and Financial Health
While the disposal results in a reduction of Xstate’s production by 14 barrels per day, the company’s management views the trade-off as beneficial. The exit removes ongoing operational costs and financial commitments related to the Anshof project, which had become a modest contributor to overall output. This strategic decision aligns with Xstate’s broader goal of focusing resources and capital on higher-potential assets.
Managing Director Andrew Bald highlighted the positive impact on the company’s balance sheet and the simplification of its asset base. The move is timely as Xstate prepares for its anticipated re-listing on the ASX, tentatively scheduled for July 2025, signaling confidence in the company’s renewed direction.
Renewed Focus on the Diona Project
The disposal clears the way for Xstate to concentrate fully on the Diona project, located in Queensland’s Surat Bowen Basin. Acquired earlier in 2025, Diona represents a core growth opportunity for the company, with potential for significant development and production expansion. The management team is dedicating 100% of its efforts to advancing this project, which is expected to be a key driver of future value creation.
Alongside the asset disposal, Xstate is progressing through the regulatory and shareholder processes required for its ASX re-compliance and re-quotation. The company aims to lodge its prospectus with ASIC by mid-June and convene a shareholder meeting in late July, marking a pivotal moment in its corporate evolution.
Looking Ahead
By exiting the Anshof project, Xstate has taken a decisive step to streamline operations and reduce financial risk. The company’s sharpened focus on the Diona project and the upcoming re-listing could position it well for renewed investor interest and operational momentum. However, the success of these initiatives will depend on execution and market conditions in the months ahead.
Bottom Line?
Xstate’s Austrian exit clears the path for a focused push on Diona and a fresh start on the ASX.
Questions in the middle?
- How will the Diona project’s development timeline and costs impact Xstate’s near-term outlook?
- What are the risks and opportunities associated with the upcoming ASX re-listing?
- Could Xstate pursue further asset disposals or acquisitions to reshape its portfolio?