Xstate Raises $2.14M, Eyes ASX Re-Listing and Diona Drilling Launch
Xstate Resources has secured $2.14 million through its Re-compliance Prospectus offer and is on track to meet ASX conditions for re-listing, with drilling at its Diona Project set to begin in late September.
- Successful $2.14 million capital raise via Re-compliance Prospectus
- Completion of 51% acquisition in Diona Project by 4 September 2025
- ASX re-instatement targeted for 11 September 2025
- Drilling contract finalisation and mobilisation planned for late September
- Diona Project approvals secured, enabling imminent drilling start
Capital Raise and ASX Re-Listing Progress
Xstate Resources Limited (ASX – XST) has successfully completed its Re-compliance Prospectus offer, raising approximately AUD 2.14 million before costs. This capital injection is a critical step toward satisfying the Australian Securities Exchange's (ASX) conditions for the company's re-instatement to trading. The company has outlined a clear timetable, aiming to meet all ASX requirements by 9 September 2025, with re-listing anticipated shortly thereafter on 11 September, subject to ASX discretion.
Strategic Acquisition of Diona Project Stake
Integral to Xstate's forward momentum is the imminent completion of its acquisition of a 51% interest in the Diona Project, located in Queensland. This acquisition, scheduled for completion on 4 September 2025, positions Xstate to take operational control and advance exploration activities. The Diona Project is a cornerstone asset for the company’s oil and gas ambitions, and securing a majority stake underscores Xstate’s commitment to growth in this sector.
Drilling Plans and Operational Readiness
With all necessary approvals now in place, Xstate plans to finalise and sign the drilling contract within the coming week. The company anticipates mobilising the drilling rig during the week commencing 22 September 2025, marking a significant operational milestone. This timeline reflects a swift transition from capital raising and acquisition to active exploration, which could unlock value if drilling results prove promising.
Broader Portfolio and Market Position
Beyond the Diona Project, Xstate holds exploration assets in the Sacramento Basin, California, diversifying its portfolio geographically. However, the immediate focus remains on Queensland, where the company’s efforts could catalyse renewed investor interest following its re-listing. The successful capital raise and clear operational roadmap may help restore market confidence after the company’s previous suspension.
Looking Ahead
As Xstate approaches re-listing and operational milestones, the market will be watching closely for drilling outcomes and the company’s ability to execute on its strategic plans. The next few weeks will be pivotal in demonstrating whether the capital raised and project acquisition translate into tangible progress and shareholder value.
Bottom Line?
Xstate’s successful capital raise and imminent drilling start set the stage for a critical re-entry into the ASX spotlight.
Questions in the middle?
- Will drilling results at the Diona Project meet market expectations?
- How will Xstate manage operational risks during the drilling phase?
- What are the company’s plans for further capital raising or partnerships post re-listing?
