Xstate Resources Limited (ASX:XST) has announced the disposal of its 20% working interest in the Anshof Project in Austria to Kathari Energia GmbH, a subsidiary of ADX Energy Limited (ASX: ADX). This strategic move allows XST to fully focus on its Diona project and progress with its re-listing process on the ASX, tentatively scheduled for July 2025. The assignment agreement entails Kathari assuming all of Xstate’s commitments and obligations to the Anshof project, including unpaid cash calls totaling EUR547,075 (approximately AUD963,160). In return, Kathari acquires XST’s working and equity interest in the Anshof field and the 3,000 bopd production facility.
The disposal eliminates XST’s liabilities associated with the Anshof project and strengthens its balance sheet. While XST’s production will decrease by 14 bopd due to this sale, the company’s Managing Director, Andrew Bald, stated that this simplifies the portfolio, allowing a singular focus on the Diona project in Queensland. This exit comes after XST initially entered a Farmin Agreement in 2021, earning a 20% interest by contributing to the Anshof-3 well cost. However, disagreements over the Anshof Production Facility (APF) led to XST incurring liabilities that this agreement now addresses.
Xstate is actively preparing to re-comply with ASX listing rules, with a prospectus expected to be lodged with ASIC in mid-June and a shareholder meeting planned for late July. The company’s strategic shift towards the Diona project signals a renewed focus on its Australian assets and a commitment to re-establishing its presence on the ASX. Xstate’s portfolio now primarily consists of assets in California and the Diona project in the Surat Bowen Basin, Queensland.
