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Xstate Resources Limited ( (AU:XST) ) has provided an announcement.
Xstate Resources Limited has announced the divestment of its 25% working interest in the Crest Jinn assets located in Alberta, Canada, to Blue Sky Resources Limited. This decision was made due to unresolved commercial discussions and the challenging political and economic climate in Canada. Xstate will receive a 3% overriding royalty on 25% of production operations, valued at approximately C$10,500. The divestment alleviates Xstate from restoration liabilities while providing a nominal cash return, allowing the company to focus its capital elsewhere.
More about Xstate Resources Limited
Xstate Resources Limited is an ASX-listed company specializing in the oil and gas sector, with interests in oil production in Austria and exploration assets in the Sacramento Basin, California. The company is actively seeking new opportunities in the oil and gas industry globally.
Technical Sentiment Consensus Rating: Buy
Current Market Cap: €1.75M
See more data about XST stock on TipRanks’ Stock Analysis page.
