Xstate Resources
Xstate Resources is an ASX-listed oil and gas exploration company holding a 51% working interest in the Diona Project in Queensland, Australia. It is pre-revenue and is drilling the Diona-1 well to test three stacked gas reservoir targets for future sale to Australian energy buyers.
- Company typePublic
- Founded1987
- HeadquartersFremantle, Australia
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Xstate Resources does
Xstate Resources Limited (ASX: XST) is an Australian oil and gas exploration company headquartered in Fremantle, Western Australia. Following a 2025 corporate restructuring and capital consolidation, the company has concentrated its portfolio on the Diona Project in Queensland's Surat-Bowen Basin, having disposed of its Californian and Crest Jinn assets during 2025. The Diona Project covers 369 square kilometres across 23 graticular blocks within ATP 2077 and is held under a farm-in agreement with Elixir Energy, giving Xstate a 51% operating working interest in the Diona sub-block.
The company's core exploration technology centres on geological and geophysical evaluation methods, including 2D seismic interpretation and probabilistic resource assessment using Monte Carlo simulation across three stacked reservoir targets — the Showgrounds, Upper Tinowon, and Wallabella Sandstones — all testable via a single vertical exploration well. Xstate raised approximately A$3.82 million in October 2025 to fund the Diona-1 appraisal and production test programme, with the well spudded in September 2025 and operations ongoing as of December 2025. Net total mean unrisked prospective resource is reported at 6.4 BSCFE at the 51% working interest.
Xstate is a pre-revenue explorer with no current production or product sales. Its business model is capital-raising driven: equity is sourced via ASX-listed equity issuances and farm-in arrangements, with the future revenue thesis predicated on gas sales agreements to Australian utilities, power generators, and industrial gas consumers once commercial discoveries are converted to production. Target customers are domestic Australian energy market participants seeking reliable gas supply to support energy security and transition away from coal-fired generation.
Xstate Resources firmographics
Firmographics- Name
- Xstate Resources
- Legal name
- Xstate Resources
- Website
- https://xstateresources.com
- Company type
- Public
- Founded year
- 1987
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Xstate Resources is an ASX-listed oil and gas exploration company holding a 51% working interest in the Diona Project in Queensland, Australia. It is pre-revenue and is drilling the Diona-1 well to test three stacked gas reservoir targets for future sale to Australian energy buyers.
- Ownership category
- akta.pro rank
Xstate Resources industry classification
Industry- Product category
- Upstream Oil and Gas Exploration
- NAICS
- Oil and Gas Extraction (2111)
- SIC
- Oil & Gas Field Exploration Services (1382)
- akta.pro primary industry
- Exploration, Appraisal & Subsurface (Seismic, Geology, Reservoir Characterization) (EUAAAAAH)
- akta.pro secondary industries
- Onshore Natural Gas E&P (Conventional Fields) (EUAAAAAG), Well Completion & Stimulation (Hydraulic Fracturing, Sand Control) (EUAAAAAJ)
Keywords
Where Xstate Resources is headquartered
LocationHeadquarters
- HQ city
- Fremantle
- HQ country
- Australia
- HQ region
- Oceania
Offices1 record
Markets served
Xstate Resources business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Oil and Gas Production (Future): Currently in exploration/appraisal phase. Future revenue will come from the sale of natural gas and potentially oil produced from successful discoveries. Revenue will depend on successful drilling outcomes, commercial viability, and long-term gas sales agreements with buyers in the Australian energy market.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Xstate Resources product offering
Product offeringCore offering
Xstate Resources is an ASX-listed oil and gas explorer engaged in field development and production, exploration, and appraisal drilling. Its flagship asset is the Diona Project in Queensland, Australia, where it is targeting three stacked gas reservoir objectives (Showgrounds, Upper Tinowon, and Wallabella Sandstones) via the Diona-1 exploration well. The company currently raises capital to fund drilling and will eventually generate revenue from sale of produced natural gas.
Product overview
Xstate Resources is an oil and gas exploration company with assets in Australia, Austria, and America. The company's primary focus is the Diona Project in Queensland, Australia, which encompasses the drill-ready Diona Prospect. The Diona Project comprises 23 graticular blocks covering 369 square kilometers within ATP 2077. The Diona Prospect targets three stacked gas reservoir objectives—Showgrounds Sandstone, Upper Tinowon Formation, and Wallabella Sandstone—that can be tested via a single vertical exploration well. The net total mean unrisked prospective resource is 6.4 Billion standard cubic feet equivalent (BSCFE) at 51% working interest.
Differentiator
Problem solved
Functional benefit
Products and services
- Diona Project (Diona Prospect) Xstate Resources' flagship oil and gas exploration asset located in Queensland, Australia, covering 369 square kilometers (23 graticular blocks) within ATP 2077. It encompasses the drill-ready Diona Prospect, which targets three stacked gas reservoir objectives at Showgrounds Sandstone, Upper Tinowon Formation, and Wallabella Sandstone levels, testable via a single vertical exploration well. Net total mean unrisked prospective resource is 6.4 BSCFE at 51% working interest. It is intended for eventual sale of produced natural gas to Australian utilities, industrial gas consumers, and power generators.
Quantifiable outcome
- 6.4 BSCFE net mean unrisked prospective resource (at 51% WI)
Companies that use Xstate Resources
Customer profileSegments1 record
Ideal customer profiles1 record
Xstate Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Xstate Resources partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Elixir EnergycoreFarm-in agreement where Xstate Resources earns 51% working interest in the Diona sub-block of ATP 2077 by fully funding an exploration well. Elixir Energy retains 100% interest in ATP 2077 Sub-blocks A & B. Elixir acted as operator and has completed technical evaluation identifying the Diona Prospect as a high-priority drilling target. Elixir retains role as operator for Sub-blocks A & B while Xstate becomes operator for the Diona sub-block upon completion of farm-in obligations.
Scale indicators3 records
Recent moves7 records
Expansion highlights4 records
Xstate Resources competitors and assessment
Company assessmentDirect peers
- Elixir Energy: ASX-listed upstream gas explorer and Xstate's farm-in partner on ATP 2077 / Diona. Elixir operates the surrounding sub-blocks in the Surat-Bowen Basin, making it the most directly comparable peer for asset, geography, and geology.
- State Gas: ASX-listed junior gas explorer focused on the Reid's Dome project in the Bowen Basin, Queensland. Closely comparable in size, stage, and onshore Queensland conventional gas focus.
- Comet Ridge: ASX-listed gas exploration and development company with acreage in the Bowen and Galilee Basins in Queensland. Comparable as a small-to-mid cap Australian onshore gas developer targeting east coast gas markets.
- Galilee Energy: ASX-listed gas explorer with a focus on the Galilee and Surat Basins in Queensland. Comparable in scale, Australian east coast gas focus, and pre-development stage.
- Strike Energy: ASX-listed gas exploration and development company with assets in the Perth Basin and South Australia. Comparable as an Australian onshore gas developer targeting domestic gas supply.
- Empire Energy Group: ASX-listed upstream oil and gas company focused on the Beetaloo Sub-basin in the Northern Territory. Comparable as a small-cap ASX-listed gas explorer at the appraisal-to-development transition stage.
- 88 Energy: ASX-listed junior exploration company with oil and gas interests in the United States. Comparable as a small-cap, single-asset-focused ASX-listed explorer dependent on drilling outcomes for value.
Broad incumbents
- Santos: ASX-listed major Australian oil and gas producer with significant Queensland and Cooper Basin production including coal seam gas. Provides an established peer benchmark for east coast gas pricing, infrastructure access, and gas sales agreements.
- Origin Energy: ASX-listed integrated energy company with major upstream gas operations (APLNG) and a domestic gas retail business. Relevant as a benchmark for the Australian east coast gas market and the corporate buyers Xstate may ultimately supply.
- Senex Energy: Australian-focused upstream gas and oil producer (acquired by POSCO International and Hancock Prospecting). Comparable as a Surat-Bowen Basin operator directly relevant to Xstate's target play.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Xstate Resources social profiles
Digital presenceXstate Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Xstate Resources leadership team
Management profileNumber of profiles
Profiles4 records
Xstate Resources funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Xstate Resources M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Xstate Resources
What does Xstate Resources do?
Xstate Resources is an ASX-listed oil and gas explorer engaged in field development and production, exploration, and appraisal drilling. Its flagship asset is the Diona Project in Queensland, Australia, where it is targeting three stacked gas reservoir objectives (Showgrounds, Upper Tinowon, and Wallabella Sandstones) via the Diona-1 exploration well. The company currently raises capital to fund drilling and will eventually generate revenue from sale of produced natural gas.
Is Xstate Resources a public or private company?
Xstate Resources is a public company. It is classified as public and is currently operating.
When was Xstate Resources founded?
Xstate Resources was founded in 1987. It employs 1 to 10 people.
Where is Xstate Resources based?
Xstate Resources is headquartered in Fremantle, Australia, in the Oceania region.
How does Xstate Resources make money?
One revenue line is on record: oil and Gas Production (Future).
Who are Xstate Resources's main competitors?
Direct peers on record are Elixir Energy, State Gas, Comet Ridge, Galilee Energy, Strike Energy, Empire Energy Group and 88 Energy. Broad incumbents are Santos, Origin Energy and Senex Energy.
Does Xstate Resources have an API?
No public API is recorded for Xstate Resources.
What industry is Xstate Resources in?
Xstate Resources's product category is Upstream Oil and Gas Exploration. Its primary akta.pro industry code is EUAAAAAH, Exploration, Appraisal & Subsurface (Seismic, Geology, Reservoir Characterization), with a secondary code of EUAAAAAG, Onshore Natural Gas E&P (Conventional Fields). Its NAICS code is 2111 and its SIC code is 1382.