Slide 1: Diona 1: Project Update
ABN 96 009 217 154 18th September 2025 Electronic lodgement Announcement to ASX Diona 1: Project Update Xstate Resources Limited (ASX:XST) (Xstate or the Company) is pleased to provide the attached update in relation to the imminent drilling of the Diona-1 well next week. Key dates are: • Associated
Slide 2: Diona-1 Well Program Update
For personal use only Diona-1 Well Program Update Andrew Bald (Managing Director) bald@xstateresources.com.au Xstate Resources Limited (ASX:XST) Sept 2025 www.xstateresources.com.au
Slide 3: Milestones
Milestones For personal use only Drilling Contract signed with Ventia on 12th September Shares re-listed on 16th September Cellar and Conductor Pipe installed Coming Up • Ventia Rig 101 due to be mobilised on Sunday 21st September * • Rig to arrive at well pad week of 22nd September • Spud dat
Slide 4: Diona Project Precis
DIONA PROJECT Precis For personal use only • Proven hydrocarbon province • Multiple producing fields nearby • High profile and upcoming ASX neighbours • High chance of success at 55%1 • Shallow target 2,300m • Low cost drilling at $2.7m Diona-1 well pad • Very close to infrastructure including pipel
Slide 5: The Xstate Story
THE TheXSTATE XstateSTORY Story For personal use only Farming into Farming Diona blockinto in Diona block in Surat-Bowen basin, has The Diona Prospect QLD, Xstate is re-listing as a total un-risked mean ExtensiveOperator geoscience studies characterize the drilling in the proven Queensland, Australi
Slide 6: Diona - Location
Diona - Location For personal use only • Premium Hydrocarbon country • Proximal to numerous other oil and gas discoveries in the Showgrounds Formation • Surrounded by Waggamba, Taylor, Silver Springs, Louise u and Alton fields • 70km west of Omega’s Canyon-1 and Canyon-2 • 12km west of Waggamba gas
Slide 7: Diona - Geology
4-way dip closed anticline with stratigraphic upside Diona - Geology For personal use only Situated on a structural nose plunging into source rock depo-centre Structural trap covers 1.0 km2 Stratigraphic trap covers 13.7 km2 Unrisked 100% Gross Mean Prospective Resource 12.5 BCFE Technic
Slide 8: Diona - Prospectivity
Diona - Prospectivity For personal use only Diona prospect targets 3 stacked reservoir objectives at Showgrounds, Upper Tinowon and Wallabella Sandstone levels all of which can be tested via a single vertical exploration well The Tinowon and Wallabella Sandstone targets have additional stratigra
Slide 9: Diona - Prospectivity
721500 731500 741500 Diona - Prospectivity Prospect B: 6947600 6947600 • 1.7km2 closure at primary target Showgrounds Sandstone level • Promising opportunity with gas or light oil potential For personal use only Diona • Reprocessed seismic will be used to refine mapping and define additional potenti
Slide 10: Diona - Prospective Resources
Diona – Prospective Resources Reservoir Objective Gross Unrisked Prospective Resource Hydrocarbon Type Pg Pd 1U 2U 3U Mean For personal use only Showgrounds 0.9 1.9 4.1 2.3 39% Tinowon 0.3 3.1 15.7 6.1 20% Gas Equivalent (Bscfe) Wallabella 0.2 2.1 10.6 4.1 16% Probabilistic Sum 0.7 2.7 12.2 5.1 55%
Slide 11: Deal Terms
DEAL TERMS For personal use only XST acquired a 51% interest in the Diona Sub-Block of ATP 2077 Vendor XST has paid a $250,000 non-refundable deposit to Elixir XST is the operator Elixir Energy (ASX: EXR) is an oil and gas 1 explorer in Queensland XST’s accelerated work program – drilling in
Slide 12: Capital Structure
Capital Structure $0.021 251 million For personal use only Share price Ordinary shares on issue $2.74 million $5.28 million Drilling costs Market capitalization 23 million Nil Unlisted options Debt 11
Slide 13: Diona Project Overview
DIONA PROJECT For personal use only Overview Ill • Each dot is a well 369 km2 12.5 billion cubic 2,300m 15 km $13.00 per 1,000 feet cubic feet Covering Diona sub-block To Silver Springs Gas Facility 100% Gross un-risked mean Target formation depth Current wholesale gas price of ATP 2077 prospective
Slide 14: XST Team
XST Team Greg Channon, Non-Exec Chairman Mr Channon is a geologist with over 35 years of global oil and gas experience in a variety of technical and leadership roles. During his Qualifications: BSc.(Hons) career, Mr Channon has worked with a range of E&P companies including Delhi, Santos, Fletcher C
Slide 15: Non-Core Assets
Non-Core Assets For personal use only California Austria 10-30% WI in various gas 20% WI in the Anshof Oil producing properties in the Discovery Sacramento Basin 2023 Production: 14.7 2023 Production: 5,960 million cubic feet of gas barrels 2023 Reserve: Nil 2023 2P Reserve: 1,000,000 barrels 14
Slide 16: Summary
Summary For personal use only Game-changing Prospect with Pathway to early Re-listed Sept Preparing to drill strategy for high chance of production 2025 in Sept 2025 Xstate technical success 15
Slide 17: Disclaimer and Important Information About This Presentation
DISCLAIMER AND IMPORTANT INFORMATION ABOUT THIS PRESENTATION • Summary of information: This presentation contains general and background information about the Diona opportunity in Queensland, Australia as at the date of the presentation and should not be considered to be comprehensive or to comprise