Xstate Resources Limited · ASX:XST
Xstate Resources — Investor Presentation (October 2026)
19 slides from Xstate Resources's investor presentation, Oct 12, 2026
Slide 1: XST Introduction to ATP2087 - ASX announcement
ABN 96 009 217 154 13 October 2026 Announcement to ASX Electronic Lodgement For personal use only XST Intoduction to ATP2087 Highlights • Taroom JV named as preferred tenderer for Block PLR2026-1-7 (ATP2087) • Significant boost to XState’s asset base The Board of Xstate Resources Limited (ASX:XST) (
Slide 2: About Xstate Resources Limited
About Xstate Resources Limited Xstate Resources (ASX Code: XST) is an ASX listed company focused on the oil and gas sector focusing on its Taroom Trough projects located in Queensland, Australia. Xstate owns 51% of the Diona block within For personal use only ATP 2077. Xstate is also the Operator an
Slide 3: Expanding our Presence in the Taroom Trough, Queensland
rsonal use only Expanding our Presence in the Taroom Trough, Queensland I N V E STO R U P DAT E | O C TO B E R 2 0 2 6 Andrew Bald, Managing Director bald@xstateresources.com.au Xstate Resources Limited (ASX: XST) www.xstateresources.com.au
Slide 4: Expanding our Position in the Taroom Trough
PORTFOLIO Expanding our Position in the Taroom Trough ATP 2077 – Diona Block rsonal use only Western margin of the Taroom Trough 51% ■ ■ Diona-1 well drilled in late 2025 and intersected a large continuous gas column ■ Gas flows impacted by completion fluid in well bore ■ Testing program incomplete
Slide 5: A Busy Months
CORPORATE A Busy 12 Months Relisted on the ASX on 22 September 2025 rsonal use only Operated the drilling of Diona-1 – spudded 29 Sept 2025, gas discovery Stimulated Diona-1 – April 2026 Flow-tested Diona-1 - Testing incomplete Assembled and led the 2026 Queensland JV Study Group JV wins Preferred T
Slide 6: Queensland 2026 Bid Round
PLR2026-1-7 Queensland 2026 Bid Round ■ Gazettal round opened on 5 March 2026 and closed on 14 May 2026 rsonal use only ■ Highly competitive round with more than 20 companies bidding PLR2026-1-7 ■ Four attractive blocks available within the Taroom Trough, with QGC, Denison, PLR2026-1-8 Xstate JV Ome
Slide 7: PLR2026-1-7 (ATP2087) - Premier address
PLR2026-1-7 PLR2026-1-7 (ATP2087) - Premier address ■ PLR2026-1-7 is prospective for both oil and gas, as demonstrated by flows at QGC’s Fantome-1 (gas) and Omega’s Canyon project (Canyon- rsonal use only 1H producing oil and gas) ■ The permit is adjacent to and directly above (along trend from) Ome
Slide 8: Proximity to the Canyon Project
PLR2026-1-7 Proximity to the Canyon Project PLR2026-1-7 Xstate JV ■ Over-pressured Canyon Sandstone flowed at a normalised rate of 987 BOPD + QGC rsonal use only 1.45 MMscf/d in Canyon-1H Fantome Block ■ Tasmania-1 and Fantome-1 indicate likely continuity of the Canyon Sandstone northward into PLR20
Slide 9: Significance of Fantome-1
PLR2026-1-7 Significance of Fantome-1 ■ 2012 QGC exploration well encountered strong gas shows PLR2026-1-7 Extent rsonal use only throughout the Permian and flowed gas from three comingled Fantome-1 with Total Gas Log (Logarithmic Scale) zones (including the interpreted Canyon Sandstone) between 4,1
Slide 10: Ideally positioned: Surrounded by infrastructure
PLR2026-1-7 Ideally positioned Surrounded by infrastructure rsonal use only PLR2026-1-7 sits in a well-serviced region Local businesses nearby Town of Condamine sits immediately to the south- eastern corner of the permit Multiple gas pipelines Pipelines transect the permit, allowing a range of tie-b
Slide 11: About Basin Centred Gas (BCG)
THE PLAY About Basin Centred Gas (BCG) BCG characteristic Taroom Trough observation rsonal use only 1 Over-pressured to highly over-pressured Taroom Trough range of ~0.5 to 0.8 psi/ft (0.5 to 0.9 psi/ft) No clear petrophysically defined water sands or 2 No down-dip water contact significant produced
Slide 12: Impact of Regional Activity on Xstate
REGIONAL ACTIVITY Impact of Regional Activity on Xstate Shell QGC SI GN I FI C A N C E FOR X ST rsonal use only Remain the leaders in unlocking the play ■ 3D seismic near completion ■ Appraisal and development continuing ■ Wins block PLR2026-1-9 Omega SI GN I FI C A N C E FOR X ST Immediate and sign
Slide 13: Diona-1 Update
ATP 2077 · DIONA Diona-1 Update 116 m 23 m 0.52 psi/ft rsonal use only gross interval with net pay over 3 zones in overpressure – 4,139 psi significant gas shows the Permian sands downhole reservoir pressure ■ Successfully drilled in Sept / Oct 2025 ■ Flow testing in April/May 2026 impacted by a ful
Slide 14: Diona Analogue: Waggamba Field
ATP 2077 · DIONA Diona Analogue: Waggamba Field ■ Recent drilling results announced by OGT re their Waggamba Field drilling program (10 km east and downdip) indicate the wells are flowing oil in rsonal use only addition to gas and condensate ■ 2 recent Waggamba wells were drilled as stimulated 1 km
Slide 15: Board Members
CORPORATE Board Members Mr Channon is a geologist with over 35 years of global oil and gas experience in a variety of technical and leadership roles. He is currently Executive Chairman of RL Energy, and a Non-executive Director of Samson Oil and Gas Limited. Greg Channon GC rsonal use only During hi
Slide 16: The Team
CORPORATE The Team XState has teamed up with a world class team of consultants and advisors to assist them with their Australian exploration assets including: rsonal use only Peter is a highly experienced exploration and production geoscientist with almost 30 years of broad technical experience in g
Slide 17: Capital Structure
CORPORATE Capital Structure rsonal use only $0.0121 ~430 million $5.1 million Share price Ordinary shares on issue Market capitalisation $900,0002 118 million3 Nil Cash at hand plus receivables Unlisted options Debt 1 ASX close, 7 Oct 2026 2 As at 30 Sept 2026 3 Includes 25m broker options (at full
Slide 18: Why Invest in XST
INVESTMENT CASE Why Invest in XST Delivering on promises • Re-listed in September 2025 rsonal use only • Spudded Diona-1 within 1st week • Discovery in the Bandanna/Black Alley and Tinowon formations • Assembled JV consortium for Qld Block • Successfully bid for PLR2026-1-7 giving XST shareholders e
Slide 19: Disclaimer
IMPORTANT INFORMATION Disclaimer Summary of information: This presentation contains general and background information about the Diona Risks: An investment in shares in Xstate Resources Limited is subject to investment and other known and unknown opportunity in Queensland, Australia as at the date o
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