Slide 1: 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) Oct 2025 www.xstateresources.com.au
Slide 2: Milestones
Milestones For personal use only Shares re-listed on 22nd September 2025 Diona-1 drilled, cased and suspended in October 2025 Significant gas shows intersected over 181 m gross interval 23m of net pay over 3 zones in the Permian * Potential upside pay in the Lower Wallabella not fully cove
Slide 3: Diona-1 Operational Precis
DIONA -1 Operational Precis For personal use only Drilled over 14 days in October 2025 to a TD of 2479m Bandanna Formation, Tinowon Sandstone and Wallabella Formations all appear gas saturated and over-pressured 116m of gross pay, 23 m of net pay intersected Large gas kick at base of well no
Slide 4: Pay on Wireline Logs
DIONA -1 SW Diona-1 NE Pay on Wireline Logs For personal use only Formations Intersected: Permian aged Bandanna Formation Tinowon Sandstone and Walloon Wallabella Formation Gross HC Interval: 2298-2479m Gross Pay: 116m Net Pay: 23m Boxvale Average Porosity: 10% Formation Top of Gross Net Pay P
Slide 5: Analogue: Waggamba Field
Analogue: Waggamba Field From Diona-1: ~10km east & downdip For personal use only
Slide 6: Regional Comparables
Regional Comparables For personal use only Omega’s Canyon Sandstone intersections include1 Canyon-1: 7.3m net pay Canyon-2: 23.4m of net Mosaic’ Waggamba wells (2003-2004) drilled in thinner net sands between 5m and 10m Waggamba-1: 10m Showgrounds and 10m Bandana2 Waggamba-2: 6m of net
Slide 7: Diona - Location
Diona - Location For personal use only Premium Hydrocarbon country Proximal to numerous other oil and gas discoveries in the Showgrounds Formation u Surrounded by Waggamba, Taylor, Silver Springs, Louise and Alton fields 70km west of Omega’s Canyon-1 and Canyon-2 12km west of Waggamba gas
Slide 8: What does it mean for XST
What does it mean for XST For personal use only BCG plays are unconventional and typically over a larger area, well in excess of our mapped structural and stratigraphic closure BCG plays are the playground for Elixir, Omega, Shell and Santos, all neighbours in the region The question for ATP20
Slide 9: XST: Post re-listing activities
XST: Post re-listing activities For personal use only Shares re-listed on 22nd September 2025 Diona-1 drilled, cased and suspended on 12 October 2025 Showgrounds was a no show Permian results were a real surprise We know there are more, deeper Wallabella Sandstones (from mudlogs and LWD)
Slide 10: Capital Structure
Capital Structure For personal use only Shares on Issue1 251M Share Price $0.03 Market Cap $7.5m Unlisted Options2 23.6m Debt $Nil 1. As at 16 Oct 2025 2. Includes 16.4m Broker Options 10
Slide 11: XST Team
XST Team For personal use only Andrew Bald, Managing Director Mr Bald has over 35 years of experience in financial markets, director of numerous ASX listed companies including from 2013 through Qualifications: BEc. (Hons) 2016, as managing director of Burleson Energy, an oil and gas explorer with pr
Slide 12: Summary
Summary For personal use only Successful Drilling Success Testing plans Pathway to Game-changing have begun early strategy for production Xstate 12
Slide 13: 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