Xstate Resources Limited · ASX:XST
Xstate Resources — Investor Presentation (December 2025)
12 slides from Xstate Resources's investor presentation, December 2025
Slide 1: Racing to be first Taroom Trough gas producer
Racing to be first Taroom Trough gas producer Andrew Bald (Managing Director) bald@xstateresources.com.au Xstate Resources Limited (ASX:XST) Dec 2025 www.xstateresources.com.au
Slide 2: 2025 Milestones
2025 Milestones 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 sands Potential upside pay in the Lower Wallabella formation* not fully covere
Slide 3: 2026 Activities: XST first to market?
2026 Activities: XST first to market? CBL and DFIT scheduled for Feb 2026 Stimulation and testing planned for late Q1 2026 IF FLOW TEST SUCCESSFUL, DIONA-1 COULD BE THE FIRST COMMERCIAL More lead time for planning and optimising completion* GAS TO BE SOLD FROM THE TAROOM Diona 2 to be drille
Slide 4: Diona-1 Completion
Diona-1 Completion Work program and budget approved Stimulation and test of Diona 1 gas discovery scheduled for Q1 2026 Program includes Cement Bond Log (CBL) and Diagnostic Fracture Integrity Test (DFIT) in February 2026 Results used to finalise the design a stimulation Testing program to
Slide 5: Diona-1 Operational review
DIONA -1 Operational review 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 not fully covered by log
Slide 6: Diona-1 Pay on Wireline Logs
DIONA -1 SW Diona-1 NE Pay on Wireline Logs 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 Porosity Porosity Notes
Slide 7: Diona - Location
Diona - Location Edge of Taroom Trough* 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: Diona-1 Prospective Resources Upgrade
DIONA -1 Prospective Resources Upgrade P90 P50 P10 Parameter Units Mean (1U) (2U) (3U) Area km2 28 60 129 72 Net Pay m 14 23 33 23 Gross Recoverable Gas Bscf 44 107 266 138 Gross Recoverable Condensate MMstb 2.4 7.0 20.2 9.9 Gross Recoverable Gas Equivalent Bscfe 62 154 377 197 Recoverable Gas 51% n
Slide 9: Analogue: Waggamba Field
Analogue: Waggamba Field From Diona-1: ~10km east & downdip
Slide 10: What does it mean for XST
What does it mean for XST 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 If proven to be a BCG, the Diona-1 well re-d
Slide 11: Summary
Summary Successful Drilling Success Testing plans Pathway to Game-changing have begun early strategy for production Xstate 11
Slide 12: 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
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