Xstate Resources (ASX: XST) will now focus on its U.S. oil and gas assets after completing the sale of its Tunisian assets to Gulfsands Petroleum plc (LON: GPX).
The company was paid US$890,000 for the assets and may receive a US$500,000 cash bonus upon first production resulting from the drilling of the next exploration well on the Kerkouane Permit.
Xstate had held a 10% participating interests in the Chorbane, Kerkouane and Pantelleria permits.
It continues to review opportunities with high prospectivity for oil and gas; availability of new data like 3D seismic; access to production and transport infrastructure; relatively underexplored; and located in a lower operating cost area.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.