Market Herald logo


Be the first with the news that moves the market

Xstate Resources has confirmed the fourth installment of payments from Hong Hung Thiam. The company has now received a total of $400,000 from Hong Hung with the remaining $100,000 to be paid by mid-may 2019.

This began after $25 million in investments to Xstate was unpaid from four investors. The money was planned to be used for the purchase of the Los Angeles Basin and gas fields but ultimately did not work out when the investors didn’t pay.

In December 2018 the Supreme Court of Western Australia concluded that Xstate was owed $34.8 million from three out of the four investors.

As the investors failed to appeal the decision they will need to pay but it is proving difficult to get them too. They are still trying to pursue Tanzil Hidayat and will use its full rights for the recovery of its debts.

Xstate is an oil and gas exploration company with an existing project located in the  Sacramento Basin California.

It had $649,000 in the bank before proceedings began so the money will be extremely beneficial towards future developments.

Please find the announcement here

XST by the numbers
More From The Market Herald

" Work at Cooper Energy’s (ASX:COE) gas projects experience bushfire delays

Cooper Energy (ASX:COE) has provided updates regarding the Sole Gas Project and the Orbost Gas Processing…
ALS (ASX:ALQ) - Managing Director & CEO, Raj Naran

" ALS (ASX:ALQ) acquires MinAnalytical for $39m

Global testing, inspection and certification business ALS (ASX:ALQ) has acquired MinAnalytical for $39 million.

" Worley (ASX:WOR) progresses renewable plastics facility, signs Shell agreement

Worley (ASX:WOR) further progresses its strategic partnership with Avantium Renewable Polymers for the world-first commercial scale…
Hexagon Energy Materials (ASX:HXG) - Outgoing Managing Director, Merrill Gray

" Merrill Gray resigns as MD of Hexagon Energy Materials (ASX:HXG), company appoints Andrew Kirk as Director

Merrill Gray has resigned from her post as Managing Director of Hexagon Energy Materials (ASX:HXG), effective…