The Board of Xstate Resources Limited announced that Mr. Paul Cartwright has resigned as Managing Director of the company. The Board announced the appointment of Mr. Ian Tchacos as a nonexecutive director of the company. Mr. Tchacos is an oil and gas professional with over 25 years international experience in corporate development and strategy, mergers and acquisitions, petroleum exploration, development and production operations, commercial negotiations, oil and gas marketing and energy finance.

Mr. Tchacos brings experience to the Xstate Board very relevant to its future growth opportunities. The Board also announced that Chris Hodge, an existing Board member, has been appointed to the position of Managing Director.