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.