XST 0.00% 0.9¢ xstate resources limited

Ann: SGC: Alvares Testing and Operations Update, page-6

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    RAVEN ENERGY LIMITED

    7 May 2018

    RAVEN EXPANDS INTERESTS IN CALIFORNIA VIA THE ACQUISITION OF XGAS LLC

    • Raven to expand its interests in the Sacramento Basin with the acquisition of XGas LLC (XGas) a US subsidiary of Xstate Resources (ASX:XST) and exposes Raven Shareholders to drilling activity.

    • Raven has signed a binding Letter of Intent to acquire 100% of the issued capital in XGas which holds working interests in the Dempsey Project.

    • The acquisition complements existing gas investments and presents a tremendous opportunity to expand its footprint in the Sacramento Basin, California.

    • Furthermore, the acquisition provides the Company with immediate gas production and sales revenue and associated strategic infrastructure to monetise any exploration and development success in the project area.

    • First right of refusal granted over Xstate Resources (ASX:XST) Alvarez Project.

    • Represents continuation of the Company’s “growth via acquisition” strategy.
 
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