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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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