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

just a little clue for the clueless


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.