Raven to expand its interests in the Sacramento Basin by securing 100% ownership ofGasfields LLC (Gasfields).Raven has signed a share purchase and sale agreement to acquire Bombora NaturalEnergy’s 40% shareholding in Gasfields LLC, a limited liability company incorporated in
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California, that holds the rights to farm in to the Tulainyo Gas Project in the Sacramento
Basin, California (Tulainyo Project). Other participants in the Tulainyo Project include one
of California’s largest independent oil and gas production companies.
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The Tulainyo Project covers the Sites Anticline that has over 91 km² of closure withassociated gas seeps and gas encountered by historic drilling.Raven via its full ownership of Gasfields can earn up to a 33.33% interest in the project.In addition to conventional untested gas potential there is also the potential for oil or gascondensate in the deeper structure linked to prominent oil seeps in outcrop.
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Summary
Raven Energy Limited (ASX: REL) (Raven or Company) is pleased to announce that it has
executed a binding share sale and purchase agreement (SPA) with Bombora Natural Energy Pty
Ltd (Bombora) to acquire Bombora’s 40% shareholding in Gasfields LLC, a limited liability
company incorporated in California, 60% of which is currently owned by the Company
Acquisition). Bombora is a wholly owned subsidiary of ASX listed Pancontinental Oil and Gas
Limited (Pancontinental) (ASXCL). As a result of the Acquisition, Gasfields will be a wholly
owned subsidiary of the Company.
Tulainyo Gas Project
Gasfields holds rights to farm-in to a 152 km² (over 40,000 net acre) – lease position over the large
Sites Anticline structure on the west side of the gas prolific Sacramento Basin, California. A major
gas trunkline servicing California’s vast, 90% - imported, domestic gas market is located
approximately 8 km from that site.
Gasfields will continue to be advised by experienced oil and gas industry executive John Begg who
will assist Raven with further developing its growth strategy in California for a period of up to six
months. Mr Begg will be compensated for his services at a daily rate of A$356 plus GST.
REL Price at posting:
0.2¢ Sentiment: None Disclosure: Held