RAVEN ENERGY LIMITED(REL)

name changed to Gasfields Limited

The company releases the results of its AGM.

ASX has granted a waiver from Listing Rule 7.3.8 to enable shareholders to vote for the SPP on the following conditions: that the SPP is not underwritten, or if it is underwritten, the Company excludes any votes cast on that resolution by any proposed underwriter or sub-underwriter of the SPP; and that the Company excludes any votes cast on that resolution by any investor who may receive shares under any SPP shortfall.

As previously announced, the company has proposed to initiate a share purchase plan. It is anticipated that the SPP offer will be underwritten, further details to be provided in early February. Furthermore, Directors Mr Nathan Featherby and Mr David Scoggin have agreed to participate in any shortfall allotment, subject to obtaining shareholder approval which will besought at the Company's upcoming Annual General Meeting scheduled for 22nd February 2019. The company has received the amount of $160,000 from Pancontinental Oil and Gas NL who, as part of the Company's acquisition of Bombora Natural Energy Pty Ltd from Pancontinental, have agreed to subscribe for 160,000,000 new shares in Raven. Allotment of these new shares is expected to occur on 29 January 2019.

Raven has entered into a confidentiality agreement with California Resources Production Corporation to provide access to proprietary data and interpretations and evaluate investment in various projects in Northern Sacramento Basin. Representatives of the Company recently travelled to Bakersfield, California to further these discussions and look forward to successful completion of due diligence activities in the coming weeks. The company has agreed to terms with Sacgasco Limited to divest of its interest in the Dempsey Project, held via 100% owned subsidiary Bombora Natural Energy Pty Ltd. The Company is proposing to initiate a Share Purchase Plan to raise up to a maximum A$1,000,000 at a price of $0.001 per share, with participants receiving one free attaching option for every two shares subscribed for under the SPP. The attaching options will form a new class of options and will be exercisable at a price of $0.001 each, with an expiry date being one year from the date on which they are issued. The record date for determining shareholder eligibility for participation in the SPP is 15 January 2019.

The company made a correction to yesterday's announcement, correcting the Dempsey Project Working Interest Table. The WI before 31 December 2018 for Bombora (REL) should be 10% not 15%.

An agreement was executed to acquire JV partner's interests in Sacgasco Operated Projects in the northern Sacramento Basin. A workover program to grow production is underway. Alvares 1 is back on track for re-entry and testing program in early North American summer.

The company releases a notice of meeting. The AGM will be held at 10.00 am (AEDT) on 22 February 2019 at Level 15, 1 O'Connell Street, Sydney NSW 2000 Australia.

The company lodges its Quarterly Activities and Cash Flow Report.

The company lodges its annual report.

The company provides an update related to the final well costs for the Tulainyo 2-7 appraisal well in the Sacramento Basin. The operator and Raven have agreed the following: upon completion of the Company's proposed Capital Raising, Raven will immediately provide payment of US$1,000,000 to the Operator. Upon receipt of the Cash Consideration, Raven shall be assigned 6% interest in the South Block in the Tulainyo Gas Project and any associated South Block leases; Raven shall be assigned a further 4% interest in the South Block of the Tulainyo Gas Project upon Operator receiving the balance of the Final Well Costs after first deducting the Cash Consideration. The Balance Payment will result in full and final settlement of the Claims made by the Operator.

The company releases the results of its EGM.

Raven received a notice of termination from Xstate terminating the Acquisition for not making the settlement payment of approximately US$410,000 or issue the second tranche of A$250,000 of shares by the close of business on 31 October 2018. As a result of the Termination Xstate will retain the non-refundable payments of approximately US$88,500 paid by Raven and the 138,888,889 shares issued. Due to Raven's recent acquisition with Pancontinental Oil and Gas NL for the acquisition of Bombora Natural Energy Pty Ltd, Raven will hold 10% of the Dempsey Project in the Sacramento Basin in California. Raven expects to recommence discussions with Xstate to acquire it's 10% interest in the Dempsey Project, albeit on terms more reflective of its value as illustrated by the terms of the Bombora Acquisition.

Raven will expand its interests in the Sacramento Basin by securing 100% ownership of Bombora Natural Energy Pty Ltd. Raven has signed a binding sale and purchase agreement with Pancontinental Oil & Gas NL to acquire its wholly owned subsidiary Bombora Natural Energy Pty Ltd that holds a 10% working interest in the Dempsey Gas project, being the principal asset and leased interests in follow up exploration prospects in the Sacramento Basin, California.

Xstate advises that Raven Energy Limited (Raven) is in default of the Deed of Variation executed by the parties on 17 August 2018 whereby Xstate agreed to defer settlement of the sale of its 10% interest in the Demspey 1-15 well and related production and infrastructure in the Dempsey gas project in California until 31 October 2018. Raven has failed to pay the the balance of the transaction amounts owing, being approximately US$410,000 cash plus the issue of A$250,000 of shares in Raven. As a consequence of the default, Xstate hasterminated its agreement for the sale of its Dempsey Project working interests to Raven.

The company releases a notice of EGM. The meeting will be held at 12:00 pm (AEDT) on 30 November 2018 at Level 15, 1 O'Connell Street, Sydney NSW 2000 Australia.

Raven provides the following proposed timetable for lodgment of its full year audited accounts for 30 June 2018 and its proposed 2018 Annual General Meeting: Lodgment of Annual Report "“ expected 1 November 2018; Notice of Meeting dispatched to Shareholders "“ expected 15 November 2018 (following ASX Approval of the Notice); and 2018 Annual General meeting "“ expected 14 December 2018 to be held in Sydney. The Company anticipates confirmation of an outcome to its ongoing discussions with California Resources Production Corporation on or before Wednesday 31st October. The company will then proceed immediately to undertake a placement to sophisticated and wholesale investors to raise up to $2M via the issue of up to 2,000,000,000 shares at a price of $0.001. The issue of shares under the Placement will be subject to shareholder approval at the AGM. Raven's Executive Chairman, Mr Nathan Featherby and/or nominee has agreed to provide a firm and irrevocable commitment to participate for no less than AUD$500,000 in the Placement, subject to shareholder approval at the AGM.

Raven has maintained a continuous dialogue with the operator of the Tulainyo Gas Project, California Resources Production Company with respect to achieving a satisfactory commercial outcome to the cost and Joint Venture matters the Company. These discussions have progressed significantly. The Company continues to remain engaged in discussions with respect to a potential transaction across a number of additional Gas projects in the Sacramento Basin in California. The Company anticipates lodgment of its 30 June 2018 full year audited financial accounts on or before 31 October 2018. Executive Chairman, Mr Nathan Featherby has also agreed to subscribe for shares up to a value of $500,000 in the proposed new issue at $0.001, subject to shareholder approval.

The company confirms the appointment of Mr Iain Smith as the Company's independent Upstream Oil & Gas Advisor. Mr Smith will assist the Company with technical review and evaluation of a number of North American energy projects, and provide advice in relation to the Company's North American energy strategy.

PCL announced that its subsidiary Bombora received a claim from the operator of the Tulainyo Gas Project. To the extent that the claim by the Operator is valid (which is denied by Bombora), to the extent that Gasfields fails to pay it and if Bombora is called upon to pay it, PCL has noted that the only "assets" available to Bombora to satisfy any such a claim are its shareholding in Bombora Natural Gas. On 2 September 2018, Bombora wrote to the Operator denying any liability for the claims referred to above and sought further information about them. It also sought a meeting with the Operator which is expected to take place sometime this week. The Company has also engaged with both PCL and the Operator to consider a suitable and satisfactory outcome for all parties. Prior to receipt of the claim from the Operator to Bombora above, Raven notes there was only an amount of US$321,353.00 owed by it relating to costs of the Tulainyo Gas project.

Under Listing Rule 17.6, any entity (if not already suspended) that has not paid its annual listing fees by close of business on Tuesday, 21 August 2018 will have its securities suspended from official quotation before the commencement of trading on Wednesday, 22 August 2018. In accordance with Listing Rule 16.5, entities that pay their annual listing fees after Tuesday, 21 August 2018 must pay by bank cheque only. Under Listing Rule 17.15, any entity that has not paid its annual listing fees as required by Listing Rule 16.5 by 5.00 pm AEST on Tuesday, 28 August 2018 will be removed from the Official List with effect from the close of trading on Tuesday, 28 August 2018.

Raven and Xstate have agreed to vary the letter of intent by entering into a deed of variation. Raven has agreed to pay Xstate an additional non-refundable extension payment of US$20,000 (Second Extension Deposit) payable on 31 August 2018. In consideration for payment of the Second Entension Deposit, Xstate has agreed to extend the end date of the Acquisition to 31 October 2018, unless extended by written agreement between the parties. The share consideration element of the Acquisition has been amended whereby Raven shall issue Xstate the value of A$500,000 in fully paid ordinary shares in Raven at a deemed issue price of $A0.0018 per share subject to a 12 month voluntary escrow.

Xstate has revised the sale terms of its Dempsey Project working interests with Raven. Raven has agreed to pay Xstate an additional non refundable cash payment of US$20,000 and shares in Raven to the value of AUD$250,000 on or before August 31, 2018. Under the revised terms Raven has been granted exclusivity until October 31, 2018. The final tranches of cash USD$410,000 and the balance of shares AUD$250,000 are due and payable no later than October 31, 2018.

Pursuant to the Convertible Note agreements entered into with the noteholders, the Company will pay interest to the noteholders semi-annually at an interest rate of 10% per annum via the issue of the shares at the five (5) trading day volume weighted average price prior to issue. The Company has subsequently decided to provide the option to noteholders to be paid their Interest Coupons in cash in lieu of shares. Payment of the Interest Coupons in cash in lieu of shares is subject to acceptance by the relevant noteholders.

Following a scheduled ASX internal system change affecting the Market Announcements Platform, it has been necessary to re-apply the "˜Suspend' session state. This announcement serves to re-confirm the securities of this entity remain suspended.

The company has entered a nonbinding agreement to divest itself of its remaining assets in Botswana. Following the sale of the Company's Serowe Basin prospecting licences to Strata-X Australia, the Company retained its non-core, central Kalahari Karoo basin prospecting licences PL 644/2009 and PL 645/2009.

The company lodges its Quarterly Activities Report.

The company lodges its Quarterly Cashflow Report.

The company has agreed to sell its 25% effective interest in prospecting licenses 352/2008 and 353/2008 for the following consideration: a deposit of A$25,000; A$125,000 in cash payable on completion of the share sale agreement; A$200,000, payable within 60 days of Completion; and A$200,000, payable within 135 days of Completion. The company will also be granted a 3.5% overriding royalty interest over the Serowe Region Licences net to the Company's 25% interest. SXA Australia has now paid the final A$200,000 payment to the Company.

The company has elected to exercise its option to extend the end date of the acquisition of XGas by a further 45 days. Under the terms of the LOI, Raven must pay $US35,000 to Xstate by 20 July 2018 and the End Date of the Acquisition will be extended to 31 August 2018. The Extension Deposit will reduce the final payment of cash consideration payable by the Company on completion by $US35,000. The balance of US$430,000 is due and payable on completion of the Acquisition which must occur before the End Date. The Company at its sole discretion will provide to Xstate, within 90 days of completion a final payment of A$500,000 either in cash or Raven fully paid ordinary shares at A$0.0018 per share and subject to a 12 month voluntary escrow period. The company is also expecting to receive $200,000 on or before 19 July 2018 as deferred consideration for the sale of its 25% interest in the Serowe Coal Seam Gas Project. The $200,000 deferred consideration payment will allow the Company to meet its $US35,000 cash obligation under the LOI to extend to the End Date. Raven has access to a $500,000 undrawn loan facility available which can be called upon at any time and used for project and or working capital purposes.

Xstate has received notice from Raven that it intends to exercise its option to extend tranche 1 closing to August 31, 2018. Once Raven has paid the extension fee of US$35,000 due July 20, 2018; Raven will have exclusivity until August 31, 2018 to pay the balance of the USD cash tranche being US$430,000. The final tranche of A$500,000 is due 90 days after tranche 1 closing (November 29, 2018).

The company has executed a binding share sale and purchase agreement with Bombora Natural Energy o acquire Bombora's 40% shareholding in Gasfields, 60% of which is currently owned by the Company. Bombora is a wholly owned subsidiary of Pancontinental Oil and Gas. As a result of the Acquisition, Gasfields will be a wholly owned subsidiary of the Company. Gasfields holds the rights to farm in to the Tulainyo Gas Project in the Sacramento Basin, California.

Pancontinental Oil & Gas NL announces that Bombora Natural Energy has executed a binding Share Sale and Purchase Agreement with Raven Energy Limited for the sale of its interest in 40% owned US subsidiary, Gas Fields LLC. The transaction is a strategic initiative to take advantage of the investment so far, in a project with significant remaining potential. ï‚· Consideration of AU $300,000 and AU $1,000,000 worth of shares in Raven Energy Limited. In addition, the potential for longer term milestone success payments based on booking of gas reserves and attaining commercial production.

The company provides an operations update for the Tulainyo 2-7 gas appraisal well in the Sacramento Gas Basin, California. Studies are critically assessing deepening Tulainyo 2-7 to test a play with oil and gascondensate potential below the current 1,800m drill depth. Oil or gas-condensate potential in the deeper structure has been linked to prominent oil seeps in outcrop. Outcrop studies also indicate the thickest reservoirs within the deeper undrilled closure, with significant estimated gas or liquids potential in these reservoirs. Testing of the shallower levels has been suspended without achieving commercial flow of gas. Results are being analysed to determine possible formation damage and evaluate reservoir quality. Studies will also optimise alternative well locations for operations later in 2018.

Raven remains in ongoing discussions in relation to increasing its Sacramento Basin natural gas interests. Whilst currently incomplete and non-binding, these negotiations are expected to conclude before 30 June 2018. Additionally, the Company is continuing preparations for an extraordinary general meeting of shareholders to be held in July 2018, with a notice of meeting expected to be sent to shareholders within the coming weeks. It is anticipated that trading in the Company's securities will remain suspended until the EGM is completed. Raven has been in ongoing discussions with various interests since March 2018 regarding the potential sale of its remaining 100% owned Northern Licences in Botswana. The company has also engaged CorpServe Botswana to advise and assist with its delisting from the Botswana Stock Exchange.

Xstate has received a non refundable deposit of US$35,000 from Raven. Raven has exclusivity under the Binding Letter of Intent until July 15, 2018 to pay the balance of the USD cash component being US$465,000.

Raven will expand its interests in the Sacramento Basin with the acquisition of XGas 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. 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 was granted over Xstate Resources Alvarez Project.

Xstate has agreed to divest its Dempsey project working interests for part cash and shares to Raven Energy Limited. The divesture includes the recently drilled Dempsey 1-15 which is the subject of ongoing assessment, surrounding leases and associated production and infrastructure. Proceeds from the sale will be utilized to fund Xstate's participation in the Alvares appraisal well, in which Xstate holds a 21% working interest. The sale of the Dempsey project area is part of the Company's strategy to derisk from high risk exploration to appraisal, development and production orientated opportunities.

The company issues a response to ASX Query.

The company lodges its Quarterly Activities Report.

The company lodges its Quarterly Cashflow Report.

Further to the ongoing test program at the Tulainyo 2-7 well at the Tulainyo Gas Discovery, Raven plans to increase its Sacramento Basin natural gas appraisal and exploration activity in 2018 in an effort to grow the overall scale of its United States focused energy business through further Californian oil and gas acquisitions. Raven is coordinating the formation of an additional US subsidiary company, Raven Oil & Gas USA Holdings Inc to complement the existing US subsidiary company that holds the Company's interest in the Tulainyo Gas Discovery, Gas Fields LLC (60% Raven, 40% Bombora Natural Energy Pty Ltd) into an active US natural gas player with the ability to effectively manage the Company's interests in the Sacramento Basin. The company has also commenced discussions with North American affiliated banks and institutions. A request to lift the voluntary suspension will be made no later than the opening of trading on 4 May 2018.

Executive Chairman, Mr Nathan Featherby has agreed to subscribe for up to A$500,000 in the Company's convertible note issue, subject to receiving shareholder approval. Mr Featherby has agreed to advance a total of A$500,000 as an unsecured, interest-free loan facility to the company. The Featherby Loan will convert into a convertible note upon shareholder approval being obtained. This note will be convertible into fully paid ordinary shares at A$0.00176 each, and will have attaching options on the basis of one $0.003 option for every two shares to be issued on conversion. The funds provided to the Company pursuant to the Featherby Loan will be used for working capital and new project opportunities.

The company issues a response to ASX Query.

The company provides an operations update for the Tulainyo 2-7 gas appraisal well in the Sacramento Gas Basin, California. Testing thus far has been conducted in two stages over a range of zones between total depth of 5,710 feet and 3,600 feet. Inflows of good quality gas at modest rates are currently being achieved but not yet measurable per zone. The results so far are believed to be impeded by near wellbore damage to the gas reservoirs.Formation evaluation is being carried out using downhole gauges to measure pressures and other critical data. This will support a more definitive analysis of flow potential with results expected within the next few weeks. With the additional data, remediation options to achieve higher flow rates will also be assessed. The successful drilling of Tulainyo 2-7 and testing achieved to date provides the partnership with encouragement for the next phase of operations that would test additional deeper, stacked reservoir targets. This may include deepening of the Tulainyo 2-7 well once evaluation of the current test zones is complete and or additional appraisal drilling in due course.

The Company anticipates that a request to lift the voluntary suspension will be made no later than the opening of trading on Friday, 20 April 2018, concurrent with the release of an update in respect of the previously mentioned corporate activities, a resolution of those ASX queries and a resolution of the negotiations.

The company is continuing its active negotiations with respect to a strategic acquisition and it anticipates that a request to lift the voluntary suspension will be made no later than the opening of trading on Friday, 13 April 2018, concurrent with the release of an update in respect of the corporate activities, a resolution of the ASX queries and a resolution of the negotiations.

The company requests that the suspension of its securities continue pending an announcement of corporate activities relating to the company's divestments in Botswana and a resolution of various ASX queries. The Company anticipates that a request to lift the voluntary suspension will be made no later than the opening of trading on Friday, 6 April 2018.

The Company expects that a request to lift the suspension of its securities will be made no later than the opening of trading on Thursday, 29 March 2018, concurrent with the release of an update in respect of corporate activities and a resolution of various ASX queries.

The company lodges its Half Yearly Report and Accounts.

The company requests that the voluntary suspension on its securities be continued pending an announcement to corporate activities relating to the company's divestments in Botswana. The Company expects that a request to lift the suspension will be made no later than the opening of trading on Friday, 23 March 2018, concurrent with the release of an update in respect of such corporate activities and a resolution of various ASX queries.

The securities of Raven Energy Limited will be suspended from official quotation immediately, at the request of the Company pursuant to listing rule 17.2, pending the release of an announcement.

The suspension of trading in the securities of Raven Energy Limited will be lifted immediately following receipt of an announcement.

The company lodges its Quarterly Cashflow Report.

The company lodges its Quarterly Activities Report.

The company has undertaken to issue convertible notes to raise up to A$2.2 million. Convertible notes will be issued to institutional and sophisticated investors on the following terms: conversion price: $0.00176 per share; one free attaching option ($0.003 exercise price, expiry 31 October 2020) for every two shares issued upon conversion ; interest rate of 10% per annum, payable semi-annually via the issue of shares at the 5 trading day volume weighted average price prior to issue; maturity: 12 months from the date of issue; and any conversion of the convertible notes will be subject to Raven shareholders first providing approval to the issue of Shares. The company also intends to seek shareholder approval to undertake undertake a consolidation of capital on the basis 1 share for every 16 shares held on record date.

The Company expects that a request to lift the suspension of its securities will be made no later than the opening of trading on Monday, 19 February 2018, concurrent with the release of an announcement in respect of the financing and associated corporate initiatives.

The Company expects that a request to lift the suspension will be made no later than the opening of trading on Friday, 16 February 2018, concurrent with the release of an announcement in respect of the financing and associated corporate initiatives.

The Company hereby requests that the voluntary suspension of its securities continue. The Company expects that a request to lift the suspension will be made no later than the opening of trading on Wednesday, 14 February 2018, concurrent with the release of an announcement in respect of the financing and associated corporate initiatives.

The company requests that the voluntary suspension of its securities continue whilst it finalises the contemplated financing and associated corporate initiatives. It is expected that a request to lift the suspension will be made no later than the opening of trading on Monday, 12 February 2018, concurrent with the release of an announcement in respect of the financing and associated corporate initiatives.

The securities of Raven Energy Limited will be suspended from official quotation immediately, at the request of the Company pursuant to listing rule 17.2, pending the release of an announcement regarding the finalisation of contemplated financing and associated corporate initiatives.

name changed from Magnum Gas & Power Limited