May 7, 2018 / 5:02 AM / in 6 months

BUZZ-Australia's Xstate Resources drops; to sell U.S. unit to Raven Energy

** Oil and gas explorer Xstate Resources Ltd drops as much as 11.1 pct to two-week low of A$0.008

** Co says it entered binding agreement to divest its XGas LLC unit to Raven Energy Ltd for $500,000 in cash and deferred payment of A$500,000 ($376,250) in cash or stock

** Adds Xgas holds interest in the Dempsey Project in the Sacramento Basin, California

** About 2.5 mln shares change hands, compared with the 30-day avg vol of 1.6 mln shares ($1 = 1.3289 Australian dollars)

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