REG - Reabold Resources - Final tranche of investment in Corallian Energy

Reabold ResourcesAnnouncement

30/05/2018 12:40

RNS Number : 7070P
Reabold Resources PLC
30 May 2018
 


30 May 2018
 
Reabold Resources Plc
"Reabold" or "the Company"
 
Final tranche of investment in Corallian Energy Limited
 
Reabold Resources is pleased to announce the completion of the final tranche of its investment in Corallian Energy Limited ("Corallian") for £1,000,000, as per the announcement on 1 November 2017. Including the £1,500,000 already invested as per the announcements on 1 March 2018 and 1 November 2017, Reabold will have invested £2,500,000 in Corallian and own 32.9% of Corallian's issued share capital.
 
Sachin Oza, Co-CEO of Reabold Resources, commented: 
"We continue to work closely with Corallian after cornerstoning their recent fundraise and are delighted to see their portfolio of assets continue to mature following our initial investment in November.
 
"For a total investment of just £2.5m, Reabold has gained a 32.9% interest in the entire Corallian portfolio which, in 2018, will consist of at least two wells, namely, Colter and the partially carried Wick well."
 
Stephen Williams, Co-CEO of Reabold Resources, commented: 
"Our investment in Corallian is indicative of our investment strategy; creating value in potentially unforeseen ways.  In the case of Corallian, this has provided exposure to multiple projects whilst helping to facilitate three farm-in opportunities to the mutual benefit of all parties.
 
"Sachin and I are focussed on providing near-term catalysts for shareholders with outstanding economic conditions and we both look forward to updating shareholders on further investments and operational news."
 
 
ENDS
 
For further information please contact:
 




Reabold Resources plc
Stephen Williams
Sachin Oza
 


c/o Camarco
+44 (0) 20 3757 4980




Beaumont Cornish Limited
Roland Cornish
James Biddle
Felicity Geidt
 


+44 (0) 20 7628 3396




Camarco
James Crothers
Ollie Head
Billy Clegg
 


+44 (0) 20 3757 4980




Whitman Howard Limited - Joint Broker
Nick Lovering
Grant Barker
 


+44 (0) 20 7659 1234 




Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker


+44 (0) 20 3621 4120




 




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