REG - Reabold Resources - Notification of final tranche of Shell payment

Reabold ResourcesAnnouncement

18/01/2024 07:00

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RNS Number : 0772A  Reabold Resources PLC  18 January 2024

18 January 2024

 

Reabold Resources plc

 

("Reabold" or the "Company")

 

Notification of final tranche of payment from Shell

 

Reabold Resources plc, the oil & gas investing company with a diversified
portfolio of exploration, appraisal and development projects, announces that,
further to its announcement on 5 December 2023, it has been informed that the
final tranche of the payment from Shell U.K. Limited ("Shell") for the sale of
the entire issued share capital of Corallian Energy Limited ("Corallian"), as
announced on 1 November 2022, will be distributed to former Corallian
shareholders over the coming days, following receipt of Development and
Production Consent for the Victory gas field from the North Sea Transition
Authority on 17 January 2024.

 

Reabold will receive £4.4 million for the final tranche, which follows the
£8.3 million already received by the Company.  Reabold intends to use the
proceeds received to advance the development of assets across its portfolio,
as well as distributing excess cash to shareholders.

Reabold aims to replicate its success with the Victory project across the
other key assets in its portfolio, most notably, West Newton and Colle Santo.
Both assets are significant gas resources, which, like Victory, can make a
meaningful contribution to improve energy security in Western Europe.

 

Stephen Williams, Co-CEO of Reabold, said:

 

"We are pleased to see development approval granted for the Victory gas field,
which triggers the final tranche of the payment from Shell to Corallian's
shareholders. This represents a significant moment in the delivery of the
Reabold strategy to identify, fund and monetise underappreciated, but
strategically important assets. We remain focussed on progressing other key
projects in the Reabold portfolio in 2024 and realising further value to
reward shareholders for their ongoing support of the Company."

 

This announcement contains inside information for the purposes of the UK
version of the market abuse regulation (EU No. 596/2014) as it forms part of
United Kingdom domestic law by virtue of the European Union (Withdrawal) Act
2018, as amended.

 

For further information, contact:

 

 Reabold Resources plc                                        c/o Camarco

 Sachin Oza                                                   +44 (0) 20 3757 4980

 Stephen Williams

 Strand Hanson Limited - Nominated & Financial Adviser        +44 (0) 20 7409 3494

 James Spinney

 James Dance

 Rob Patrick

 Stifel Nicolaus Europe Limited - Joint Broker                +44 (0) 20 7710 7600

 Callum Stewart

 Simon Mensley

 Ashton Clanfield

 Cavendish - Joint Broker                                     +44 (0) 20 7220 0500

 Barney Hayward

 Camarco                                                      +44 (0) 20 3757 4980

 Billy Clegg

 Rebecca Waterworth

 Sam Morris

 

Notes to Editors

 

Reabold Resources plc has a diversified portfolio of exploration, appraisal
and development oil & gas projects. Reabold's strategy is to invest in
low-risk, near-term projects which it considers to have significant valuation
uplift potential, with a clear monetisation plan, where receipt of such
proceeds will be returned to shareholders and re-invested into further growth
projects. This strategy is illustrated by the recent sale of the undeveloped
Victory gas field to Shell, the proceeds of which are being returned to
shareholders and re-invested.

 

 

 

 

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