REG - Reabold Resources - Update on Corallian and acquisition of licences

Reabold ResourcesAnnouncement

01/09/2022 07:00

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RNS Number : 8498X  Reabold Resources PLC  01 September 2022

1 September 2022

 

Reabold Resources plc

 

("Reabold" or the "Company")

 

 

Update on conditional, non-binding offer for Corallian and conditional
acquisition by Reabold of exploration and appraisal licences

 

Reabold announces that, further to its announcement of 4 May 2022, Corallian
Energy Limited ("Corallian") continues negotiations with the potential
purchaser for the acquisition of its entire issued share capital (the
"Potential Sale").

 

As part of the Potential Sale process, Reabold had entered into a conditional
sale and purchase agreement ("SPA") to acquire Corallian's working interest in
all the non-Victory licences within the Corallian portfolio (the
"Acquisition"). The SPA gave the right to both Corallian and Reabold to
terminate the SPA if the Potential Sale had not completed by 31 August 2022.
Given negotiations with regard to the Potential Sale remain ongoing, neither
Reabold nor Corallian intend to terminate the SPA.

 

A further update will be provided in due course.

Regulatory Information

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 ("UK MAR").

 

 

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

 Rory Murphy

 James Dance

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

 Callum Stewart

 Simon Mensley

 Ashton Clanfield

 Panmure Gordon - Joint Broker                              +44 (0) 207 886 2733

 Hugh Rich

 Nick Lovering

 Camarco                                                    +44 (0) 20 3757 4980

 James Crothers

 Billy Clegg

 Rebecca Waterworth

 

 

 

Notes to Editors

 

Reabold Resources plc is an investing company investing in the exploration and
production ("E&P") sector. The Company's investing policy is to acquire
direct and indirect interests in exploration and producing projects and assets
in the natural resources sector, and consideration is currently given to
investment opportunities anywhere in the world.

 

As an investor in upstream oil & gas projects, Reabold aims to create
value from each project by investing in undervalued, low-risk, near-term
upstream oil & gas projects and by identifying a clear exit plan prior to
investment.

 

Reabold's long term strategy is to re-invest capital made through its
investments into larger projects in order to grow the Company. Reabold aims to
gain exposure to assets with limited downside and high potential upside,
capitalising on the value created between the entry stage and exit point of
its projects. The Company invests in projects that have limited correlation to
the oil price.

 

Reabold has a highly-experienced management team, who possess the necessary
background, knowledge and contacts to carry out the Company's strategy.

 

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