Andalas Farm-in to Colter

RNS Number : 5331B

Reabold Resources PLC

21 September 2018

 

21^st September 2018

Reabold Resources Plc

("Reabold" or "the Company")

Andalas Farm-in to Colter

Reabold Resources, the oil and gas investing company, notes today's announcement made by Andalas Energy and Power ("Andalas") that it has acquired, via a farm-in, an 8% interest in the P1918 Licence, which contains the high-impact Colter prospect, offshore UK.

To earn its 8% interest, Andalas will fund 10.67% of the well costs up to a maximum of £8 million, as well as the funding of back costs on the licence. The Colter prospect is planned to be drilled in Q4 2018.

Reabold has a 32.9% interest in Corallian Energy, operators of the P1918 Licence, which, following completion of the farm-in, owns a 49% interest in the high-impact Colter appraisal opportunity.

Sachin Oza, co-CEO of Reabold, commented:

"We welcome today's announcement of Andalas' farm-in to the high-impact Colter joint-venture. Andalas' farm-in provides further industry validation of the prospectivity of the licence and allows Corallian to deploy capital across the rest of its portfolio."

ENDS

For further information please contact:

Reabold Resources Plc Sachin Oza / Stephen Williams	c/o Camarco Tel. [phone]
Strand Hanson Limited (Nominated and Financial Advisor) Rory Murphy / James Spinney / James Dance	Tel. [phone]
Camarco (PR) James Crothers / Oliver Head / Billy Clegg	Tel. [phone]
Whitman Howard Limited (Joint Broker) Hugh Rich / Grant Barker	Tel. [phone]
Turner Pope Investment (TPI) Ltd (Joint Broker) Andy Thacker	Tel. [phone]

Notes to Editors

Reabold Resources 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.

 

END

 

 

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