Completion of Increased Investment into Danube

RNS Number : 4245O

Reabold Resources PLC

02 October 2019

 

2 October 2019 

Reabold Resources Plc

("Reabold" or the "Company")

Completion of Increased Investment into Danube Petroleum

Reabold Resources, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, is pleased to announce that, further to the announcement on 16 September 2019, Reabold has completed its second tranche investment in Danube Petroleum Limited ("Danube"). Following the completion by ADX Energy Ltd ("ADX") of its second tranche investment, which is expected to occur imminently, Reabold will hold 41.6 per cent. of Danube's issued share capital.

Danube has a 100 per cent. working interest in the sole risk area within the Parta licence that includes IM-1, as well as 50 per cent. of the remainder of the Parta licence. ADX is the operator of the licence and the proceeds from Reabold and ADX's respective subscriptions are intended to be utilised by Danube in the production testing of the IM-1 well.

For further information please contact:

Reabold Resources plc Stephen Williams Sachin Oza	c/o Camarco [phone]
Strand Hanson Limited (Nominated and Financial Adviser) James Spinney Rory Murphy James Dance	[phone]
Camarco James Crothers Ollie Head Billy Clegg	[phone]
Whitman Howard Limited - Joint Broker Nick Lovering Grant Barker	[phone]
Turner Pope Investments (TPI) Ltd - Joint Broker Andy Thacker	[phone]

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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