Completion of Parta Exploration Licence Farm-In

RNS Number : 7972F

Reabold Resources PLC

17 July 2019

 

17 July 2019

Reabold Resources Plc

("Reabold" or the "Company")

Completion of Parta Exploration Licence Farm-In

Reabold, the AIM investing company which focusses on investments in pre-cash flow upstream oil and gas projects, is pleased to note the announcement made by ADX Energy Ltd ("ADX") this morning, regarding the completion of the farm out of a 50 per cent. interest in the Parta Exploration Licence to Parta Energy Pty Ltd, which will earn its interest through funding the first US$1.5 million of a planned 3D seismic acquisition programme.

Danube Petroleum Limited, in which Reabold owns a 37.5 per cent. interest, will subsequently own 50 per cent. of the Parta exploration licence and 100 per cent. of the defined 19.4km² Sole Risk Area, which includes the Iecea Mare Production licence, where ADX is planning to commence drilling of the IM1 appraisal well in the coming weeks.

The full release issued by ADX Energy can be viewed here: https://adx-energy.com/documents/us1.5million-romanian-farm-in-completed.pdf

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]

 

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