Final tranche of investment in Corallian Energy

RNS Number : 7070P

Reabold Resources PLC

30 May 2018

 

30 May 2018

Reabold Resources Plc

"Reabold" or "the Company"

Final tranche of investment in Corallian Energy Limited

Reabold Resources is pleased to announce the completion of the final tranche of its investment in Corallian Energy Limited ("Corallian") for £1,000,000, as per the announcement on 1 November 2017. Including the £1,500,000 already invested as per the announcements on 1 March 2018 and 1 November 2017, Reabold will have invested £2,500,000 in Corallian and own 32.9% of Corallian's issued share capital.

Sachin Oza, Co-CEO of Reabold Resources, commented: 

"We continue to work closely with Corallian after cornerstoning their recent fundraise and are delighted to see their portfolio of assets continue to mature following our initial investment in November.

"For a total investment of just £2.5m, Reabold has gained a 32.9% interest in the entire Corallian portfolio which, in 2018, will consist of at least two wells, namely, Colter and the partially carried Wick well."

Stephen Williams, Co-CEO of Reabold Resources, commented: 

"Our investment in Corallian is indicative of our investment strategy; creating value in potentially unforeseen ways.  In the case of Corallian, this has provided exposure to multiple projects whilst helping to facilitate three farm-in opportunities to the mutual benefit of all parties.

"Sachin and I are focussed on providing near-term catalysts for shareholders with outstanding economic conditions and we both look forward to updating shareholders on further investments and operational news."

ENDS

For further information please contact:

Reabold Resources plc Stephen Williams Sachin Oza	c/o Camarco [phone]
Beaumont Cornish Limited Roland Cornish James Biddle Felicity Geidt	[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]

 

END

 

 

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