Subscription for new shares in Danube Petroleum

RNS Number : 2922U

Reabold Resources PLC

22 November 2019

 

22 November 2019

Reabold Resources Plc

("Reabold" or the "Company")

Subscription for new shares in Danube Petroleum

Reabold, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, is pleased to announce that it has entered into an agreement to increase its interest in Danube Petroleum Limited ("Danube") via a subscription for new ordinary shares (the "subscription agreement").

Reabold has exercised its option to subscribe for 200,000 new shares in Danube at a price of £1.20 per share for a total sum of £240,000. The Company retains the option to invest another £1.7 million in Danube at a fixed price of £1.20 per share.

Following the subscription agreement, Reabold holds a 43.2 per cent. interest in Danube, which 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.

For the year ended 31 December 2018, Danube recorded a loss for the period of £84,543. As at 31 December 2018, Danube reported net assets of £5.54 million.

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]
Stifel Nicolaus Europe Limited - Joint Broker Callum Stewart  Nicholas Rhodes Ashton Clanfield	[phone]
Whitman Howard Limited - Joint Broker Nick Lovering Grant Barker	[phone]
Turner Pope Investments (TPI) Ltd - Joint Broker Andy Thacker Zoe Alexander	[phone]
Camarco James Crothers Ollie Head Billy Clegg	[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.

 

END

 

 

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