Business
Increased Investment in Corallian Energy
Increased Investment in Corallian Energy.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4054G Reabold Resources PLC 01 March 2018 \n\n \n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 (\"MAR\"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION AS PERMITTED BY MAR. THAT INSIDE INFORMATION IS SET OUT IN THIS ANNOUNCEMENT AND HAS BEEN DISCLOSED AS SOON AS POSSIBLE IN ACCORDANCE WITH PARAGRAPH 7 OF ARTICLE 17 OF MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION IN RELATION TO THE COMPANY AND ITS SECURITIES\n \n \n \n1 March 2018\n \nReabold Resources Plc \n\"Reabold\" or \"the Company\"\n \nIncreased investment in Corallian Energy Limited\n \nReabold Resources, the investor in pre-cash flow upstream oil and gas projects, is pleased to provide an update on its investment in Corallian Energy Limited (\"Corallian\"). \n \nOn 1 November 2017, Reabold announced the signing of two share subscription agreements (\"the investment\") for a 35.4% interest in Corallian, whose portfolio of UK oil and gas licenses includes the Colter prospect, offshore South of England. The investment, the first in line with Reabold's stated strategy, resulted in the prospect becoming fully-funded at a 40% planned Corallian working interest, and comprised £1.5 million in two tranches, and also included the right to appoint a non-executive director to the board. \n \nSince Reabold's investment, we are delighted that significant progress has been achieved within the Corallian portfolio, including the farm out of Colter to United Oil & Gas, and the farm out of its Wick prospect to Upland Resources and Corfe Energy for a fully carried well at 25% working interest. \n \nOn 12 February 2018, Reabold announced that Corallian was intending to raise additional capital (\"the fundraise\") in order to increase its exposure to the Colter prospect from 40% to 50%, to increase its exposure to the Wick prospect from 25% to 40...