Business
Investment in UK oil and gas assets
Investment in UK oil and gas assets.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1801V Reabold Resources PLC 01 November 2017 \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 \nREABOLD RESOURCES PLC\n \n\"Reabold\" or the \"Company\"\n \nInvestment in UK Oil and Gas Assets\n \nReabold Resources Plc (LSE AIM:RBD) is pleased to announce that it has today signed two share subscription agreements to invest a total of £1.5million in Corallian Energy Limited (\"Corallian\"), a private UK oil and gas appraisal and exploration company (the \"Investment\"). Corallian has a portfolio of UK oil & gas licences, including the Colter appraisal project (\"Colter\"), that Corallian management states has a high chance of success given the appraisal nature of the project together with industry comparative low drilling costs. \n \nThe total subscription is for £1.5million which will give Reabold a 35.4 percent interest, with the right to appoint a director to the board of directors of Corallian. An initial £500,000 subscription in Corallian (the \"Tranche A Shares\") will be followed by £1 million at the time of the authorisation for expenditure by the joint venture partnership of P1918 in respect of the Colter well, expected early 2018. A summary of the share subscription agreements is set out below in Schedule A.\n \nCorallian holds five licence interests in the UK, one of which is a 60 percent interest in UK licence P1918 which includes the Colter prospect. P1918 is held by a joint venture between Corallian (60%), the operator and Corfe Energy Limited (40%). \n \nThe Investment is the first to be completed in line with Reabold's strategy to identify strateg...