Business
Statement re Possible Offer for Deltic Energy plc
Statement re Possible Offer for Deltic Energy plc.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 2799T\n Reabold Resources PLC\n 17 July 2020\n \n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\n \n .\n \n \n \n \n \n \n THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\"). THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY FIRM OFFER MIGHT BE MADE\n \n .\n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN\n \n .\n \n \n \n \n \n 17 July 2020\n \n \n Reabold Resources plc\n \n \n (\"Reabold\" or the \"Company\")\n \n \n \n \n \n Statement re Possible Offer for Deltic Energy plc\n \n \n \n \n \n Reabold (AIM: RBD), the AIM investing company which focuses on investments in upstream oil and gas projects, provides some further background to Reabold's Possible Offer and a response to Deltic's announcement of 16 July 2020.\n \n \n \n \n \n Further Background to the Possible Offer and Deltic's Response\n \n \n \n \n \n Whilst Reabold is optimistic regarding the ultimate prospects of Deltic's high impact exploration wells in the North Sea in the medium term, Reabold believes that it is unlikely that there will be any significant activity or news flow until Shell U.K. Limited (\"Shell\") commences drilling of Pensacola, which is estimated to be in H2 2021. \n \n \n \n \n \n The Possible Offer provides Deltic shareholders with near term news flow from Reabold's exposure to two fully funded wells at West Newton, planned for H2 2020 which, being appraisal wells rather than exploration wells, Reabold believes exhibit a lower risk profile. In-line with previous guidance, drilling at the West Newton B-1 well is expected to commence in Q3 2020. The combined group would have a diverse and highly active portfolio of assets, including producing assets in California and near-term potential production from Reabold's assets in ...