Business
Update on UK oil and gas assets
Update on UK oil and gas assets.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 0185C Reabold Resources PLC 16 January 2018 \n\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 (\"MAR\"). \n \nREABOLD RESOURCES PLC\n \n\"Reabold\" or the \"Company\"\n \nUpdate on UK Oil and Gas Assets\n \nReabold Resources Plc (LSE AIM:RBD) is pleased to note today's announcement by United Oil and Gas (\"UOG\" or \"United\") that it has farmed into three licences operated by Corallian Energy Limited (\"Corallian\" or \"Corallian Energy\"), including P1918 which includes the Colter prospect. As set out in Reabold's announcement of 1 November 2017, Reabold has an agreement in place to acquire a 35.4% stake in Corallian Energy. \n \nUOG will acquire a 10% interest in the licences by way of paying 13.33% of the costs associated with the Colter well, planned for Q2 2018 (\"Initial Farmed Interest\"). In addition, an option has been granted, which expires at the end of March, under which United can exercise a right to purchase an additional 10% interest in these licences (\"Additional Farmed Interest\"), on the same terms as the Initial Farmed Interest.\n \nThis follows the announcement by Upland Resources Limited (\"Upland\") on 30 November2017, that it had signed a farm-in agreement with Corallian for a 40% working interest in UK Seaward Production Licence P2235 (UKCS Block 11/24b) (the \"P2235 Farm-in Agreement\") containing the Wick Prospect. Upland will pay 53.33% of the estimated cost of the first well on the Wick prospect to earn its 40% interest. \n \nStephen Williams and Sachin Oza, Co-CEOs of Reabold, commented on the UOG announcement, \"We are delighted that since our investment into Corallian Energy less than three months ago, we have seen two subsequent transactions on Corallian's assets that provide both industry validation as to the quality of the assets, and positive valuation markers relative to our investment price\". \n \nThe Corallian Investment was the first to be completed in line with Reabold's strategy to identify strategic oil & gas opportunities with the potential to create significant shareholder value, and was followed by an investment into Danube Petroleum announced on 4 December 2017. Reabold management continu...