Reabold Resources PLC Andalas Farm-in to Colter (5331B)
September 21 2018 - 3:35AM
UK Regulatory
TIDMRBD
RNS Number : 5331B
Reabold Resources PLC
21 September 2018
21(st) September 2018
Reabold Resources Plc
("Reabold" or "the Company")
Andalas Farm-in to Colter
Reabold Resources, the oil and gas investing company, notes
today's announcement made by Andalas Energy and Power ("Andalas")
that it has acquired, via a farm-in, an 8% interest in the P1918
Licence, which contains the high-impact Colter prospect, offshore
UK.
To earn its 8% interest, Andalas will fund 10.67% of the well
costs up to a maximum of GBP8 million, as well as the funding of
back costs on the licence. The Colter prospect is planned to be
drilled in Q4 2018.
Reabold has a 32.9% interest in Corallian Energy, operators of
the P1918 Licence, which, following completion of the farm-in, owns
a 49% interest in the high-impact Colter appraisal opportunity.
Sachin Oza, co-CEO of Reabold, commented:
"We welcome today's announcement of Andalas' farm-in to the
high-impact Colter joint-venture. Andalas' farm-in provides further
industry validation of the prospectivity of the licence and allows
Corallian to deploy capital across the rest of its portfolio."
ENDS
For further information please contact:
Reabold Resources Plc c/o Camarco
Sachin Oza / Stephen Williams Tel. +44 (0)20 3757
4980
Strand Hanson Limited (Nominated and Financial Tel. +44 (0)20 7409
Advisor) 3494
Rory Murphy / James Spinney / James Dance
Camarco (PR) Tel. +44 (0)20 3757
James Crothers / Oliver Head / Billy Clegg 4980
Whitman Howard Limited (Joint Broker) Tel. +44 (0)20 7659
Hugh Rich / Grant Barker 1234
Turner Pope Investment (TPI) Ltd (Joint Tel. +44 (0)20 3621
Broker) 4120
Andy Thacker
Notes to Editors
Reabold Resources 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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