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Reabold Resources PLC - invests in upstream oil & gas projects - Says its 49.99%-owned Corallian Energy Ltd will formally review various strategic options available to maximise value for all its shareholders. Corallian has engaged an independent financial adviser H&P Advisory Ltd, which will approach third parties, who could potentially be interested in making an offer for Corallian, as part of the review. Corallian holds a 100% interest in the Victory gas discovery in block 207/1a, located 80 kilometres north west of the Shetland Isles.
"Reabold is in full agreement with the Corallian board that the time is right to assess options going forwards via this strategic review, and that our significant exposure to the Victory project will at the appropriate time deliver considerable value to Reabold and our shareholders," says Reabold Co-Chief Executive Stephen Williams.
Current stock price: 0.19 pence, up 21% on Wednesday
Year-to-date change: down 72%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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