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Reabold Resources PLC - investor in upstream oil and gas projects - Says Corallian Energy Ltd, of which it owns 49.99%, receives non-binding conditional takeover offer for entire share capital. Corallian board deems offer attractive and is pursuing sale. Reabold now will acquire Corallian's portfolio of six exploration and appraisal licenses for GBP250,000, excluding Victory license.
"Four of the licences in particular have significant prospective potential in addition to the de-risked contingent resources associated with Oulton, which we believe, can be progressed in a low-cost manner given, inter alia, the low spending commitments. We look forward to providing further updates in the weeks ahead," says co-Chief Executive Officer Sachin Oza.
Current stock price: 0.40 pence, up 26% on Wednesday
12-month change: down 45%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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