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Reabold Resources PLC - oil and gas company with projects in the UK, the US and Romania - Sells investee Corallian Energy Ltd to an unnamed oil and gas major. Receives net proceeds of around GBP12.7 million from GBP32 million sale of Corallian and its Victory license. The valuation is a "significant uplift" of Reabold's investment of GBP7.5 million in Corallian since late 2017. In May, Reabold said that Corallian, in which Reabold owned 50%, had received a non-binding conditional takeover offer for entire share capital. Corallian board had deemed offer attractive and was pursuing sale.
The net proceeds will be used to monetise Reabold's West Newton drilling of a first development well, planned for the first half of 2023.
"The board is delighted with the value uplift and improved financial position this transaction brings to Reabold. We will continue in our mission to identify, fund, and monetise low-risk, under-valued, strategically important oil and gas assets where their development benefits from being near existing infrastructure," says Co-Chief Executive Officer Stephen Williams.
Current stock price: 0.36 pence, down 23% on Wednesday
12-month change: up 32%
By Tom Budszus; tombudszus@alliancenews.com
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