(Sharecast News) - Upstream oil and gas project investor Reabold Resources announced on Wednesday that it has completed its second tranche investment in Danube Petroleum.
The AIM-traded firm said that, following the completion by ADX Energy of its second tranche investment, which was expected to occur imminently, Reabold would hold 41.6% of Danube's issued share capital.
"Danube has a 100% working interest in the sole risk area within the Parta licence that includes IM-1, as well as 50% of the remainder of the Parta licence," the Reabold board said in its statement.
"ADX is the operator of the licence and the proceeds from Reabold and ADX's respective subscriptions are intended to be utilised by Danube in the production testing of the IM-1 well."
Reabold Resources (RBD)2 May 2024 11:10
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