RE: Rathlin - Plaaning Meeting15 Nov 2018 15:50
Reabold is delighted to announce that it has signed a subscription agreement with Rathlin Energy (UK) Limited ("Rathlin"), a wholly-owned subsidiary of Calgary-based Connaught Oil & Gas Limited ("Connaught"), to invest a total of £3 million ("the investment") for an equity interest of 37.08 per cent. in Rathlin, which is the operator of the PEDL183 license onshore UK. The investment is conditional on, inter alia, the completion of a farm out, by Rathlin, of PEDL183 to Union Jack Oil plc ("Union Jack") and Humber Oil & Gas Ltd ("Humber") (the "Farm Out") which will result in Rathlin retaining a 66.67% equity interest in PEDL183. The license contains the significant West Newton A-1 gas discovery, and the investment is intended, together with the Farm Out, to fund the drilling of an appraisal well on this discovery in Q1 2019.