30 May 2018 12:38
30 May 2018
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Reabold Resources Plc
"Reabold" or "the Company"
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Final tranche of investment in Corallian Energy Limited
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Reabold Resources is pleased to announce the completion of the final tranche of its investment in Corallian Energy Limited ("Corallian") for £1,000,000, as per the announcement on 1 November 2017. Including the £1,500,000 already invested as per the announcements on 1 March 2018 and 1 November 2017, Reabold will have invested £2,500,000 in Corallian and own 32.9% of Corallian's issued share capital.
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Sachin Oza, Co-CEO of Reabold Resources, commented:Â
"We continue to work closely with Corallian after cornerstoning their recent fundraise and are delighted to see their portfolio of assets continue to mature following our initial investment in November.
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"For a total investment of just £2.5m, Reabold has gained a 32.9% interest in the entire Corallian portfolio which, in 2018, will consist of at least two wells, namely, Colter and the partially carried Wick well."
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Stephen Williams, Co-CEO of Reabold Resources, commented:Â
"Our investment in Corallian is indicative of our investment strategy; creating value in potentially unforeseen ways. In the case of Corallian, this has provided exposure to multiple projects whilst helping to facilitate three farm-in opportunities to the mutual benefit of all parties.
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"Sachin and I are focussed on providing near-term catalysts for shareholders with outstanding economic conditions and we both look forward to updating shareholders on further investments and operational news."
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ENDS
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For further information please contact:
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Reabold Resources plc Stephen Williams Sachin Oza  | c/o Camarco +44 (0) 20 3757 4980 |
Beaumont Cornish Limited Roland Cornish James Biddle Felicity Geidt  | +44 (0) 20 7628 3396 |
Camarco James Crothers Ollie Head Billy Clegg  | +44 (0) 20 3757 4980 |
Whitman Howard Limited - Joint Broker Nick Lovering Grant Barker  | +44 (0) 20 7659 1234 |
Turner Pope Investments (TPI) Ltd - Joint Broker Andy Thacker | +44 (0) 20 3621 4120 |
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