21 Sep 2018 09:35
21st September 2018
Reabold Resources Plc
("Reabold" or "the Company")
Andalas Farm-in to Colter
Reabold Resources, the oil and gas investing company, notes today's announcement made by Andalas Energy and Power ("Andalas") that it has acquired, via a farm-in, an 8% interest in the P1918 Licence, which contains the high-impact Colter prospect, offshore UK.
To earn its 8% interest, Andalas will fund 10.67% of the well costs up to a maximum of £8 million, as well as the funding of back costs on the licence. The Colter prospect is planned to be drilled in Q4 2018.
Reabold has a 32.9% interest in Corallian Energy, operators of the P1918 Licence, which, following completion of the farm-in, owns a 49% interest in the high-impact Colter appraisal opportunity.
Sachin Oza, co-CEO of Reabold, commented:
"We welcome today's announcement of Andalas' farm-in to the high-impact Colter joint-venture. Andalas' farm-in provides further industry validation of the prospectivity of the licence and allows Corallian to deploy capital across the rest of its portfolio."
ENDS
For further information please contact:
Reabold Resources Plc Sachin Oza / Stephen Williams | c/o Camarco Tel. +44 (0)20 3757 4980 |
Strand Hanson Limited (Nominated and Financial Advisor) Rory Murphy / James Spinney / James Dance |
Tel. +44 (0)20 7409 3494 |
Camarco (PR) James Crothers / Oliver Head / Billy Clegg |
Tel. +44 (0)20 3757 4980 |
Whitman Howard Limited (Joint Broker) Hugh Rich / Grant Barker |
Tel. +44 (0)20 7659 1234 |
Turner Pope Investment (TPI) Ltd (Joint Broker) Andy Thacker | Tel. +44 (0)20 3621 4120 |
Notes to Editors
Reabold Resources is an investing company investing in the exploration and production ("E&P") sector. The Company's investing policy is to acquire direct and indirect interests in exploration and producing projects and assets in the natural resources sector, and consideration is currently given to investment opportunities anywhere in the world.
As an investor in upstream oil & gas projects, Reabold aims to create value from each project by investing in undervalued, low-risk, near-term upstream oil & gas projects and by identifying a clear exit plan prior to investment.
Reabold's long term strategy is to re-invest capital made through its investments into larger projects in order to grow the Company. Reabold aims to gain exposure to assets with limited downside and high potential upside, capitalising on the value created between the entry stage and exit point of its projects. The Company invests in projects that have limited correlation to the oil price.
Reabold has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company's strategy.
Reabold Resources (RBD)