Reabold Resources PLC Andalas Farm-in to Colter (5331B)

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RNS Number : 5331B

Reabold Resources PLC

21 September 2018

21(st) 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 GBP8 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                             c/o Camarco 
  Sachin Oza / Stephen Williams                     Tel. [phone] 
                                                    4980 
  Strand Hanson Limited (Nominated and Financial    Tel. [phone] 
   Advisor)                                          3494 
   Rory Murphy / James Spinney / James Dance 
  Camarco (PR)                                      Tel. [phone] 
   James Crothers / Oliver Head / Billy Clegg        4980 
  Whitman Howard Limited (Joint Broker)             Tel. [phone] 
   Hugh Rich / Grant Barker                          1234 
  Turner Pope Investment (TPI) Ltd (Joint           Tel. [phone] 
   Broker)                                           4120 
   Andy Thacker 
 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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September 21, 2018 04:35 ET (08:35 GMT)