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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Reabold Resources Plc | LSE:RBD | London | Ordinary Share | GB00B95L0551 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0075 | 9.09% | 0.09 | 0.085 | 0.095 | 0.09 | 0.0825 | 0.0825 | 75,239,880 | 10:17:12 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Mgmt Invt Offices, Open-end | 560k | -45k | 0.0000 | N/A | 8.89M |
TIDMRBD
RNS Number : 1421J
Reabold Resources PLC
03 December 2018
3 December 2018
Reabold Resources Plc
("Reabold" or "the Company")
Exercise of Danube Petroleum Option
Reabold, the oil and gas investing company, is pleased to announce that it has exercised options to subscribe for 375,940 fully paid ordinary shares in the capital of Danube Petroleum Limited ("Danube") at a price of GBP1 per share, pursuant to the subscription agreement dated 1 December 2017 (the "Subscription Agreement"). Accordingly, Reabold has paid GBP375,940 to Danube, satisfied from the Company's existing cash balances, thereby increasing Reabold's interest in Danube to 33 per cent., from 29 per cent, with ASX-listed, ADX Energy Ltd ("ADX"), holding the remaining 67 per cent. This additional funding will be utilised by Danube for the drilling of the Parta Appraisal Wells in the first quarter of 2019.
As previously announced on 24 September 2018, pursuant to the Subscription Agreement, Reabold completed Tranche 2 funding of GBP1,127,819 (of an aggregate investment of GBP1,503,759) to provide funding for the first appraisal well.
Under the terms of the Subscription Agreement, ADX is committed to either invest directly in Danube or source investment from a third party for GBP375,940 on the same terms as Reabold's investments. The timing of this investment by ADX is being discussed by the parties in conjunction with potential other funding options by both parties for the drilling of a further Parta Appraisal well.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
ENDS
For further information please contact:
Reabold Resources plc c/o Camarco Stephen Williams +44 (0) 20 3757 4980 Sachin Oza Strand Hanson Limited (Nominated and Financial Advisor) Rory Murphy / James Spinney / James Dance +44 (0)20 7409 3494 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
Notes to Editors
Reabold Resources plc 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 rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
December 03, 2018 02:00 ET (07:00 GMT)
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