Reabold Resources PLC Parta Exploration Farm-in Update (2830Y)

TIDMRBD

RNS Number : 2830Y

Reabold Resources PLC

08 September 2020

8 September 2020

Reabold Resources plc

("Reabold" or the "Company")

Parta Exploration Farm-in Update

Reabold, the AIM investing company which focuses on investments in upstream oil and gas projects, announces that ADX Energy Ltd ("ADX") has received a notice from Parta Energy Pty Ltd ("Parta Energy"), a wholly owned subsidiary of ASX listed Tamaska Oil & Gas Limited ("Tamaska"), that the board of Tamaska have decided not to proceed with the farm-in transaction relating to the EX-10 Parta licence in Western Romania pursuant to the terms of the previously announced farm-in agreement between ADX Energy Panonia Srl ("ADX Panonia"), Danube Petroleum Limited ("Danube") and Parta Energy.

The Farm-in Agreement relates only to the Parta Exploration License, not the sole risk appraisal area which contains both the IMIC-1 discovery and the IMIC-2 target. The Company's activity in the Iecea Mare sole risk area is ongoing and un-impacted by this development.

Reabold holds a 51% shareholding in Danube.

Further details can be viewed at: https://adx-energy.com/en/investors/asx-announcements.php .

ENDS

For further information please contact:

 
 Reabold Resources plc                             c/o Camarco 
  Stephen Williams                                  [phone] 
  Sachin Oza                                        4980 
 Strand Hanson Limited (Nominated and Financial 
  Adviser) 
  James Spinney 
  Rory Murphy 
  James Dance                                      [phone] 
 Stifel Nicolaus Europe Limited - Joint Broker 
 
  Callum Stewart 
  Simon Mensley                                    [phone] 
  Ashton Clanfield                                  7600 
 Panmure Gordon - Joint Broker 
  Hugh Rich                                        [phone] 
  Nick Lovering                                     1234 
 Camarco 
  James Crothers 
  Ollie Head                                       [phone] 
  Billy Clegg                                       4980 
 

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.

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September 08, 2020 02:00 ET (06:00 GMT)