Reabold Resources plc said that the conditional sales and purchase agreement (SPA) remained valid for six North Sea licences owned by Corallian Energy Ltd which is engaged in potential sale negotiations.
SALE PROCESS
Upstream oil & gas investment company Reabold is a 49.99% shareholder in Corallian.
In May 2022, Reabold announced that Corallian had received a non-binding offer from “a credible party” for a potential sale.
As part of the potential sale process, Reabold entered into a conditional SPA to acquire Corallian’s working interest in all the non-Victory licences within the Corallian portfolio.
NEGOTIATIONS
“The SPA gave the right to both Corallian and Reabold to terminate the SPA if the potential sale had not completed by 31 August 2022,” said the investor today in a statement.
“Given negotiations with regard to the potential sale remain ongoing, neither Reabold nor Corallian intend to terminate the SPA.”