Reabold Resources plc said it had completed its offer for additional Corallian Energy Ltd shares, which could increase its interest from 36.87% to 49.99% in the Victory gas discovery, West of Shetland.
The deal involves the acquisition of shares from existing Corallian shareholders in exchange for Reabold shares at a ratio of 474 Reabold shares for one Corallian share.
The upstream investment company today said that the offer was oversubscribed and all conditions precedent had been fulfilled.
Reabold will acquire 989,439 Corallian shares, equivalent to 13.12% of Corallian from existing Corallian shareholders, and will issue 468,994,086 Reabold shares as consideration.
Following completion of the transaction, Reabold will own 49.99% of Corallian Energy.