Reabold Resources plc reported the execution of the £32 million sale of its investee company Corallian Energy Ltd, holding the Victory discovery, to Shell UK Ltd.
OPPORTUNITIES
The investment company added it expected completion of the deal and initial gross consideration payment of £10m, c.£3.2m net to Reabold, will be during Q4 of 2022.
Reabold intends to use the net proceeds to advance development of its existing assets, including West Newton, and assess potential further acquisition opportunities.