Reabold Resources plc has completed its £700,000 acquisition of further shares in Rathlin Energy (UK) Ltd, operator of the onshore West Newton gas joint venture within PEDL183 in East Yorkshire.
The company purchased the shares from Connaught Oil & Gas Ltd, increasing its equity interest in Rathlin to approximately 79.8%.
Reabold holds a 69.9% economic interest in West Newton and PEDL183 through its 79.8% shareholding in Rathlin, which, in turn, has a 66.67% interest in the licence.
In addition, Reabold has a 16.665% direct interest in PEDL183, while Union Jack Oil plc holds a 16.665% economic interest.
Reabold’s other interests are in Italy, Romania and the USA.