Reabold Resources plc said its investors can expect payouts following completion of the sale of its investee company Corallian Energy Ltd to Shell UK Ltd. CONSIDERATION The company expects that payment of the initial gross consideration of £10 million (c. £3.2m net to Reabold) will be made to Corallian shareholders (including Reabold) over the coming […]
Tag: Reabold Resources plc
Corallian sells for £32m to Shell UK
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 […]
Reabold conditionally acquires Simwell
Reabold Resources plc has increased its oil and gas interests with the conditional acquisition of Simwell Resources Ltd. LICENCES The company signed a sales and purchase agreement (SPA) for a total initial consideration, plus repayment of all outstanding creditors/liabilities, of £1 million in part shares-part cash. Reabold said that the deal would substantially increase its footprint […]
Reabold completes acquisition of non-Victory licences
Reabold Resources plc has completed its acquisition of Corallian Energy Ltd’s working interest in all the non-Victory (P2596) licences in the North Sea. LICENCES The licences all at 100% working interest comprise: P2396 Central Graben containing the Shell 1977 Curlew-A Tertiary oil discovery P2464 Viking Graben with the Unst gas prospect P2493 West of Shetland – […]
Reabold conditionally sells Corallian stake for £32m
Reabold Resources plc has conditionally sold its 49.99% stake in Corallian Energy and its Victory gas field to an oil and gas major for £32 million. TERMS The company’s net share will be £12.7m, representing a “significant uplift” on its investment of £7.5m in Corallian since late 2017. Reabold will use the proceeds for its other existing […]
Reabold-Corallian SPA valid for non-Victory licences
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 […]