Reabold Resources PLC Exercise of Danube Petroleum Option (1421J)
03 December 2018 - 6:01PM
UK Regulatory
TIDMRBD
RNS Number : 1421J
Reabold Resources PLC
03 December 2018
3 December 2018
Reabold Resources Plc
("Reabold" or "the Company")
Exercise of Danube Petroleum Option
Reabold, the oil and gas investing company, is pleased to
announce that it has exercised options to subscribe for 375,940
fully paid ordinary shares in the capital of Danube Petroleum
Limited ("Danube") at a price of GBP1 per share, pursuant to the
subscription agreement dated 1 December 2017 (the "Subscription
Agreement"). Accordingly, Reabold has paid GBP375,940 to Danube,
satisfied from the Company's existing cash balances, thereby
increasing Reabold's interest in Danube to 33 per cent., from 29
per cent, with ASX-listed, ADX Energy Ltd ("ADX"), holding the
remaining 67 per cent. This additional funding will be utilised by
Danube for the drilling of the Parta Appraisal Wells in the first
quarter of 2019.
As previously announced on 24 September 2018, pursuant to the
Subscription Agreement, Reabold completed Tranche 2 funding of
GBP1,127,819 (of an aggregate investment of GBP1,503,759) to
provide funding for the first appraisal well.
Under the terms of the Subscription Agreement, ADX is committed
to either invest directly in Danube or source investment from a
third party for GBP375,940 on the same terms as Reabold's
investments. The timing of this investment by ADX is being
discussed by the parties in conjunction with potential other
funding options by both parties for the drilling of a further Parta
Appraisal well.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
ENDS
For further information please contact:
Reabold Resources plc c/o Camarco
Stephen Williams +44 (0) 20 3757 4980
Sachin Oza
Strand Hanson Limited (Nominated
and Financial Advisor)
Rory Murphy / James Spinney /
James Dance +44 (0)20 7409 3494
Camarco
James Crothers
Ollie Head
Billy Clegg +44 (0) 20 3757 4980
Whitman Howard Limited - Joint
Broker
Nick Lovering
Grant Barker +44 (0) 20 7659 1234
Turner Pope Investments (TPI)
Ltd - Joint Broker
Andy Thacker +44 (0) 20 3621 4120
Notes to Editors
Reabold Resources plc is an investing company investing in the
exploration and production ("E&P") sector. The Company's
investing policy is to acquire direct and indirect interests in
exploration and producing projects and assets in the natural
resources sector, and consideration is currently given to
investment opportunities anywhere in the world.
As an investor in upstream oil & gas projects, Reabold aims
to create value from each project by investing in undervalued,
low-risk, near-term upstream oil & gas projects and by
identifying a clear exit plan prior to investment.
Reabold's long term strategy is to re-invest capital made
through its investments into larger projects in order to grow the
Company. Reabold aims to gain exposure to assets with limited
downside and high potential upside, capitalising on the value
created between the entry stage and exit point of its projects. The
Company invests in projects that have limited correlation to the
oil price.
Reabold has a highly-experienced management team, who possess
the necessary background, knowledge and contacts to carry out the
Company's strategy.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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