Reabold Resources PLC Parta Exploration Farm-in Update (2830Y)
08 September 2020 - 4:00PM
UK Regulatory
TIDMRBD
RNS Number : 2830Y
Reabold Resources PLC
08 September 2020
8 September 2020
Reabold Resources plc
("Reabold" or the "Company")
Parta Exploration Farm-in Update
Reabold, the AIM investing company which focuses on investments
in upstream oil and gas projects, announces that ADX Energy Ltd
("ADX") has received a notice from Parta Energy Pty Ltd ("Parta
Energy"), a wholly owned subsidiary of ASX listed Tamaska Oil &
Gas Limited ("Tamaska"), that the board of Tamaska have decided not
to proceed with the farm-in transaction relating to the EX-10 Parta
licence in Western Romania pursuant to the terms of the previously
announced farm-in agreement between ADX Energy Panonia Srl ("ADX
Panonia"), Danube Petroleum Limited ("Danube") and Parta
Energy.
The Farm-in Agreement relates only to the Parta Exploration
License, not the sole risk appraisal area which contains both the
IMIC-1 discovery and the IMIC-2 target. The Company's activity in
the Iecea Mare sole risk area is ongoing and un-impacted by this
development.
Reabold holds a 51% shareholding in Danube.
Further details can be viewed at:
https://adx-energy.com/en/investors/asx-announcements.php .
ENDS
For further information please contact:
Reabold Resources plc c/o Camarco
Stephen Williams +44 (0) 20 3757
Sachin Oza 4980
Strand Hanson Limited (Nominated and Financial
Adviser)
James Spinney
Rory Murphy
James Dance +44 (0)20 7409 3494
Stifel Nicolaus Europe Limited - Joint Broker
Callum Stewart
Simon Mensley +44 (0) 20 7710
Ashton Clanfield 7600
Panmure Gordon - Joint Broker
Hugh Rich +44 (0) 20 7659
Nick Lovering 1234
Camarco
James Crothers
Ollie Head +44 (0) 20 3757
Billy Clegg 4980
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.
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END
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