Reabold Resources Ltd has announced increased investment in Corallian Energy for pre-cash flow upstream oil and gas projects.
The two share subscription agreements sees Reabold invest £1.5million in two tranches to acquire 35.4% interest in Corallian.
The deal allows Reabold to appoint a director to the Corallian board.
The investment has allowed Corallian to make changes within its portfolio such as the farm out of Colter to United Oil & Gas, and the farm out of its Wick prospect to Upland Resources and Corfe Energy for a fully carried well at 25% working interest.
Reabold also announced the release on 2 February 2018 by Upland Resources PLC, Operator of the Wick prospect offshore North-East Scotland in which it has a 40% interest, that environmental survey work has been completed.
Stephen Williams, Co-CEO of Reabold Resources, said: “We are delighted by Corallian’s intention to increase its exposure to the low-risk, high-impact Colter and Wick prospects. We are excited by this opportunity to take part in the fundraise and deliver our stated strategy of delivering shareholder value through capital deployment.”
Sachin Oza, Co-CEO of Reabold Resources, added: “We continue to assess a number of high quality opportunities, given the current opportune time to deploy capital, and look forward to an exciting year for us and our shareholders, during which the Company envisages at least four or five drilling opportunities.”
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