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Reabold Resources PLC - investor in upstream oil and gas projects - Says Corallian Energy Ltd, of which it owns 49.99%, receives non-binding conditional takeover offer for entire share capital. Corallian board deems offer attractive and is pursuing sale. Reabold now will acquire Corallian's portfolio of six exploration and appraisal licenses for £250,000, excluding Victory license.
‘Four of the licences in particular have significant prospective potential in addition to the de-risked contingent resources associated with Oulton, which we believe, can be progressed in a low-cost manner given, inter alia, the low spending commitments. We look forward to providing further updates in the weeks ahead,’ says co-Chief Executive Officer Sachin Oza.
Current stock price: 0.40 pence, up 26% on Wednesday
12-month change: down 45%
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