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Reabold Resources PLC shares jumped on Tuesday, after it said it has completed the acquisition of Simwell Resources Ltd.
London-based Reabold is an oil and gas company with projects in the UK, US and Romania. Its shares were up 7.1% to 0.20 pence each in London on Tuesday morning.
In September, Reabold announced that it had agreed to buy Simwell Resources Ltd for £1.0 million.
The breakdown of the cost consisted of an initial payment of £363,836, to be satisfied through the issue of 134.8 million new Reabold shares; £305,158 to some Simwell creditors to be satisfied by the issue of 113.0 million new shares; and £373,398 in cash.
At the time, Reabold said the transaction will increase its footprint in the emerging Zechstein trend in the European Permian Basin.
By Sophie Rose, Alliance News reporter
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