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Reabold Resources PLC- London-based investor in ‘low-risk, near-term’ oil and gas projects says the final tranche of payment from Shell UK Ltd in relation to the sale of Corallian Energy Ltd will be distributed to former Corallian shareholders over the coming days. This follows the grant of development approval for the Victory gas field. Reabold will receive £4.4 million from Shell, having already received £8.3 million. It will use proceeds to advance development of assets within its portfolio, and will distribute excess cash to shareholders. ‘This represents a significant moment in the delivery of the Reabold strategy to identify, fund and monetise underappreciated, but strategically important assets,’ says Co-Chief Executive Officer Stephen Williams. Current stock price: 0.096 pence, up 6.1% 12-month change: down 60% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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