IN BRIEF: Reabold shares drop as sells investee Corallian to oil major
14th Sep 2022 11:33
Reabold Resources PLC - oil and gas company with projects in the UK, the US and Romania - Sells investee Corallian Energy Ltd to an unnamed oil and gas major. Receives net proceeds of around GBP12.7 million from GBP32 million sale of Corallian and its Victory license. The valuation is a "significant uplift" of Reabold's investment of GBP7.5 million in Corallian since late 2017. In May, Reabold said that Corallian, in which Reabold owned 50%, had received a non-binding conditional takeover offer for entire share capital. Corallian board had deemed offer attractive and was pursuing sale. Read More