10th Feb 2023 10:35
Reabold Resources PLC - London-based oil and gas company with projects in the UK, US and Romania - Receives its share of GBP10 million, around GBP3.2 million, from the sale of its investee company Corallian Energy Ltd to Shell UK Ltd. The balance of the total GBP22 million payment, with GBP9.5 million to be received by Reabold, is expected to be paid during 2023.
In November, Reabold said it will use proceeds of the sale to advance the development of its existing assets, such as drilling at a key horizontal well at West Newton near Hull in England. It also said it intends to distribute some of the sale proceeds to shareholders upon receipt of the second tranche of funds from shell.
On Friday it says: "The board has been actively considering the legal mechanisms available to the company for the intended distribution. The board has also been considering its ability to make an earlier partial distribution having regard to the company's existing cash balance and its available distributable reserves."
Current stock price: 0.23 pence, up 6.6% in London on Friday morning
12-month change: up 6.6%
By Sophie Rose, Alliance News reporter
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