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IN BRIEF: Reabold Resources gets extension for licence with Baron Oil

12th Jul 2023 12:17

Reabold Resources PLC - oil and gas company with projects in the UK, US and Romania - Gets an extension until July 2025 for licence P2478, which it holds a 36% working interest in. Baron Oil PLC holds a 32% interest in the licence. The extension is from the UK North Sea Transition Authority.

Additionally, says both licences P2605 and P2504 have been retained as it continues the farm-out process, prior to a drill or drop decision by November 2024.

Co-Chief Executive Officer Sachin Oza says: "With an abundance of value opportunities within Reabold, the high-grading of our recently acquired North Sea licence portfolio is driven by the board's disciplined financial framework, where the highest return opportunities have been prioritised. We will look to farm down these high-graded assets to help fund the de-risking and value creation process."

Reabold current stock price: 0.12 pence each, up 2.8% on Wednesday afternoon in London

12-month change: down 52%

Baron Oil current stock price: 0.095 pence each, down 0.3% in London

12-month change: up 35%

By Xindi Wei, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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