28th Apr 2023 12:21
Reabold Resources PLC - London-based oil and gas company with projects in the UK, US and Romania - Launches GBP750,000 share buyback programme as part of its plan to return GBP4 million to shareholders upon the receipt of GBP9.5 million from Shell, relating to its sale of the Victory asset. Says it decided to accelerate the return through the GBP750,000 buyback, which it says is an attractive investment due to its current market value. Chief Executive Stephen Willaims says a high level of confidence in its West Newton target, "combined with the exciting and highly material potential we have identified at Crawberry Hill, and the confirmation of the prospectivity of the North Sea assets as confirmed by the CPR, is reflected in today's announcement that we are beginning the process of returning excess cash to shareholders by undertaking an initial up to GBP750,000 share buyback."
Current stock price: 0.20 pence each, up 8.0% on Friday afternoon in London
12-month change: down 40%
By Harvey Dorset, Alliance News reporter
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