9th May 2019 13:19
LONDON (Alliance News) - Reabold Resources PLC said Thursday it has increased its stake in Danube Petroleum Ltd to 38% from 33%, paying GBP375,940.
Reabold bought a further 375,940 shares at 100 pence each in Danube - which wholly-owns exploration and production licences in Romania - as part of a deal to subscribe to shares agreed back in December.
Reabold will buy the additional shares with existing cash resources.
After the transaction, Reabold holds a 38% stake in Danube with the remainder held by ADX Energy Ltd.
"We are delighted to be able to increase Reabold's equity stake in Danube ahead of the IM-1 appraisal well, which we believe to be a highly attractive target, both in its potential as the first producing well for Danube, but also in its illustration of the potential running room available within the wider licence," Reabold Co-Chief Executive Officer Stephen Williams said. "We eagerly anticipate the commencement of operations over the next few weeks."
Shares in Reabold were unchanged at 0.68 pence on Thursday.
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