Reabold Resources Plc (LON: RBD), the AIM investing company which focusses on investments in pre-cash flow upstream oil and gas projects, has today noted the announcement made by ADX Energy Ltd (ASX: ADX) this morning, regarding the completion of the farm out of a 50 per cent. interest in the Parta Exploration Licence to Parta Energy Pty Ltd, which will earn its interest through funding the first US$1.5 million of a planned 3D seismic acquisition programme.
Danube Petroleum Limited, in which Reabold Resources owns a 37.5 per cent. interest, will subsequently own 50 per cent. of the Parta exploration licence and 100 per cent. of the defined 19.4km2 Sole Risk Area, which includes the Iecea Mare Production licence, where ADX is planning to commence drilling of the IM1 appraisal well in the coming weeks.