Reabold Resources Plc (LON: RBD), the investor in pre-cash flow upstream oil and gas projects, has today announced that Corallian Energy Limited, in which the Company owns a 32.9 per cent. interest, has been offered five new licences by the Oil and Gas Authority as part of the UK 31st Offshore Licensing Round.
Three of these new licences have been awarded with joint venture partners, while the other two have been offered on a 100 per cent. interest basis.
The five licences comprise 22 blocks and part blocks, including one in the English Channel (49 per cent. interest), two in the Inner Moray Firth (40 per cent. interest each), one in the Viking Graben (100 per cent. interest) and one in the West of Shetland basin (100 per cent. interest).
Sachin Oza, Co-CEO of Reabold Resources, commented:
“The fact that Corallian has been awarded 22 new blocks and part blocks out of a total of just 144 demonstrates the significant capability and experience of its management team in identifying opportunities. In particular, the award of blocks around the Colter discovery is a highly important step for Corallian in realising further potential in the area and ultimately generating value for Reabold shareholders.”
Reabold Resources plc is an investing company investing in the exploration and production sector. The Company’s investing policy is to acquire direct and indirect interests in exploration and producing projects and assets in the natural resources sector, and consideration is currently given to investment opportunities anywhere in the world.
As an investor in upstream oil & gas projects, Reabold aims to create value from each project by investing in undervalued, low-risk, near-term upstream oil & gas projects and by identifying a clear exit plan prior to investment.
The company’s long term strategy is to re-invest capital made through its investments into larger projects in order to grow the Company. Reabold aims to gain exposure to assets with limited downside and high potential upside, capitalising on the value created between the entry stage and exit point of its projects. The Company invests in projects that have limited correlation to the oil price.
Reabold has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company’s strategy.