Reabold Resources acquires certain North Sea licenses from Corallian Energy

Reabold Resources, an investing company that owns a portfolio of upstream oil and gas assets, has wrapped up the previously announced deal with Corallian Energy pertaining to certain North Sea licenses.

Under the terms of the deal, Reabold Resources acquired the working interest of its investee company Corallian Energy in all the non-Victory (P2596) licences within the latter’s portfolio.

These include P2396, P2493, P2464, P2605, and P2504, in which Reabold Resources gets 100% working interest, while it gains a 36% working interest in P2478.

The closing of the deal for the non-Victory assets follows the conditional sale of Corallian Energy and its license for the Victory gas field in the North Sea to an undisclosed oil and gas major for a price of £32 million.

Reabold Resources, which holds 3,769,487 shares in Corallian Energy will get net proceeds of around £12.7 million through the sale.