Reabold Resources receives £5.2m from Shell in Corallian Energy sale
Reabold Resources plc, an oil & gas investing company with a diverse portfolio of projects, has announced the distribution of the next tranche of payment from Shell U.K. Limited for the sale of Corallian Energy Limited. This development highlights Reabold’s strategic progression in the energy sector and its significant role in energy asset development.
Following the initial £3.2 million received on 1 November 2022, Reabold will receive an additional £5.2 million, marking another milestone in its strategic investment journey. The final payment of £4.4 million, contingent on the NSTA granting development approval for the Victory gas field, is expected in the coming months.
Reabold intends to use these proceeds to further the development of its asset portfolio, including key projects like the West Newton horizontal well and the Colle Santo gas project in Italy. Additionally, Reabold plans to distribute excess cash to shareholders, demonstrating its commitment to creating shareholder value.
Reabold is pleased with Shell’s commitment to the Victory project, which aligns with the UK’s efforts to enhance energy security during the transition to net zero. The company’s role in developing the Victory project exemplifies its strategy to identify, fund, and monetize strategically important assets.
Stephen Williams, Co-CEO of Reabold, expressed delight at receiving the second tranche from Shell, emphasizing Reabold’s key role in the Victory project’s development. He noted the project’s importance in increasing the UK’s domestic gas supply.
With a strengthened funding position, Reabold is poised to progress other projects in its portfolio, echoing its success with the Victory project. The company remains focused on contributing to improved energy security in Western Europe while rewarding its shareholders for their support.