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- Reabold Resources (LON:RBD) executed a Sale and Purchase Agreement ("SPA") to conditionally acquire Simwell Resources Limited ("Simwell").
- The development will expand the company’s portfolio by adding four UK licences of the Southern North Sea ("SNS") into Reabold’s fold.
- All four licenses include prospects covered by high-quality 3D seismic survey.
Reabold Resources PLC (LON:RBD), the UK-based upstream oil and gas investment firm, has announced the execution of the Sale and Purchase Agreement ("SPA") for the conditional acquisition of Simwell Resources Limited’s ("Simwell").
The transaction will involve a low acquisition cost with a total initial consideration of £361,840.93 along with the repayment of all outstanding creditors/liabilities, of £1 million. As part of the initial consideration, RBD will issue 134,105,159 new ordinary shares at 0.27 pence per share to Simwell. The deal is in line with the company’s strategy of acquiring low-risk and high-return projects.
Thanks to Simwell’s interests in four UK licences in the Southern North Sea ("SNS") the acquisition will significantly increase Reabold's footprint in the emerging Zechstein trend. The development will complement Reabold’s onshore position in PEDL183, including the West Newton project.
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