Reabold (LON:RBD) updates the market on the acquisition of Corallian Energy

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  • Corallian Energy continues negotiations with potential acquirer for the purchase of its 100% issued share capital.
  • As part of the deal, Reabold will acquire all non-Victory assets in the UK offshore of Corallian.

The upstream oil and gas investment company, Reabold Resources PLC (LON:RBD) has updated the market that the acquisition of its investee company, Corallian Energy Limited, is progressing and the negotiation with the potential acquirer is underway.

Reabold in a recent market update, announced that Corallian Energy had received interest from a reliable third party for the potential takeover through the acquisition of all issued shares. As part of that offer, Reabold entered into a Sale and Purchase Agreement (“SPA”) to acquire 100% interest in all assets of Corallian, except for the Victory Gas Discovery.

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