Reabold Resources (LON:RBD) executes SPA for acquisition of Simwell

September 30, 2022 09:57 AM BST | By Team Kalkine Media
Follow us on Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp


  • 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.

As per Reabold, the licenses under the acquisition have several prospects covered with high-quality 3D seismic data. For instance, Shell (Operator) acquired a 640 km2 3D seismic survey in the area surrounding licence P2332.

Similarly, in the 2019, licences (P2329, P2427 and P2486) underwent a 3D seismic survey with several prospects identified.  

The 3D survey covering licence P2332 also covers the parts of adjacent licence P2252 hosting the Pensacola prospect. As per Deltic Energy Plc, licence P2252 has a P50 gross prospective resource of 309 billion cubic feet (bcf) and it will be drilled in Q4 of 2022. Simwell believe that success at Pensacola would de-risk a number of similar prospects in P2332.

Post the completion of the acquisition, Reabold will make an application for the admission to trading on AIM of the Initial Consideration Shares and Creditor Shares.






The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Limited, Company No. 12643132 (Kalkine Media, we or us) and is available for personal and non-commercial use only. Kalkine Media is an appointed representative of Kalkine Limited, who is authorized and regulated by the FCA (FRN: 579414). The non-personalised advice given by Kalkine Media through its Content does not in any way endorse or recommend individuals, investment products or services suitable for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a qualified financial planner and/or adviser. No liability is accepted by Kalkine Media or Kalkine Limited and/or any of its employees/officers, for any investment loss, or any other loss or detriment experienced by you for any investment decision, whether consequent to, or in any way related to this Content, the provision of which is a regulated activity. Kalkine Media does not intend to exclude any liability which is not permitted to be excluded under applicable law or regulation. Some of the Content on this website may be sponsored/non-sponsored, as applicable. However, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music/video that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music or video used in the Content unless stated otherwise. The images/music/video that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

AI on the Rise: A Look at Top AI Companies and Their Stocks