Reabold, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, is pleased to announce that it has completed the Rathlin Cash Investment.
Following the completion of the Rathlin Cash Investment, Reabold holds approximately 59 per cent. of Rathlin’s issued share capital.
Unless defined in this announcement, defined terms used in this announcement have the same meaning as set out in the Circular issued by the Company on 10 October 2019.
Stephen Williams, Co-CEO of Reabold, commented:
“We are pleased to have completed the Rathlin Investment, increasing Reabold’s look-through interest in West Newton to ca 39 per cent. Furthermore, Rathlin is now fully funded for an exciting 2 well programme at the West Newton B site planned to commence in Q1 of 2020.
The first of these wells will further appraise the Kirkham Abbey formation, but also test the deeper Cadeby formation at a location prognosed to have good reservoir development. We look forward to the results of this near term drilling campaign.”
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