Reabold, the AIM investing company which focuses on investments in upstream oil and gas projects, is pleased to announce that it has exercised 272,727 warrants ('Warrants') over shares in
Following the exercise of the Warrants, Reabold will hold 2,780,049 Corallian shares, representing approximately 36.9 per cent. of Corallian's then issued share capital.
On
As announced on
Victory is a simple, low-risk gas development located near to existing local infrastructure and has been fully appraised, requiring no additional pre-development drilling. Corallian plans to submit the Victory Field Development Plan ('FDP') to the OGA by the end of 2021, with first gas production anticipated in Q4 2024. From 2025, a 3-year gas production plateau is planned at 70 mmscf/d (11,666 boepd), delivering over 25 BCF gas per year.
The Victory project value (NPV10) is estimated to be ca.
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Notes to Editors
As an investor in upstream oil & gas projects, Reabold aims to create value from each project by investing in undervalued, low-risk, near-term upstream oil & gas projects and by identifying a clear exit plan prior to investment.
Reabold's long term strategy is to re-invest capital made through its investments into larger projects in order to grow the Company. Reabold aims to gain exposure to assets with limited downside and high potential upside, capitalising on the value created between the entry stage and exit point of its projects. The Company invests in projects that have limited correlation to the oil price.
Reabold has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company's strategy.
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