Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Ink dries on Reabold’s swoop for Rathlin shares

handshake - deal done

Upstream oil sector investor Reabold Resources has completed its £3 million acquisition of 37% of Rathlin Energy UK. 

Rathlin, a wholly-owned subsidiary of Calgary-based Connaught Oil & Gas, is the operator of the PEDL183 license onshore UK.

The investment hinged on the completion of a farm out by Rathlin of PEDL183 to Union Jack Oil and Humber Oil & Gas, resulting in Rathlin retaining a 66.67% of the asset.

The license contains the West Newton A-1 gas discovery, and the investment is intended, together with the farm out, to fund the drilling of an appraisal well on this discovery in the first half of 2019.

West Newton is thought to contain 31.5 million barrels of oil equivalent.

Stephen Williams, co-chief executive of Reabold, will be appointed to the board of Rathlin.

Reabold retains the right to appoint a director to the Rathlin board whilst continuing to hold an equity interest of more than 15% in the company.

In, Rathlin recorded a loss after tax of £1.3m and reported net liabilities of £30m.

Mr Williams said: “We are delighted to have successfully completed our investment in Rathlin. We view this as a highly opportune moment to invest in this premier UK onshore opportunity.”

“With a dual-target appraisal well planned to begin in H1 2019, we look forward to working closely with Rathlin and updating shareholders as further operational progress is completed over the coming months.”

Meanwhile, Reabold has exercised options to subscribe for 375,940 fully paid ordinary shares in the capital of Danube Petroleum at a price of £1 per share.

 

 

More from Energy Voice

Latest Posts