Reabold Resources raises £24 million and increases its interests in Rathlin Energy and Danube Petroleum.

30 October

Reabold Resources, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, has raised, via an institutional placing, £24 million to fund  a cash investment in Rathlin Energy (UK) Limited and to exercise its existing option to invest in Danube Petroleum Limited.

Rathlin is an oil and gas exploration and development company, with primary interests in Yorkshire, UK; including the West Newton discovery, which is potentially the largest onshore hydrocarbon discovery in the UK since 1973.

Danube is the 50 per cent. owner of the Parta Exploration License and 100 per cent. working interest holder of the 19.4 square kilometre Sole Risk Area, including the Iecea Mare Production licence, both in onshore Western Romania. The Parta licence is located in a major gas producing basin, with nearby infrastructure enabling rapid and cost effective monetisation, with gas sold to developed markets interconnected with Western Europe.

Strand Hanson acted as Financial and Nominated Adviser to Reabold for the transaction.

Sachin Oza and Stephen Williams, Co-CEOs of Reabold, commented:

“We are delighted to have been supported by the Strand Hanson team in completing this complex transaction in difficult market conditions.”