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Reabold Resources Announces Exercise of Danube Petroleum Option

Source: www.gulfoilandgas.com 12/3/2018, Location: Europe

Reabold, the oil and gas investing company, has exercised options to subscribe for 375,940 fully paid ordinary shares in the capital of Danube Petroleum Limited at a price of £1 per share, pursuant to the subscription agreement dated 1 December 2017. Accordingly, Reabold has paid £375,940 to Danube, satisfied from the Company's existing cash balances, thereby increasing Reabold's interest in Danube to 33 per cent., from 29 per cent, with ASX-listed, ADX Energy Ltd, holding the remaining 67 per cent. This additional funding will be utilised by Danube for the drilling of the Parta Appraisal Wells in the first quarter of 2019.

As previously announced on 24 September 2018, pursuant to the Subscription Agreement, Reabold completed Tranche 2 funding of £1,127,819 (of an aggregate investment of £1,503,759) to provide funding for the first appraisal well.

Under the terms of the Subscription Agreement, ADX is committed to either invest directly in Danube or source investment from a third party for £375,940 on the same terms as Reabold's investments. The timing of this investment by ADX is being discussed by the parties in conjunction with potential other funding options by both parties for the drilling of a further Parta Appraisal well.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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