Reabold Resources (LON:RBD), the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, today announced that, further to the announcement on 16 September 2019, Reabold has completed its second tranche investment in Danube Petroleum Limited. Following the completion by ADX Energy Ltd of its second tranche investment, which is expected to occur imminently, Reabold will hold 41.6 per cent. of Danube’s issued share capital.
Danube has a 100 per cent. working interest in the sole risk area within the Parta licence that includes IM-1, as well as 50 per cent. of the remainder of the Parta licence. ADX is the operator of the licence and the proceeds from Reabold and ADX’s respective subscriptions are intended to be utilised by Danube in the production testing of the IM-1 well.