Reabold Resources PLC said Thursday that its Corallian Energy Ltd. subsidiary remains in negotiations with a potential buyer after having received a nonbinding, conditional offer for the acquisition of its entire issued share capital in May.
The London-listed investor in upstream oil-and-gas projects said that, as part of the sale process, it has entered into a conditional agreement to buy Corallian’s interest in all the non-Victory licenses in the Corallian portfolio.
The agreement gave the right to Corallian and Reabold to terminate it if the sale hadn’t completed by Aug. 31. As negotiations continue, neither party intend to terminate the agreement, it said.
A further update will be made in due course, the company said.
Shares in Reabold Resources at 0709 GMT were down 1.4% at 0.36 pence.