Hill Dickinson advised Reabold Resources Plc.
Reabold Resources Plc made a conditional acquisition of an additional 16.7% interest in the onshore UK licence PEDL 183, which contains the West Newton field in Humberside, from Humber Oil & Gas Ltd.
Reabold is an investing company which focuses on investments in pre-cash flow high growth upstream oil and gas projects. The West Newton field is estimated to contain a base case of 146 mmbbl of gross oil and 211 bcf of gross gas initially in-place. The acquisition will increase Reabold’s effective economic interest in the licence from approximately 39% to approximately 56%.
The acquisition is conditional on approval of the Oil and Gas Authority.
Separately, Hill Dickinson advised Reabold on a £5 million equity line agreement with US investor, Acuitas Capital LLC. The discretionary cash facility provides additional liquidity to Reabold.
The Hill Dickinson team was led by corporate partner Jaspal Sekhon (Picture) with assistance from corporate associate Paul Jackson.
Law Firms: Hill Dickinson;
Clients: Reabold Resources Plc ;