Reabold Resources PLC (AIM:RBD) has confirmed the acquisition to up its stake in Rathlin Energy (UK), to increase its interest in the West Newton project, in Yorkshire.
It paid £700,000 to acquire from Connaught Oil & Gas Ltd to acquire shares representing 20.4% of the company, increasing its stake to just under 80%.
Rathlin in turn holds a 66.67% stake in West Newton (PEDL 183).
In means that Reabold’s effective interest in the Yorkshire project is now 66.67%, via its shareholding in Rathlin and its direct project equity of 16.665%.
West Newton is the largest undeveloped onshore gas field in the UK, the company highlighted, with the project’s net present value estimated at $224 million to Reabold.