Reabold swoops to buy Gaelic Resources

+ADw-p class+AD0AIg-bt+ACIAPgA8-span class+AD0AIg-bi+ACIAPg-Reabold Resources has snapped up Gaelic Resources, paving the way for it to get involved in Californian oil and gas leases.+ADw-/span+AD4APA-/p+AD4
+ADw-p+AD4-Reabold, an investor in the exploration and production sector, has bought 100+ACU of Gaelic+IBk-s shares, representing +AKM-3 million at close on the alternative investment market on June 12.+ADw-/p+AD4
+ADw-p+AD4APA-span class+AD0AIg-bi+ACIAPg-London-headquartered Reabold will have the right to earn-in to 50+ACU of the leases by drilling up to five wells by the end of 2019.+ADw-/span+AD4APA-/p+AD4
+ADw-p+AD4APA-span class+AD0AIg-bi+ACIAPg-It expects three of these wells to be drilled before the end of 2018 with the first two, on the West Brentwood and Monroe Swell Leases, anticipated in Q3.+AKAAPA-/span+AD4APA-/p+AD4
+ADw-p class+AD0AIg-bt+ACIAPgA8-span class+AD0AIg-bm+ACIAPg-Reabold co-chief executive Stephen Williams said:+AKAAPA-/span+AD4APA-span class+AD0AIg-bm+ACIAPiAc-We are extremely excited to be drilling these high-impact opportunities in California.+ADw-/span+AD4APA-/p+AD4
+ADw-p class+AD0AIg-bt+ACIAPgA8-span class+AD0AIg-bm+ACIAPiAc-These considerably de-risked wells with low drilling costs and a fast path to monetisation are a perfect fit with the Reabold strategy.+AKAAPA-/span+AD4APA-/p+AD4
+ADw-p class+AD0AIg-bu+ACIAPgA8-span class+AD0AIg-bm+ACIAPiAc-Using Reabold shares to fund the acquisition of Gaelic allows us to preserve cash that can be used for drilling activity, which enhances near-term value-creation.+IB0APA-/span+AD4APA-/p+AD4

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