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    Reabold wraps up purchase of Corallian's UK North Sea assets

Summary

Corallian's Victory gas discovery will go to an unnamed oil major, however.

by: NGW

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Complimentary, Natural Gas & LNG News, Europe, Corporate, Mergers & Acquisitions, Exploration & Production, News By Country, United Kingdom

Reabold wraps up purchase of Corallian's UK North Sea assets

London-listed Reabold reported on September 15 that it had completed the purchase of Corallian Energy's interests in six UK North Sea licences.

Corallian itself is due to be bought by an unnamed oil and gas major for £32mn ($37mn), Reabold, a shareholder in the company, revealed on September 14. Reabold has bought Corallian's 100% interests in licences P2396, P2464, P2493, P2504 and P2605, and its 36% stake in licence P2478.

Omitted from the deal is Corallian's 100%-owned P2596 licence in the North Sea, west of Shetlands, which contains the company's flagship Victory gas discovery.