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Reabold shares fall as Parta Energy pulls out of Romania farm-in
8th Sep 2020 15:06
(Sharecast News) - Upstream oil and gas investor Reabold Resources announced on Tuesday that ADX Energy has received a notice from Parta Energy - a wholly-owned subsidiary of the ASX-listed Tamaska Oil & Gas - that the board of Tamaska has decided not to proceed with the farm-in transaction for the EX-10 Parta licence in Western Romania.
The AIM-traded firm had previously announced the farm-in agreement between ADX Energy Panonia, Danube Petroleum and Parta Energy.
"The farm-in agreement relates only to the Parta exploration licence, not the sole risk appraisal area which contains both the IMIC-1 discovery and the IMIC-2 target," the Reabold board said in its statement.
"The company's activity in the Iecea Mare sole risk area is ongoing and un-impacted by this development."
Reabold holds a 51% shareholding in Danube.
At 1454 BST, shares in Reabold Resources were down 3.41% at 0.72p.
The AIM-traded firm had previously announced the farm-in agreement between ADX Energy Panonia, Danube Petroleum and Parta Energy.
"The farm-in agreement relates only to the Parta exploration licence, not the sole risk appraisal area which contains both the IMIC-1 discovery and the IMIC-2 target," the Reabold board said in its statement.
"The company's activity in the Iecea Mare sole risk area is ongoing and un-impacted by this development."
Reabold holds a 51% shareholding in Danube.
At 1454 BST, shares in Reabold Resources were down 3.41% at 0.72p.