Wednesday 28 April 2021

Reabold, the investor in upstream oil and gas projects, is pleased to announce that it has conditionally offered to acquire additional Corallian Energy Limited ("Corallian") shares from existing Corallian shareholders, in exchange for Reabold shares, at a ratio of 474 Reabold shares for 1 Corallian share (the "Offer"), potentially increasing Reabold's shareholding in Corallian to a maximum of 49.99%.

Highlights:

· Share offer to acquire up to 13.12% of Corallian Energy shares at a ratio of 474 Reabold shares per Corallian share

· The Offer could significantly increase Reabold's position in the low-risk, high potential Victory Gas Discovery to up to 49.99%

o Draft Field Development Plan anticipated to be submitted by year end

o Planned 3-year gas production plateau from Victory, at a rate of 70 mmscf/d (11,666 boepd) from Q4 2024, delivering over 25 BCF of gas per year

o Victory is located near existing infrastructure and in particular the Total-operated Greater Laggan Area

· Assuming full take up of the Offer by Corallian shareholders, Reabold would increase its net interest in the NPV of the project by ca. £19 million(1), from ca. £53 million(1) currently to ca. £72 million(1)

· Letter of intent signed for vessel to undertake environmental survey on Victory, with work planned to commence in July 2021

· Once completed, the Environmental Impact Assessment will be an important part of the Field Development Plan ("FDP") submission

Conditional Offer to Acquire up to an Additional 13.12% of Corallian

Assuming a full take up of the Offer, Reabold would acquire up to an additional 13.12% of Corallian's issued share capital from existing shareholders, in addition to its existing 36.87% equity position.

By potentially increasing its position in Corallian, Reabold would be increasing its economic interest in the 100% Corallian-owned Victory Gas Discovery, West of Shetland, in which Reabold management sees significant value.

As previously announced, the Victory Gas Discovery was evaluated to have 157 bcf of 2C contingent resource with an associated NPV of £146 million(1). Victory is considered by Corallian to be a simple, low-risk gas development which has been fully appraised and requires no additional pre-development drilling. Victory is located near existing infrastructure, in particular, the Total operated Greater Laggan Area ("GLA"), with the development of Victory expected to be via a single-well sub-sea tieback. The licence P2596 (Block 207/1a), which contains Victory, was originally offered to Texaco in 1972 who drilled a discovery well in 1977 that flowed at circa 9 mmscf/d from 200 feet (circa 60.6 metres) of net gas pay in the Lower Cretaceous sandstones, proving reservoir commerciality.