Upstream oil & gas investment group Reabold Resources (RBD) today announced that Prudential has taken a significant stake in the company.
In an RNS, AIM-listed Reabold Resources revealed that the UK 100 insurance firm bought a 9.23% stake in the company through its recent £4.8m fundraise.
Prudential (PRU) now owns 352,941,176 shares in the oil & gas investment group.
Reabold Resources invests in operating companies whose main value driver is the oil & gas asset of interest.
The company’s investment policy is to acquire direct and indirect interests in exploration and producing projects and assets in the natural resources sector.
The news comes after Reabold announced that its California contract operator Integrity Management Solutions made a commercial hydrocarbon discovery at its Venturini-Ginochio #3 well in the West Brentwood area.
On 5th September the company also confirmed it had raised £4.8m in a placing.
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