(Alliance News) - Reabold Resources PLC shares jumped on Tuesday, after it said it has completed the acquisition of Simwell Resources Ltd.

London-based Reabold is an oil and gas company with projects in the UK, US and Romania. Its shares were up 7.1% to 0.20 pence each in London on Tuesday morning.

In September, Reabold announced that it had agreed to buy Simwell Resources Ltd for GBP1.0 million.

The breakdown of the cost consisted of an initial payment of GBP363,836, to be satisfied through the issue of 134.8 million new Reabold shares; GBP305,158 to some Simwell creditors to be satisfied by the issue of 113.0 million new shares; and GBP373,398 in cash.

At the time, Reabold said the transaction will increase its footprint in the emerging Zechstein trend in the European Permian Basin.

By Sophie Rose, Alliance News reporter

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