Reabold Resources Plc (AIM:RBD) entered into a conditional sale and purchase agreement to acquire an additional 16.7% stake in Onshore UK Licence PEDL 183 from Humber Oil & Gas Limited for £3.5 million on May 26, 2020. The purchase includes an acquisition of Humber's 16.67% interest in West Newton field. Acquisition will funded by cash consideration of £1.4 million, subject to adjustment, and issuance of 350 million Reabold Resources Plc shares. Humber has agreed to a lock up over 66.67% of the consideration shares for a period of three months from the date of admission to trading on AIM. As a result of transaction, Reabold Resources’ stake in West Newton field will increase from approximately 39% to 56%. Reabold Resources has sufficient financial resources to fund the transaction. The transaction is conditional upon Oil and Gas Authority’s approval. James Dance, Rory Murphy, and James Spinney of Strand Hanson Limited acted as financial advisors for Reabold Resources. Jaspal Sekhon of Hill Dickinson LLP acted as legal advisor to Reabold Resources Plc.