- Oil and gas project investor Reabold Resources said it and its portfolio companies were 'financially robust' in current volatile market conditions and could take advantage of acquisition oppportunities.

The company made the statement after oil prices tumbled due to the spreading coronavirus and decision by Saudi Arabia to trigger a price decline by keeping the production taps flowing.

'A fundamental aspect of the Reabold business model is to participate in projects which have low development and operating costs, thereby reducing sensitivity to the oil price,' Reabold said.

The cash operating costs of its California assets were $13 per barrel of oil equivalent, meaning 'production in California continues to be profitable and to generate positive free cash flow at current oil prices', it said.

Reabold said its expected work programme for 2020 was fully-funded by cash already invested into the operating businesses.

The company said it currently had more than £6m in cash beyond the cash invested into the operating entities to fund the 2020 work programme.

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