- Oil company Reabold Resources noted that Corallian Energy, of which it owned 49.99%, had put itself up for sale.

Corallian had decided to conduct a formal review of is strategic options to maximise value for shareholders, Reabold said.

It had appointed H&P Advisor to approach third parties, which could potentially be interested in acquiring Corallian, which owns the Victory gas discovery.

'We are extremely pleased with the progress that has been made on the Victory project over the last year, and the development opportunity continues to look highly attractive, particularly against the commodity backdrop we are experiencing at present,' Reabold co-chief executive Stephen Williams said.

'Reabold is in full agreement with the Corallian board that the time is right to assess options going forwards via this strategic review, and that our significant exposure to the Victory project will at the appropriate time deliver considerable value to Reabold and our shareholders.'

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