Bermudian-based Gold Reserve Ltd, via its American subsidiary Dalinar Energy, yesterday submitted an enhanced proposal in the court-supervised sale of PDV Holding Inc, the parent company of Venezuelan oil refiner Citgo.

While the full terms remain confidential, Gold Reserve confirmed it “materially increased its proposed purchase price, arranged for additional financial support and enhanced the certainty of its bid in non‑economic ways”. This move follows notification from the Special Master, under the United States District Court for the District of Delaware, identifying Amber Energy’s rival proposal as a “superior proposal”, triggering Gold Reserve’s opportunity to adjust its offer.

Under court rules, the Special Master must consider the improved bid in good faith before issuing an amended final recommendation by today.

In July, Dalinar Energy was named the recommended bidder in the Citgo sale process, with a bid of approximately $7.382  billion for PDV Holding. This recommendation came even as several parties, including Crystallex, ConocoPhillips entities, bondholders and the Venezuelan government, filed objections.

Meanwhile, Gold Reserve, a Canadian mining company now based in Bermuda, has acknowledged that it continues to burn money on legal battles and Venezuela-related claims.

In a recent filing, the company said it has no revenue-producing operations and remains dependent on collecting funds from Venezuela.

“We believe that we have sufficient working capital to carry on our activities for the next 12 to 24 months,” management wrote, adding that a reassessment by the Canada Revenue Agency “may lead to substantial doubt about the company’s ability to continue as a going concern”.