Reabold Resources PLC Further Investment into LNEnergy (7593T)
17 Novembre 2023 - 8:00AM
UK Regulatory
TIDMRBD
RNS Number : 7593T
Reabold Resources PLC
17 November 2023
17 November 2023
Reabold Resources plc
("Reabold" or the "Company")
Further Investment into LNEnergy
Reabold Resources plc, the oil & gas investing company with
a diversified portfolio of exploration, appraisal and development
projects , is pleased to announce that it has agreed to increase
its interest in LNEnergy Limited ("LNEnergy") by 0.8% through a
partial exercise of the Second Option, whereby the Company has
subscribed for 11 new ordinary shares in LNEnergy's share capital
for a cash consideration of GBP150,000 (the "Partial Exercise").
The Partial Exercise has been executed pursuant to an amendment of
the Second Option agreement between LNEnergy and the Company, which
will be funded by Reabold from its existing cash resources. This
will take Reabold's shareholding in LNEnergy to approximately 18.4%
of LNEnergy's enlarged share capital.
The Company will retain the right, at its sole discretion, to
invest a further GBP1,650,000 under the Second Option, as announced
on 9 May 2023 and 12 September 2023, in share capital of LNEnergy
which, if exercised by Reabold, would result in the Company holding
a 26.1 % interest in the enlarged share capital of LNEnergy .
LNEnergy's primary asset is an exclusive option over a 90%
interest in the Colle Santo gas field. The Colle Santo gas field is
a highly material gas resource with an estimated 65Bcf of 2P
reserves([1]) , with two production wells already drilled and
flow-tested, making the field development ready. LNEnergy believes
that the field has the potential to generate an estimated EUR11-12m
of gross post-tax free cash flow per annum.
Reabold has published a competent person's report in relation to
Colle Santo, which can be found on its website at the following
hyperlink: www.reabold.com/investors/reports-presentations
The cash proceeds received by LNEnergy from the Partial Exercise
will be used to accelerate the work programme at the Colle Santo
gas project . Reabold's additional investment through the Partial
Exercise will increase its exposure to this material gas resource,
as well as progressing the work programme associated with the early
production programme.
Sachin Oza , Co-CEO of Reabold, commented:
" We are delighted once again to be able to further increase our
interest in LNEnergy, and therefore our exposure to the Colle Santo
gas project. Colle Santo holds significant gas reserves and can be
a valuable source of domestic energy supply for Italy. We are
pleased with the progress that has been made so far, including the
recent Letter of Intent signed between LNEnergy and the Italian EPC
company to provide vendor financing for the project, thereby
substantially reducing the upfront capex for the development. We
look forward to updating our shareholders as the project
progresses."
(1) RPS estimate, September 2022
Unless otherwise defined, capitalised terms used in this
announcement have the same meanings as ascribed to them in the
Company's announcement of 9 May 2023 entitled "Investment in
LNEnergy".
Ends
For further information, contact:
Reabold Resources plc c/o Camarco
Sachin Oza +44 (0) 20 3757
Stephen Williams 4980
Strand Hanson Limited - Nominated +44 (0) 20 7409
& Financial Adviser 3494
James Spinney
James Dance
Rob Patrick
Stifel Nicolaus Europe Limited +44 (0) 20 7710
- Joint Broker 7600
Callum Stewart
Simon Mensley
Ashton Clanfield
Cavendish - Joint Broker +44 (0) 20 7220
Barney Hayward 0500
Camarco
Billy Clegg
Rebecca Waterworth +44 (0) 20 3757
Sam Morris 4980
Notes to Editors
Reabold Resources plc has a diversified portfolio of
exploration, appraisal and development oil & gas projects.
Reabold's strategy is to invest in low-risk, near-term projects
which it considers to have significant valuation uplift potential,
with a clear monetisation plan, where receipt of such proceeds will
be returned to shareholders and re-invested into further growth
projects. This strategy is illustrated by the recent sale of the
undeveloped Victory gas field to Shell, the proceeds of which are
being returned to shareholders and re-invested.
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