REG - Reabold Resources - Appointment of NED to the Board of Rathlin Energy

Reabold ResourcesAnnouncement

17/03/2025 07:15

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RNS Number : 8300A  Reabold Resources PLC  17 March 2025

17 March 2025

Reabold Resources plc

 

("Reabold" or the "Company")

 

Appointment of Non-Executive Director to the Board of Rathlin Energy

 

Reabold Resources plc, the investing company focussed on developing strategic
gas projects for European energy security, announces the appointment of Mr.
Paul Harris as an independent non-executive director of the Board of Rathlin
Energy (UK) Limited ("Rathlin") with immediate effect.

 

Mr Harris has 35 years' experience within the energy sector with significant
roles including CEO and COO at UK operator NEO Energy, President of Nexen
Petroleum USA (CNOOC International), VP Engineering & Construction (Nexen
Energy) & Developments Director (Nexen UK). Mr Harris is a Chartered
Engineer with extensive technical, regulatory and commercial background with
track record of delivering UK oil and gas projects.

 

Initially as COO and latterly as combined CEO / COO, Mr Harris helped to
establish NEO Energy as the 5(th) largest UK producer with working interest in
some 28 producing fields and hubs over a 5-year period through four large
acquisitions and several organic growth opportunities during a period of
uncertainty in the sector. Mr Harris served as a non-executive director on the
Board of Offshore Energies UK ("OEUK"), representing NEO's interests in the
joint operating council for OEUK, as well as managing critical stakeholder
relationships including partners, government, regulatory bodies, banks and the
supply chain.

 

 

West Newton Ownership Structure

 

·      Rathlin is the operator of the PEDL 183 Licence which includes
the West Newton gas development.

·      Rathlin holds a 66.67% interest in PEDL 183.

·      Reabold holds a ca. 69.9% economic interest in PEDL 183 through:

o  ca. 79.8% shareholding in Rathlin, and

o  16.665% direct licence interest in PEDL 183.

 

 

West Newton is the largest undeveloped onshore gas field in the UK, located
near to infrastructure and a gas hungry industrial base. As announced on 13
June 2024, the pre-tax NPV(10) of the West Newton project was calculated to
be US$179 million net to Reabold under the full field development plan.
Following this transaction and based on Reabold's increased economic interest
in PEDL 183, the pre-tax NPV(10) of the project will be US$224 million net to
Reabold.

 

Stephen Williams, Co-CEO of Reabold, commented: "We are delighted to announce
the appointment of Paul to the Board of Rathlin. Paul is a strategic
international oil and gas leader with a proven track record in progressing UK
hydrocarbon projects. Paul has a deep understanding of the technical,
regulatory and commercial environment in the UK and this experience will be
invaluable in progressing West Newton"

 

Paul Harris added: "I believe strongly in securing the UK's energy supply and
the economic, fiscal and environmental case for doing this with domestically
produced gas has never been stronger. As the largest undeveloped onshore gas
field in the UK, West Newton is an important UK gas asset which I look forward
to helping the team progress forward to production."

 

 

For further information, contact:

 

 Reabold Resources plc                                     c/o Camarco

 Sachin Oza                                                +44 (0) 20 3757 4980

 Stephen Williams

 Cavendish - Nominated & Financial Adviser and Broker       +44 (0) 20 7220 0500

 Neil McDonald

 Pearl Kellie

 Camarco                                                   +44 (0) 20 3757 4980

 Billy Clegg

 Rebecca Waterworth

 Sam Morris

 

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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