REG - Reabold Resources - Completion of Further Investment in Rathlin Energy

Reabold ResourcesAnnouncement

31/01/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250131:nRSe3654Va&default-theme=true

RNS Number : 3654V  Reabold Resources PLC  31 January 2025

 

31 January 2025

Reabold Resources plc

 

("Reabold" or the "Company")

 

Completion of Further Investment in Rathlin Energy

 

Reabold Resources plc, the investing company focussed on developing strategic
gas projects for European energy security, is pleased to announce that,
further to its announcement on 12 December 2024, Reabold has completed its
acquisition of Rathlin Energy (UK) Limited ("Rathlin") shares from Connaught
Oil & Gas Ltd ("Connaught") for a total cash consideration of £700,000.
This increases Reabold's equity interest in Rathlin to approximately 79.8%.

 

Rathlin is operator of the PEDL 183 Licence which includes the West Newton gas
development, located onshore UK in East Yorkshire. Upon completion of the
Transaction, Reabold will hold a ca. 69.9% economic interest in West Newton
and PEDL 183 via its ca. 79.8% shareholding in Rathlin, which, in turn, has a
66.67% interest in PEDL 183. In addition, Reabold has a 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.

 

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFZGFMLGFGKZM