REG - Reabold Resources - Conversion of Loan Notes

Reabold ResourcesAnnouncement

24/10/2024 07:00

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RNS Number : 3196J  Reabold Resources PLC  24 October 2024

 

24 October 2024

Reabold Resources plc

("Reabold" or the "Company")

Conversion of Loan Notes

 

Reabold Resources plc, the investing company focussed on developing strategic
gas projects for European energy security, is pleased to announce that,
pursuant to a loan note instrument dated 26 March 2024, and as disclosed in
Note 27 of the Company's 2023 Annual Report and Accounts, it has converted
£510,236.28 of the convertible loan notes, including accrued interest, into
36 ordinary shares of LNEnergy Limited ("LNEnergy") at a conversion price of
£14,173.23 per share. Following this conversion, Reabold will hold
approximately 29.2% of LNEnergy's enlarged share capital.

LNEnergy is the manager and owner of a 20% interest in LNEnergy S.R.L.
("LNEnergy SRL"), the Italian company which has applied for the Colle Santo
gas field concession (with a 90% interest), and has an option to acquire the
remaining 80% interest in LNEnergy SRL on or before 1 February 2025 (the
"Option"), with an exercise price of US$11 million.

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 €11-12m of gross post-tax
free cash flow per annum.

(1) RPS estimate, September 2022

For further information, contact:

 

 Reabold Resources plc                     c/o Camarco

 Sachin Oza                                +44 (0) 20 3757 4980

 Stephen Williams

 Cavendish - Broker and Nominated Adviser   +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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