REG - Reabold Resources - Environmental Impact Study Filed for Colle Santo

Reabold ResourcesAnnouncement

20/12/2023 07:00

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RNS Number : 3797X  Reabold Resources PLC  20 December 2023

20 December 2023

 

Reabold Resources plc

 

("Reabold" or the "Company")

 

Environmental Impact Study Filed for the Colle Santo Gas Field

 

Reabold Resources plc, the oil & gas investing company with a diversified
portfolio of exploration, appraisal and development projects, is pleased to
provide an update on LNEnergy Limited ("LNEnergy"). Reabold holds a
26.1% equity interest in LNEnergy, whose primary asset is an exclusive
option over a 90% interest in the Colle Santo gas field onshore Italy.

 

LNEnergy reported that on 20 December 2023 it filed the Environmental Impact
Study ("EIS") for the new small-scale liquefied natural gas (LNG) development
plan at the Colle Santo gas field with the Ministry of Environment and Energy
Security. This is a further step towards achieving the granting of a
production concession at Colle Santo.

 

The study was performed on behalf of LNEnergy by its technical partner
Italfluid-Cosmep, and various subsidiary companies of Italfluid-Cosmep, along
with several independent technical specialists.

 

As part of LNEnergy's process to reach full project sanction, the Company will
focus in the coming weeks on its concurrent effort to secure approval to
carry out a long-term test and monitoring of the field. As part of the
long-term test programme, the recently formed Scientific Technical Committee,
headed by the Engineering and Geology Department of the University of
Chieti-Pescara, will preside as a qualified independent third party public
institution to verify data collection.

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.

 

Stephen Williams, Co-CEO of Reabold, commented:

 

"LNEnergy continues to progress the approval process for both the long-term
test programme and full field development. This will unlock the considerable
value and gas resources available at the Colle Santo gas field. There is a
strong technical team driving the processes forward and we are very pleased
with the progress made since our initial investment in May 2023. Colle Santo
is an important project for Italy, and for Reabold, and we look forward to
keeping shareholders up to date with future developments."

 

(1) RPS estimate, September 2022

 

Ends

 

 

For further information, contact:

 

 Reabold Resources plc                                      c/o Camarco

 Sachin Oza                                                 +44 (0) 20 3757 4980

 Stephen Williams

 Strand Hanson Limited - Nominated & Financial Adviser      +44 (0) 20 7409 3494

 James Spinney

 James Dance

 Rob Patrick

 Stifel Nicolaus Europe Limited - Joint Broker              +44 (0) 20 7710 7600

 Callum Stewart

 Simon Mensley

 Ashton Clanfield

 Cavendish - Joint Broker                                   +44 (0) 20 7220 0500

 Barney Hayward

 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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