REG - Reabold Resources - LNEnergy Option Extension

Reabold ResourcesAnnouncement

30/01/2025 07:00

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RNS Number : 1975V  Reabold Resources PLC  30 January 2025

 

30 January 2025

Reabold Resources plc

 

("Reabold" or the "Company")

 

LNEnergy Option Extension

 

Reabold Resources plc, the investing company focussed on developing strategic
gas projects for European energy security, is pleased to announce that,
further to the previous announcement of 24 October 2024 regarding its
investments into LNEnergy Limited ("LNEnergy"), the option period associated
with LNEnergy's acquisition of an additional interest in the Colle Santo gas
project has been extended by an additional two months.

 

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 April 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 - 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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