REG - Reabold Resources - Planning Application Approval for Next Phase

Reabold ResourcesAnnouncement

17/03/2022 12:30

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RNS Number : 1569F  Reabold Resources PLC  17 March 2022

17 March 2022

 

Reabold Resources plc

 

("Reabold" or the "Company")

 

Planning Application Approval for Next Phase of West Newton

 

Reabold, the AIM investing company which focuses on investments in upstream
oil and gas projects, is pleased to announce that, further to its announcement
of 1 October 2021, at an East Riding of Yorkshire Council Planning committee,
planning applications for drilling and production at Rathlin's West Newton A
site as well as a time extension to allow for further exploratory drilling at
the West Newton B site were approved.

 

These approvals pave the way for the next phase of activity at West Newton as
the partnership continues to move the project forward towards development.

 

Reabold holds a c. 56 per cent. economic interest in West Newton via its c. 59
per cent. shareholding in Rathlin, which, in turn, has a 66.67 per cent.
interest in PEDL183. In addition, Reabold has a 16.665 per cent. direct
licence interest in PEDL 183.

 

Sachin Oza, Co-CEO of Reabold r, commented:

"As a low-carbon energy project, West Newton supports local investment in East
Riding and contributes towards the UK's ambitions for energy security, whilst
supporting our pathway to Net Zero."

 

"We are delighted by this approval and are extremely excited for the future of
West Newton. We look forward to the next phase of progression towards
development for this nationally significant asset."

 

 

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

 Rory Murphy

 James Dance

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

 Callum Stewart

 Simon Mensley

 Ashton Clanfield

 Panmure Gordon - Joint Broker                              +44 (0) 207 886 2733

 Hugh Rich

 Nick Lovering

 Camarco                                                    +44 (0) 20 3757 4980

 James Crothers

 Billy Clegg

 Rebecca Waterworth

 

 

 

 

Notes to Editors

 

Reabold Resources plc is an investing company investing in the exploration and
production ("E&P") sector. The Company's investing policy is to acquire
direct and indirect interests in exploration and producing projects and assets
in the natural resources sector, and consideration is currently given to
investment opportunities anywhere in the world.

 

As an investor in upstream oil & gas projects, Reabold aims to create
value from each project by investing in undervalued, low-risk, near-term
upstream oil & gas projects and by identifying a clear exit plan prior to
investment.

 

Reabold's long term strategy is to re-invest capital made through its
investments into larger projects in order to grow the Company. Reabold aims to
gain exposure to assets with limited downside and high potential upside,
capitalising on the value created between the entry stage and exit point of
its projects. The Company invests in projects that have limited correlation to
the oil price.

 

Reabold has a highly-experienced management team, who possess the necessary
background, knowledge and contacts to carry out the Company's strategy.

 

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