REG - Reabold Resources - Update on Colle Santo, Italy

Reabold ResourcesAnnouncement

26/03/2025 07:16

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RNS Number : 1471C  Reabold Resources PLC  26 March 2025

26 March 2025

 

Reabold Resources plc

 

("Reabold" or the "Company")

 

Update on Colle Santo, Italy

 

Reabold Resources plc, the investing company focussed on developing strategic
gas projects for European energy security, is pleased to provide the following
corporate and operational update.

Corporate Update

Further to the announcement on 30 January 2025, the Company is pleased to
announce that LN Energy Ltd, ("LN") has entered into a binding purchase and
sale agreement ("PSA") to acquire the entire outstanding issued share capital
of LNEnergy S.r.l ("LNE S.r.l"). LN is the manager and is currently owner of a
20% interest in LNE S.r.l., the Italian company that has a 90% interest in,
and is seeking regulatory approval for the development of, the Colle Santo gas
field in the Abruzzo region of Italy.

 

The consideration to be paid by LN will be:

·      US$100,000 upon completion of the PSA;

·     US$400,000 upon approval for the Colle Santo development plan by the
VIA Commission of the Ministry of the Environment of Italy;

·     USD $10,500,000 within 60 days of the formal Colle Santo concession
decree award by the relevant Italian ministry; and

·      a 4% Net Profits Interest, being defined as revenue less the
relevant operating expenditures received by LNE S.r.l. from production

This PSA will replace the previously announced agreement LN had to acquire LNE
S.r.l.

 

Operational Update

The Company has been informed that, as part of the process of the application
for the Colle Santo development, the VIA Commission has carried out a site
visit at Colle Santo. LN will be providing some further information to the VIA
Commission post this visit, soon after which it expects a decision will be
issued by the VIA Commission.

 

The site visit followed the Environmental Impact Study for the new small-scale
LNG development plan at the Colle Santo gas field which was filed with the
Ministry of Environment and Energy Security, the link to which can be found at
https://va.mite.gov.it/it-IT/Oggetti/Info/1056
(https://va.mite.gov.it/it-IT/Oggetti/Info/1056) .

 

Stephen Williams, Co-CEO of Reabold, commented: "We are very pleased to have
simplified the structure of LNEnergy as it relates to its interest in Colle
Santo. This project holds significant gas reserves, at a time when there is an
increased focus on the energy transition and energy security in Europe.

 

"LNG is a transition fuel which has a central role to play in Italy's energy
transition plan, and the strong environmental credentials of the Colle Santo
project underline it's potential to directly enhance the energy transition,
and energy security, in the near term.

 

"We remain encouraged by the regulatory process to date and we look forward to
receiving the VIA Commission approval for the development of the Colle Santo
project, the final milestone ahead of a full production concession being
granted."

 

 

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.

 

 

 

 

 

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