REG - Reabold Resources - West Newton – Rathlin’s Update to Residents

Reabold ResourcesAnnouncement

26/11/2021 07:00

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RNS Number : 6650T  Reabold Resources PLC  26 November 2021

26 November 2021

 

Reabold Resources plc

("Reabold" or the "Company")

 

West Newton - Rathlin's Update to Residents

 

Reabold, the AIM investing company which focuses on investments in upstream
oil and gas projects, notes that Rathlin Energy (UK) Limited ("Rathlin"), the
operator of PEDL183 and the West Newton Field, has today published an update
to residents regarding ongoing plans for the West Newton A and West Newton B
sites.

 

Rathlin's update to residents notes, inter alia, that, having taken into
account the concerns of its West Newton A project development application, it
intends to submit a new application, whilst continuing to take legal advice
with regards to making an appeal of East Riding of Yorkshire Council's
decision of the original application. In addition, Rathlin notes that it will
make application to extend the condition requiring operations to be completed
by April 2022 at West Newton B by the end of the year.

 

Reabold holds a ca. 56 per cent. economic interest in West Newton via its ca.
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 PEDL183.

 

Rathlin's full update to residents can be accessed at:
https://www.rathlin-energy.co.uk/latest-update/
(https://www.rathlin-energy.co.uk/latest-update/)

 

 

For further information, contact:

 

 Reabold Resources plc                                  c/o Camarco

 Sachin Oza                                             +44 (0) 20 3757 4980

 Stephen Williams

 Strand Hanson Limited - Nomad & 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

 Rebecca Waterworth

 Billy Clegg

 

 

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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