Reabold Resources Announces Full Year Results for the year ended 31 December 2023

Source: www.gulfoilandgas.com 5/31/2024, Location: Europe

Reabold Resources plc, the investing company focussed on developing strategic gas projects for European energy security, announces its audited financial results for the year ended 31 December 2023 and the Annual Report is publicly available at www.reabold.com/investors/reports-presentations/.

Reporting period ended 31 December 2023 Highlights

Portfolio developments
· Acquisition of a 26.1% interest in LNEnergy Limited ("LNEnergy"), built in stages throughout 2023 for a total consideration of £4.3m ( £1.9 million of which was in cash and the balance in 1,297,297,298 new Reabold shares). LNEnergy's primary asset is an exclusive option over a 90% interest in the Colle Santo gas field, a highly material gas resource with an estimated 65bcf of 2P reserves, with two production wells already drilled and a development-ready field, subject to approvals and permits. Financing and approvals are progressing well for the liquified natural gas ("LNG") field development.

Balance sheet and capital allocation
· Cash of £5.4 million as at 31 December 2023 ; net assets of £42.2 million
· Cash proceeds of £5.2 million received during the financial year for second tranche proceeds from the sale of Corallian
· £263,000 returned to shareholders through share buybacks as part of the distribution of Corallian sale proceeds, with a further £75,000 returned post period end.

Post Period End Highlights
· Final tranche cash proceeds of £4.4 million for the sale of Corallian, received from Shell in January 2024 ; Reabold net cash of £8.2 million as at 30 April 2024
· At West Newton, a Gas Export Feasibility study completed by independent energy consultants, CNG Services Limited , concluded that as a precursor to the intended West Newton full field development, an initial single well development and gas export plan can accelerate production and cash flow whilst requiring limited capital expenditure, giving the joint venture the ability to drill future wells out of cash flow. See Review of Operations section for further details.
· Execution of a non-binding Heads of Agreement between Gunvor International B.V . ("Gunvor") and LNEnergy for the purchase of LNG by Gunvor from LNEnergy from the Colle Santo gas field.


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