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RBD Reabold Resources Plc

0.0475
0.00 (0.00%)
24 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Reabold Resources Plc LSE:RBD London Ordinary Share GB00B95L0551 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.0475 0.045 0.05 0.0475 0.0475 0.0475 417,931 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Mgmt Invt Offices, Open-end 0 -7.19M -0.0007 -0.71 4.69M

Reabold Resources PLC Further investment in Rathlin Energy

12/12/2024 7:00am

RNS Regulatory News


RNS Number : 7725P
Reabold Resources PLC
12 December 2024
 

 

12 December 2024

Reabold Resources plc

 

("Reabold" or the "Company")

 

Further investment in Rathlin Energy (UK) Limited ("Rathlin") and Forward Work Plan

 

Reabold Resources plc, the investing company focussed on developing strategic gas projects for European energy security, is pleased to announce that it is has agreed to acquire 20.4% of the shares in Rathlin (the "Transaction") from Connaught Oil & Gas Limited ("Connaught") for a total cash consideration of £700,000, subject to approval from Connaught shareholders. This will take Reabold's total shareholding in Rathlin to approximately 79.8%.

 

Rathlin is operator of the PEDL183 Licence on the West Newton gas development, located onshore UK in East Yorkshire. Upon completion of the Transaction, Reabold will hold a ca. 69.9% economic interest in West Newton and PEDL 183 via its ca. 79.8% shareholding in Rathlin, which, in turn, has a 66.67% interest in PEDL 183. In addition, Reabold has a 16.665% direct licence interest in PEDL 183. In the 12 months ended 31 December 2023, Rathlin reported a net loss of £851,286.

 

West Newton is the largest undeveloped onshore gas field in the UK, located near to infrastructure and a gas hungry industrial base. As announced on 13 June 2024, the pre-tax NPV(10) of the West Newton project was calculated to be US$179 million net to Reabold under the full field development plan.

 

West Newton phased development programme

 

·      The North Sea Transition Authority ("NSTA") has approved a revised work programme for PEDL 183 to:

Re-enter and recomplete or sidetrack one of the currently suspended wells on or before 30 June 2026;

Re-enter and recomplete or sidetrack one of the remaining suspended wells or drill and complete a new deviated or horizontal well on or before 30 June 2027; and

Submit a field development plan on or before 30 June 2027.

 

·    Rathlin, as the operator, has applied to carry out a reservoir stimulation on the existing West Newton West Newton A-2 well.

o Reabold believes this to be a key step in fully de-risking the subsurface characteristics of the project at limited cost.

 

·      A Gas Export Feasibility study, completed by 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 ("JV") partnership the ability to drill future wells out of cash flow. 

The single well development plan benefits from early cash generation with the ability to drill future wells out of cash flow. Following drilling and testing of this horizontal well, first gas is expected after 18 months with an associated development capex estimated to be ca. £12 million.

New initial phase, based upon a single well development, materially reduces the financial hurdle to reach production and retains the potential for full development.

 

 

Sachin Oza, Co-CEO of Reabold, commented: "We are thrilled to be further increasing our interest in Rathin as it delivers the upcoming work programme, which would de-risk the West Newton development plans. Furthermore, Reabold will also be increasing its exposure to the broader PEDL 183 licence area which, we believe, has significant running room beyond West Newton, and on highly attractive terms.

 

"The UK budget has provided much needed fiscal clarity and against this more stable backdrop, we are confident in our ability to progress the West Newton work programme and bring this important UK gas asset to the next stage of development and monetisation. As the energy transition in the UK moves forward, the economic, fiscal, energy security and environmental case for using indigenous gas has never been stronger."

 

 

 

For further information, contact:

 

Reabold Resources plc

Sachin Oza

Stephen Williams

 

c/o Camarco

+44 (0) 20 3757 4980

 

 

Cavendish - Nominated & Financial Adviser and Broker

Neil McDonald

Pearl Kellie

 

 +44 (0) 20 7220 0500

 

 

 

 

Camarco

Billy Clegg

Rebecca Waterworth

Sam Morris

 

+44 (0) 20 3757 4980

 

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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