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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
  -0.01 -1.57% 0.625 0.61 0.64 0.635 0.625 0.635 11,288,991 08:31:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 1.5 -4.2 -0.1 - 42

Reabold Resources PLC Interim Results for 6 months ended 30 June 2020

23/09/2020 7:00am

UK Regulatory (RNS & others)


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RNS Number : 7858Z

Reabold Resources PLC

23 September 2020

23 September 2020

REABOLD RESOURCES PLC

("Reabold" or "the Company")

Unaudited Interim Results for six months ended 30 June 2020

Reabold Resources plc (AIM: RBD), the AIM investing company which focuses on investments in upstream oil and gas projects, announces its unaudited interim results for the six months ended 30 June 2020 (the "Period").

For further information, contact:

 
   Reabold Resources plc                              c/o Camarco 
    Sachin Oza                                         +44 (0) 20 3757 
    Stephen Williams                                   4980 
   Strand Hanson Limited - Nomad & Financial 
    Adviser 
    James Spinney 
    Rory Murphy 
    James Dance 
    Stifel Nicolaus Europe Limited - Joint Broker 
    Callum Stewart                                    +44 (0) 20 7409 
    Simon Mensley                                      3494 
    Ashton Clanfield                                   +44 (0) 20 7710 
    Panmure Gordon - Joint Broker                      7600 
    Hugh Rich                                          +44 (0) 207 886 
    Nick Lovering                                      2733 
   Camarco 
    James Crothers 
    Ollie Head                                         +44 (0) 20 3757 
    Billy Clegg                                         4980 
 

CHAIRMAN'S STATEMENT

The Board is pleased to report on the positive progress in the Company's investment portfolio in the six months ended 30 June 2020, and post-Period end, notwithstanding the considerable disruption to operational activities as a result of the Covid-19 pandemic.

Highlights:

-- Site works commenced for drilling of the West Newton B-1 well , with A-2 well test planned to begin following completion of B-1 well.

   --    Additional commercial discovery on West Brentwood licence in California. 

-- Opportunistic conditional acquisition of a direct 16.665 per cent. interest in the West Newton field from Humber Oil and Gas Limited ("Humber") for consideration of 350,000,000 new Ordinary Shares and GBP1.4 million in cash; taking the Company's effective economic interest in West Newton to circa 56.4 per cent. from 39.7 per cent.

-- Secured additional liquidity in the form of a GBP5 million discretionary equity line cash facility to provide the Company with further financial flexibility and strength.

-- Commencement of well test operations at the Iecea Mica-1 ("IMIC-1") well in Romania to confirm the suitability of the gas composition for commercial sales.

-- Strong cashflow generation from Californian portfolio despite downturn in oil prices with production sales realising $38.1/boe at a low operating cost of $14.4/boe.

Highlights - Post-Period end:

-- Commencement of drilling operations for the B-1 well at West Newton, which will appraise the extent of the West Newton A-2 discovery as well as test the deeper Cadeby formation.

-- Completion of the acquisition of a direct 16.665 per cent. interest in the West Newton field from Humber.

-- Corallian Energy Limited ("Corallian") offered 100 per cent. interests in the Victory gas discovery in block 207/1a, the Laxford gas discovery and Scourie prospects in blocks 214/29c and 214/30c, and the Oulton oil discovery in block 3/11a as part of the UK Oil and Gas Authority's 32(nd) Offshore Licensing Round.

Rathlin Energy (UK) Limited

The Company has invested a total of GBP20 million in Rathlin Energy (UK) Limited ("Rathlin") to date, for a 59.5 per cent. interest in Rathlin's issued share capital. Rathlin is the operator and 66.67 per cent. equity interest holder in PEDL183 licence, onshore UK, which contains the significant West Newton field, potentially the largest hydrocarbon discovery onshore UK since 1973.

On 18 August 2020, the Company was pleased to announce that drilling operations for the B-1 well at West Newton ("WNB-1"), which will appraise the extent of the West Newton A-2 discovery ("WNA-2") as well as test the deeper Cadeby formation, had commenced. Reabold has an approximate 56 per cent. economic interest in West Newton. We are delighted to have progressed activity at West Newton to the point of drilling this exciting well, despite the inevitable operational challenges as a result of Covid-19. The WNB-1 well has the dual objective of appraising the Kirkham Abbey formation and evaluating the Cadeby formation which, if successful in achieving one or more of our pre-drill targets, will substantially upgrade the value of West Newton and Reabold.

The WNB-1 well follows the WNA-2 well on the West Newton field. In November 2019, Rathlin, provided updated hydrocarbon initially in-place volumetric estimates in respect of the shallower Kirkham Abbey formation post drilling of the WNA-2 well:

   Base Case:         - Liquids: 146.4 million barrels ("mmbbl") of oil initially in-place ("OIIP"); 

- Gas: 211.5 bcf of gas initially in-place ("GIIP")

   Upside Case:     - Liquids: 283 mmbbl OIIP 

- Gas: 265.9 bcf GIIP

A conductor drilling rig has been successfully mobilised to the WNB-1 site and is beginning operations, with a main drilling rig following shortly to appraise the Kirkham Abbey formation and test the Cadeby formation. The conductor rig will drill to a depth of approximately 80 metres into the Cretaceous chalk where steel casing will be installed and cemented to surface. The main drilling rig will then be mobilised to the site in preparation to drill the main borehole to a depth of approximately 2,000 metres. The drilling operations are expected to continue for six to ten weeks.

The WNB-1 well is a crucial well for the West Newton project, as it will evaluate both the Kirkham Abbey and Cadeby formations. We are delighted that the Rathlin team has managed to push ahead with the B site operations despite the extreme challenges posed by events since March this year as a result from the fall-out from the Covid-19 pandemic. We are fortunate to be in a position where the West Newton JV is fully funded for its planned activity.

Despite having received all the key permits, as announced on 27 April 2020, for the WNA-2 well test, activities were delayed due to Covid-19 related issues, notably restrictions of the international movement of equipment and personnel. Whilst these issues are now broadly resolved, the significant progress made at the B site during that period meant that it was more efficient to drill the WNB-1 well first, and subsequently to carry out a testing programme at both WNA-2 and WNB-1. This is expected to result in cost savings via shared testing equipment, and more importantly, allows the drilling of the WNB-1 well to proceed without any delays resulting from testing operations at the WNA-2 site.

The testing operations will provide significant additional information towards improving the understanding of the targeted Kirkham Abbey reservoir particularly following the identification of a potential oil leg overlain by an associated gas cap within the reservoir interval as set out in the Company's announcement on 29 August 2019. The test programme has been optimised to evaluate the identified oil column.

On 20 August 2020, the Company announced that Rathlin had submitted Screening Requests to East Riding of Yorkshire Council for two new potential hydrocarbon wellsites, West Newton C and West Newton D. This is the first step of the planning process to further explore and appraise the West Newton hydrocarbon field and will determine whether planning application submissions for West Newton C and West Newton D will require environmental impact assessments. The Screening Opinions will be available following the consideration of the East Riding of Yorkshire Council planning department, which is currently in progress. Whilst the current focus at West Newton is clearly on the drilling activity at the B-site, and subsequent testing of the WNB-1 and WNA-2 wells, it is important to be thinking ahead about the further development of what could potentially be an asset of significant scale.

On 16 June 2020, the Company was pleased to announce that Gaffney, Cline & Associates, an international petroleum and energy consultancy, has given the West Newton field an AA rating for carbon intensity, the best rating possible. Reabold intends that the development at West Newton will seek to utilise the best fit for purpose technologies, including gas to grid technologies, and tight leak-rate specifications to minimise any venting, flaring or fugitive emissions. This is a considered material development for West Newton, which suggests the field could be a low-carbon energy producer, in line with the UK government's focus on low-carbon efficient energy sources.

Acquisition of 16.665 per cent. direct interest in PEDL 183

On 26 May 2020, Reabold announced the conditional acquisition of an additional 16.665 per cent. interest in PEDL 183 (the "Acquisition"), which contains the West Newton field, from Humber for the consideration of GBP1.4 million in cash (subject to adjustment) and the issue of 350,000,000 new ordinary shares of 0.1p each in the capital of Reabold ("Ordinary Shares") (the "Consideration Shares").

Pursuant to the Acquisition, Humber agreed to a lock up over 66.67 per cent. of the Consideration Shares for a period of three months from the date of admission to trading on AIM and an orderly market restriction for a further period of three months once the lock-in period expires.

On 29 July 2020, the Company announced the completion of the Acquisition, following the satisfaction of the conditions precedent. As a result of the Acquisition, Reabold now has an effective economic interest in PEDL 183 of approximately 56 per cent., comprising a 39.66 per cent. indirect interest, via the Company's 59.48 per cent. interest in Rathlin, and a 16.665 per cent. direct interest in PEDL 183.

The Acquisition increases the Company's exposure to this potentially significant asset at an attractive transaction value. The Directors of Reabold believe the Acquisition will allow the JV to progress the work programme optimally and thereby unlock the value in the asset. Following the Acquisition, the PEDL 183 joint venture is funded for: the drilling activity at WNB-1; the testing programme at both WNA-2 and WNB-1; and for a further well, for which planning consents are already in place, at the West Newton B site (WNB-2).

On 22 September 2020, the Company announced that that the main drilling rig has been mobilised to the WNB-1 site. The steel conductor casing was set at a depth of 74 meters in the Cretaceous chalk and cemented in place, providing a stable base for the main drilling rig as well as protection for the surface formations during the main drilling operation. As such, the main drilling rig and associated equipment have commenced mobilisation to site today. The equipment will be rigged-up over a period of one to two weeks in preparation to drill the main borehole to a depth of approximately 2,000 metres. Completion is expected to take six to ten weeks. Once completed, the drilling rig will be demobilised from the site over a period of approximately one week.

Danube Petroleum Limited

The Company has invested a total of GBP5 million in Danube Petroleum Limited ("Danube") to date, for a 50.8 per cent. interest. Danube has a 100 per cent. interest in the 'sole risk area' of the Parta licence ("Parta Sole Risk Area") in Romania, which includes the IMIC-1 discovery and the IMIC-2 prospect. Danube, which currently has a 100 per cent. interest in the broader Parta licence, had agreed to farm out a 50 per cent. interest in the remainder of the licence (excluding the Parta Sole Risk Area) to Tamaska Oil & Gas Limited ("Tamaska"), in exchange for Tamaska funding a US$1.5 million seismic programme to generate high quality appraisal and exploration targets. On 8 September 2020, Tamaska announced that it no longer intends to go ahead with the farm in.

As announced on 9 September 2019, the IMIC-1 well encountered gas across three zones with a 20 BCF 2C contingent resources estimate. The well was suspended for future completion as a producer following testing. Testing had been deferred until down hole well production equipment was manufactured so that the well could be optimally completed utilising underbalanced perforation with a view to maximising well productivity.

In June 2020, the workover rig mobilisation commenced in preparation for production testing of the successful IMIC-1 well, as Covid-19 related restrictions in Romania were eased. The testing programme has been designed to determine the production capacity of the well through multiple flow rate measurements and pressure build up response measurements. Produced gas will be sampled to determine the suitability of the IMIC-1 gas composition for commercial sales.

Testing will concentrate on the PA IV sand, which is a proven reservoir and has the greatest reserves potential of the three reservoir intervals intersected in the IMIC-1 well. This reservoir unit also has a large stratigraphic upside potential, which will be further quantified in the near future with the planned high resolution 2D seismic programme scheduled for the third quarter of 2020.

Engineering studies are ongoing to determine the potential viability of two development options, namely, the delivery of sales gas to the grid at the nearby Satchinez-Calacea Gas Plant or alternately the conversion of produced gas to power and the connection to a high voltage power line located approximately 2km from the IMIC-1 location. The production test results will provide important information required for the finalisation of feasibility studies.

The resource potential of the three gas reservoirs intersected at IMIC-1 will be further assessed utilising high resolution 2D seismic that will be acquired across IMIC-1 and potential IMIC-2 accumulations. The appraisal seismic is expected to better define the extent of gas zones where substantial stratigraphic upside has identified. The appraisal seismic will be acquired in conjunction with the planned exploration 3D seismic programme during the third quarter of 2020 in close proximity to the IMIC-1 and the IMIC-2 wells.

We are looking at ways to commercialise future production in Romania and are encouraged by the potential resource upside across the licence, which will be further assessed during the seismic programme across the IMIC-1 and IMIC-2 accumulations later this year.

The completion of the testing programme at IMIC-1 in Romania is steadily approaching and we look forward to receiving the results of the flow test in due course. As announced on 14 September 2020, IMIC-1 was successfully acidised utilising coiled tubing for pumping the acid to the bottom of the well and then circulating the acid and brine in the well to surface utilising nitrogen to enable lifting liquids. The recovered liquids included a sludge material likely to be a combination of dissolved reservoir material and fine reservoir sediments from the reservoir. Gas flow was observed after approximately 12 hours with a combination of methane and nitrogen coming to surface. The well has now be shut in to observe pressure build up as the reservoir continues to clean up following the acidisation.-

Reabold California

The Company, through its wholly owned subsidiary Reabold California LLC, has interests in oil and gas leases in California with low-cost production and multiple near-term, high-impact drilling opportunities, with low drilling costs and a fast path to monetisation. The leases are operated by Integrity Management Solutions ("IMS"), a Californian operating company that leads direct operational decisions pertaining to the leases.

As announced on 6 January 2020, the VG-6 well located in its West Brentwood licence in California, in which the Company has a 50 per cent. interest, was drilled by IMS to a measured depth of approximately 1,455 metres and encountered oil and gas shows at the target interval, consistent with pre-drill expectations.

We are delighted to have drilled our fifth successful well in California and to see strong rates of production from a previously untested horizon. VG-6 was designed to test a new geological horizon at West Brentwood, the Third Massive, different from the Second Massive which is the producing horizon for the VG-3 and VG-4 wells. Accordingly, success at VG-6 has unlocked a new play with more running room at West Brentwood than we had previously anticipated and therefore additional follow on targets.

Production across Reabold's California licences, being West Brentwood and Monroe Swell, in which Reabold has a 50 per cent. working interest, for the period from 1 January 2020 to 30 June 2020 was 36,991 (gross) and 18,496 (net) barrels of oil equivalent ("boe"). Reabold's net revenue generated from the sales of hydrocarbons in California over the period was US$718,000 (US$575,000 net of royalties). This equates to a realised price of US$38.1/boe (US$30.5/boe net of royalties). The estimated cash operating cost was approximately US$14.4/boe.

 
                              Unit     H1 2020      H2 2019      H1 2019     Total 2019 
  Total Production            Boe*       37,426        50,285      15,407        65,692 
                            -------  ----------  ------------  ----------  ------------ 
  Reabold's 50% share of 
   production                 Boe*       18,713        25,143       7,703        32,846 
                            -------  ----------  ------------  ----------  ------------ 
  Reabold's gross revenue      US$     $718,000    $1,349,000    $505,000    $1,854,000 
                            -------  ----------  ------------  ----------  ------------ 
  Reabold's revenue net 
   of royalties                US$     $575,000    $1,079,000    $404,000    $1,483,000 
                            -------  ----------  ------------  ----------  ------------ 
  Realised price per boe       US$        $38.1         $57.9       $66.7         $60.0 
                            -------  ----------  ------------  ----------  ------------ 
  Realised price per boe 
   net of royalties            US$        $30.5         $46.3       $53.4         $48.0 
                            -------  ----------  ------------  ----------  ------------ 
  Cash operating cost per 
   boe                         US$        $14.4         $13.1       $15.9         $13.7 
                            -------  ----------  ------------  ----------  ------------ 
 

* gas equivalence based on 6,000 scf/bbl

Over the Period, Reabold California operations were affected by Covid-19 related issues which delayed IMS's ability to construct permanent facilities and keep certain wells on production. These facilities have now been completed and all wells are on production.

During the reporting period we witnessed a significant drop in oil prices, resulting from the Russia-Saudi Arabia oil price war triggered in March 2020 by Saudi Arabia in response to Russia's refusal to reduce oil production in order to keep prices for oil at moderate level. This economic conflict resulted in a sheer drop of oil price over the spring of 2020. This was further exacerbated by the decline in demand from Covid-19 lockdowns.

The significant decline in oil prices however, highlights the excellent economics of our operations in California, evident from the relatively low cash operating costs per boe.

As part of an evaluation of the current and future potential value associated with its California business, Reabold commissioned Petrotech Resources Company Inc. ("Petrotech"), based in Bakersfield California, to compile a reserves report, prepared in accordance with the 2007 Petroleum Resources Management System, to cover the West Brentwood field.

During the Period, the Company commissioned Petrotech to update the reserves report, in accordance with the 2007 Petroleum Resources Management System, as at 1 February 2020, and attributed an NPV10 value, net to Reabold, of US$20.41 million associated with the PDPs at VG-3 and VG-4 and the PUD at VG-6, as well as the PDPs at the 2A and 2B locations in Monroe Swell that were brought into production. The PUD at the VG-6 location was brought into production in Q1 2020. It is noted that the additional prospectivity associated with other potential drilling locations at West Brentwood and the other locations, along with "Probable" and "Possible" upsides, have not been included in the valuation calculation. These updated reserves correspond to a total capitalised expenditure by Reabold in respect to the PDPs and PUD at West Brentwood and Monroe Swell to 31 December 2019 of US$6.3 million, associated with the drilling and completion.

The Proved Developed Producing ("PDP") and Proved Undeveloped ("PUD") reserves reported for oil and associated gas, net to the Reabold interest, are as follows:

 
           Reserves as at 1 February 2020                     Reserves as at 1 August 2019 
                      Mbbl       MMcf       Mboe                        Mbbl      MMcf       Mboe 
                                              *                                                * 
                  ----------  --------  ----------  ---------------  --------  --------  ---------- 
  PDP (4 wells)       755.10    232.41      793.84    PDP (4 wells)    573.11    612.58      675.21 
                  ----------  --------  ----------  ---------------  --------  --------  ---------- 
  PUD (1 well)        266.99    363.15      327.52    PUD (1 well)     267.32    363.60      327.92 
                  ----------  --------  ----------  ---------------  --------  --------  ---------- 
  Total             1,022.09    595.56    1,121.35                     840.43    976.18    1,003.13 
                  ----------  --------  ----------  ---------------  --------  --------  ---------- 
 

* gas equivalence based on 6,000 scf/bbl

Corallian

The Company has invested to date a total of GBP3.65 million in Corallian for a 34.9 per cent. interest. Corallian is a private UK oil and gas exploration and appraisal company, which holds interests in five basins in the UK: Central Graben, Inner Moray Firth, Viking Graben, West of Shetland and Wessex Basin. It has an experienced in-house team to execute its programmes.

On 3 September 2020, the Company was pleased to announce that Corallian has been offered 100 per cent. interests in the Victory gas discovery in block 207/1a, the Laxford gas discovery and Scourie prospects in blocks 214/29c and 214/30c, and the Oulton oil discovery in block 3/11a as part of the UK Oil and Gas Authority's 32(nd) Offshore Licensing Round.

We are delighted with the success Corallian has had in the 32(nd) round licence application. We note, in particular, the successful block 207/1a application, which contains the Victory gas discovery. Victory is assessed to be fully appraised, with potential access to infrastructure and expected submission for the field development plan within 18 months from the licence award. The potential upside in block 207/1a, alongside Corallian's successful applications in respect of blocks 214/29c and 214/30c, and the appraisal opportunities they bring, means Reabold, via Corallian, will have exposure to significant low risk resources in the West of Shetland.

Deltic Energy

On 15 July 2020, the Company announced that it was in the process of evaluating a possible all-share offer for the entire issued and to be issued share capital of Deltic Energy plc ("Deltic") (the "Possible Offer").

Reabold believed that the Possible Offer, if made and successfully completed, would deliver clear synergistic benefits and cost savings which should potentially serve to accelerate the delivery of the enlarged group's strategy. In addition, Reabold believed that the complementary nature of the existing Reabold and Deltic portfolios, particularly in the emerging Zechstein oil and gas play underpinned by Reabold's recent West Newton discovery, should facilitate optimal capital deployment both within the proposed enlarged group's expanded portfolio and for potential new project investments. Reabold further believed that on successful completion of a Possible Offer, if made, Deltic shareholders would benefit from, inter alia, a diversified and highly active portfolio, as a result of exposure to the Company's existing assets, whilst current Reabold shareholders would benefit from exposure to Deltic's high-impact, near-term portfolio in the North Sea.

Following initial conversations with a number of Deltic's largest shareholders, Reabold had undertaken preliminary discussions with Deltic to seek such a recommendation from the Board of Directors of Deltic. However, Reabold was disappointed to receive a letter from the Deltic Board unequivocally rejecting the Possible Offer. The exchange ratio in respect of the Possible Offer was determined solely on the basis of publicly available information and Reabold was disappointed that it was not offered the opportunity to undertake market standard confirmatory due diligence, which would also be a pre-condition of making any firm offer for Deltic.

Subsequently on 10 August 2020, the Company announced that it no longer intended to make an offer for Deltic.

Discretionary Finance Facility

On 26 May 2020, the Company announced that it had secured additional liquidity in the form of a GBP5 million discretionary equity line cash facility (the "Discretionary Facility") that provides additional flexibility and strength to the Company's financial position.

The Company's balance sheet is in a strong position with sufficient financial resources to meet its planned work commitments across its portfolio, including those following completion of the Acquisition. However, current macro circumstances underscore the benefit of ensuring sufficient financial flexibility is available, particularly ahead of a major drilling campaign such as that planned for West Newton this year. Towards this, Reabold enhanced its liquidity position by securing a GBP5 million discretionary cash facility with Acuitas Capital, LLC ("Acuitas"). This discretionary cash facility was seen, by the Board, as a prudent measure to provide increased liquidity without the need to dilute shareholders unduly by way of an equity fundraise whilst the share price significantly undervalues Reabold's portfolio due to the current low oil price environment and the Covid-19 lock-down.

The Discretionary Facility is in the form of an Equity Line Agreement (the "ELA") for a period of 24 months with Acuitas, whereby Reabold has the right, at its sole election, but not the obligation, to issue new Ordinary Shares to Acuitas at a subscription price as determined under the ELA for an aggregate amount not exceeding GBP5 million.

In order to drawdown on the Discretionary Facility (an "Advance"), Reabold is required to serve an advance notice to Acuitas ("Advance Notice"). The issue price of any new Ordinary Shares issued pursuant to an Advance will be 90 per cent. of the volume weighted average price ("VWAP") of the Ordinary Shares on AIM over either the 5 or 10 trading days ("Pricing Period"), at Reabold's discretion and to be specified in an Advance Notice, following delivery of an Advance Notice. The discount will be based upon the two lowest and the four lowest VWAPs over a 5 day and 10 day Pricing Period (as applicable) respectively. The Company may set out a minimum acceptable price, if any, in the Advance Notice provided such minimum price must be less than or equal to 96 per cent. of the VWAP of the Ordinary Shares on the trading day immediately preceding the Advance Notice. If no such minimum price is specified by the Company in an Advance Notice, the minimum acceptable price shall be 96 per cent. of the VWAP of the Ordinary Shares on the trading day immediately preceding the Advance Notice. Upon the delivery of an Advance Notice, the Company is required to make a public announcement that it has delivered the Advance Notice, stating the amount of the Advance requested and the dates of the applicable Pricing Period.

The maximum Advance per each Advance Notice shall not exceed 100 per cent. of the average daily value traded of Reabold's Ordinary Shares on AIM ("DVT") in respect of a 5 day Pricing Period or 200 per cent. of the average DVT in respect of a 10 day Pricing Period. In addition, the number of new Ordinary Shares to be issued per Advance shall not exceed 1.5 per cent. of Reabold's then enlarged share capital. Acuitas reserves the right to reduce the amount of an Advance in the event that, during a Pricing Period, the VWAP falls below 0.3 pence or there is no VWAP on any day during a Pricing Period (reductions of 20 per cent. and 10 per cent. per day where the VWAP falls below 0.3p or there is no VWAP, for a 5 day and 10 day Pricing Period respectively).

Acuitas is restricted from selling any Ordinary Shares during a Pricing Period and it, and its affiliates, are banned from engaging in any short selling of the Company's securities. Acuitas is also subject to a daily volume trading restriction not exceeding 20% of the aggregate volume of Ordinary Shares traded on that particular trading day.

In consideration for entering into the ELA, the Company paid Acuitas a commission of GBP100,000, satisfied by the allotment and issue of 16,351,625 new Ordinary Shares at a price of 0.61156 pence per share, calculated, pursuant to the ELA, as the average of the VWAPs of the Ordinary Shares over the 5 trading days up to and including 21 May 2020.

Financial Review

The Group loss for the 6 months ended 3 0 June 2020 was GBP508,000 compared to a loss of GBP 1,699,000 for the corresponding period in 2019, reflecting a significant reduction in the share of losses of associates of GBP380,000 (2019: GBP1,023,000) and a reversal of the provision for VAT not claimable in the net amount of GBP244,000, following a decision by HMRC in favour of the Company's VAT position, post balance sheet date.

During the Period, production from the Group's California assets generated revenues of GBP 570,000 (201 9 : GBP390,000) and gross profit of GBP79,000 (2019: GBP172,000), reflecting the impacts of Covid related issues which delayed the ability to construct permanent facilities and keep certain wells on production.

Total administration costs for the Period of GBP253,000 were lower than the corresponding period in 2019 of GBP368,000, reflecting the positive impacts of foreign exchange gains and the reversal of the provision for VAT not claimable, offsetting increased advisory, legal, staffing costs and Discretionary Facility establishment fees, resulting from increased activity levels.

For the six months ended 3 0 June 2020, the Group net cash used in operating activities was GBP567,000 (2019: net used of GBP 175 ,000). The net cash outflows from investing activities decreased from GBP 4,178 ,000 for the 6 months ending 3 0 June 201 9 to GBP227,000 for the 6 months ended 3 0 June 2020, noting the significant investment activities in the second half of 2019, principally in Rathlin. During the Period, the Group did not have any cash flows from financing activities, as was the case in the corresponding period in 2019 .

Cash and cash equivalents as at 3 0 June 20 20 was GBP5,485,000 (201 9 : GBP 2,765,000 ).

The Group total net assets and net current assets as at 3 0 June 2 0 20 were GBP39,826,000 (201 9 : GBP 17,802,000 ) and GBP5,962,000 (201 9 : GBP 2,797,000 ) respectively.

Outlook

We are highly encouraged by the success we have had so far in the implementation of our strategy to invest in low-risk, high impact, upstream oil and gas projects. With a portfolio that contains interests in the Danube, Corallian and Rathlin prospects, all of which had appraisal campaign drilling in 2019, and the further drilling programmes in California following the success in the US to date, together with a number of other projects currently under review, the Board is confident that its shareholders can look forward to an exciting 2020 and beyond.

This report was approved by the Board and signed on its behalf:

Jeremy Edelman

Chairman

22 September 2020

GROUP STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIODED 30 JUNE 2020

 
                                                      Unaudited    Unaudited      Audited 
                                                       6 months     6 months    12 months 
                                                             to           to           to 
                                                      30-Jun-20    30-Jun-19    31-Dec-19 
                                             Notes      GBP'000      GBP'000      GBP'000 
                                                    -----------  -----------  ----------- 
 
  Revenue                                                   570          390        1,452 
  Cost of sales                                3          (490)        (218)        (856) 
                                                    -----------  -----------  ----------- 
  Gross profit                                               80          172          596 
 
  Net gain in financial assets 
   measured at fair value through 
   P&L                                                        -            -            - 
  Other income                                               35           14           71 
  Exploration costs                                           -        (189)        (192) 
  Impairment                                                  -        (147)        (160) 
  Administration expenses                                 (153)        (368)      (1,387) 
                                              6, 
  Share based payments expense                 7          (100)        (167)        (192) 
                                                    -----------  -----------  ----------- 
  Loss on ordinary activities                             (138)        (685)      (1,264) 
 
  Share of losses of associates                           (380)      (1,023)      (2,952) 
  Finance income                                             10            9           17 
  Loss before tax for the period                          (508)      (1,699)      (4,199) 
 
  Taxation                                                    -            -            - 
  Loss for the financial period                           (508)      (1,699)      (4,199) 
 
  Other comprehensive income: 
  Foreign exchange gain on translation 
   of foreign subsidiaries                                  107            7         (67) 
                                                    -----------  -----------  ----------- 
  Other comprehensive income                                107            7         (67) 
 
  Total comprehensive loss for the 
   financial period                                       (401)      (1,692)      (4,266) 
                                                    ===========  ===========  =========== 
 
  Attributable to: 
  Equity holders                                          (401)      (1,692)      (4,266) 
                                                          (401)      (1,692)      (4,266) 
                                                    ===========  ===========  =========== 
 
  Earnings per share 
  Basic and fully diluted loss 
   per share (pence)                           2        (0.006)       (0.04)       (0.11) 
 
 

GROUP STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2020

 
                                                 Unaudited    Unaudited      Audited 
                                                 30-Jun-20    30-Jun-19    31-Dec-19 
                                        Notes      GBP'000      GBP'000      GBP'000 
                                               -----------  -----------  ----------- 
  ASSETS 
  Non-current assets 
  Exploration & evaluation 
   assets                                            3,288        3,114        3,507 
  Property, plant & equipment                        5,369        4,203        4,400 
  Investments in associates               4         25,233        7,673       25,613 
  Goodwill on acquisition                              329          329          329 
  Investments in equity instruments       5             15           15           15 
                                               -----------  -----------  ----------- 
                                                    34,234       15,334       33,864 
                                               -----------  -----------  ----------- 
  Current assets 
  Inventory                                             20           11           19 
  Prepayments                                           25            8           58 
  Trade and other receivables                          584          658          855 
  Restricted cash                                      202          197          341 
  Cash and cash equivalents                          5,485        2,765        6,717 
                                               -----------  -----------  ----------- 
                                                     6,316        3,639        7,990 
                                               -----------  -----------  ----------- 
 
  Total assets                                      40,550       18,973       41,854 
                                               ===========  ===========  =========== 
 
  EQUITY 
  Capital and reserves 
  Share capital                           6          6,861        3,937        6,845 
  Share premium account                             19,768       25,314       19,685 
  Capital redemption reserve                           200          200          200 
  Share based payment reserve                        1,746        1,721        1,746 
  Foreign currency translation 
   reserve                                             107           74            - 
  Retained earnings                                 11,143     (13,444)       11,651 
                                               -----------  -----------  ----------- 
  Total shareholders' funds                         39,826       17,802       40,127 
                                               -----------  -----------  ----------- 
 
  LIABILITIES 
  Current liabilities 
  Trade and other payables                             278          346          902 
  Provisions                                             -          213          299 
  Accruals                                              76          283          130 
                                               -----------  -----------  ----------- 
                                                       355          842        1,331 
                                               -----------  -----------  ----------- 
 
  Non-current liabilities 
  Deferred tax liability                               329          329          329 
  Provision for decommissioning                         40            -           67 
                                               -----------  -----------  ----------- 
                                                       369          329          396 
                                               -----------  -----------  ----------- 
 
  Total equity and liabilities                      40,550       18,973       41,854 
                                               ===========  ===========  =========== 
 

GROUP STATEMENT OF CASH FLOWS

FOR THE PERIODED 30 JUNE 2020

 
                                                        Unaudited    Unaudited      Audited 
                                                         6 months     6 months    12 months 
                                                               to           to           to 
                                                        30-Jun-20    30-Jun-19    31-Dec-19 
                                                Note      GBP'000      GBP'000      GBP'000 
                                                      -----------  -----------  ----------- 
  Cash flows from operating activities 
  Loss for the financial period                             (508)      (1,699)      (4,199) 
  Adjustments: 
  Net gain on financial assts at FV 
   through profit or loss                                       -            -            - 
  Capitalised E&E expenditure expensed 
   to exploration costs                                         -          189          192 
  Depreciation                                                161           47          237 
  Impairment                                                    -          147          160 
                                                 6, 
  Share based payments                            7           100          167          192 
  Operating cash flows before movement 
   in working capital                                       (247)      (1,149)      (3,418) 
 
  (Increase)/decrease in receivables                          271        (233)        (430) 
  Increase/(decrease) in payables 
   and accruals                                             (677)          108          512 
  Increase/(decrease) in provisions                         (299)           29          115 
  Increase/(decrease) in provision 
   for decommissioning                                       (27)            -           67 
  (Increase)/decrease in prepayments                           33           26         (27) 
  Decrease/(increase) in inventory                            (1)           21           13 
                                                      -----------  -----------  ----------- 
  Cash used in operating activities                         (947)      (1,198)      (3,168) 
 
  Share of losses of associates                  4            380        1,023        2,952 
                                                      -----------  -----------  ----------- 
  Net cash used in operating activities                     (567)        (175)        (216) 
                                                      -----------  -----------  ----------- 
 
  Net cash flows from investment activities 
  Acquisition of investments in associates       4              -      (1,126)     (20,995) 
  Acquisition of investments in equity 
   instruments                                   5              -            -            - 
  Expenditure on oil & gas property                         (309)      (2,858)      (3,258) 
  Expenditure on E&E assets                                  (57)        (173)        (567) 
  Cash acquired on acquisition of 
   subsidiary                                                   -            -            - 
  Additions to restricted cash                                139         (21)        (165) 
  Loan to subsidiary pre-acquisition                            -            -            - 
  Net cash used in investment activities                    (227)      (4,178)     (24,985) 
 
  Cash flows from financing activities 
  Share placement net proceeds                                  -            -       24,873 
  Net cash generated from financing 
   activities                                                   -            -       24,873 
 
  Net increase/(decrease) in cash 
   and cash equivalents                                     (794)      (4,353)        (328) 
  Net foreign exchange difference                           (438)            6         (67) 
  Cash and cash equivalents at the 
   beginning of the period                                  6,717        7,112        7,112 
                                                      -----------  -----------  ----------- 
  Cash and cash equivalents at the 
   end of the period                                        5,485        2,765        6,717 
                                                      ===========  ===========  =========== 
 
  Cash and cash equivalents comprises: 
  Cash and cash equivalents                                 5,485        2,765        6,717 
  Overdraft and borrowings                                      -            -            - 
                                                      -----------  -----------  ----------- 
                                                            5,485        2,765        6,717 
                                                      ===========  ===========  =========== 
 

GROUP STATEMENT OF CHANGES IN EQUITY

FOR THE PERIODED 30 JUNE 2020

 
                                                                        Share          Foreign 
                                           Share         Capital        based         currency 
                               Share     premium     Redemp-tion     payments     translat-ion     Retained 
                             capital     account         reserve      reserve          reserve     earnings      Total 
                             GBP'000     GBP'000         GBP'000      GBP'000          GBP'000      GBP'000    GBP'000 
------------------------  ----------  ----------  --------------  -----------  ---------------  -----------  --------- 
 
  Balance 31 December 
   2018 
   - audited                   3,935      25,301             200        1,554               67     (11,745)     19,312 
  Total comprehensive 
   income 
   for period                      -           -               -            -                -      (1,699)    (1,699) 
  Changes in equity for 
   period to 
   30 June 2019 
  Issue of share capital           2          13               -            -                -            -         15 
  Share based payments             -           -               -          167                -            -        167 
  Revaluation of equity 
   instruments                     -           -               -            -                7            -          7 
  Balance 30 June 2019 - 
   unaudited                   3,937      25,314             200        1,721               74     (13,444)     17,802 
 
  Total comprehensive 
   income                          -           -               -            -                -      (2,500)    (2,500) 
  Changes in equity for 
   period to 
   31 December 2019 
  Issue of share capital       2,908      23,743               -            -                -            -     26,651 
  Transaction costs on 
   issue 
   of share capital                -     (1,777)               -            -                -            -    (1,777) 
  Capital reduction                -    (27,595)               -            -                -       27,595          - 
  Share based payments             -           -               -           25                -            -         25 
  Other comprehensive 
   income                          -           -               -            -             (74)            -       (74) 
  Balance 31 December 
   2019 
   - audited                   6,845      19,685             200        1,746                -       11,651     40,127 
 
  Total comprehensive 
   income                          -           -               -            -                -        (508)      (508) 
  Changes in equity for 
   period to 
   30 June 2020 
  Issue of share capital          16          84               -            -                -            -        100 
  Other comprehensive 
   income                          -           -               -            -              107            -        107 
                          ----------  ----------  --------------  -----------  ---------------  -----------  --------- 
  Balance 30 June 2020 - 
   unaudited                   6,861      19,768             200        1,746              107       11,143     39,826 
                          ==========  ==========  ==============  ===========  ===============  ===========  ========= 
 

NOTES TO THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIODED 30 JUNE 2020

   1.    Basis of preparation 

These interim financial statements have been prepared using policies based on International Financial Reporting Standards (IFRS and IFRIC interpretations) issued by the International Accounting Standards Board ("IASB") as adopted for use in the EU. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2019 Annual Report. The financial information for the half years ended 30 June 2020 and 30 June 2019 does not constitute statutory accounts within the meaning of Section 434(3) of the Companies Act 2006 and is unaudited.

The annual financial statements of Reabold Resources Plc are prepared in accordance with IFRSs as adopted by the European Union. The comparative financial information for the year ended 31 December 2019 included within this report does not constitute the full statutory accounts for that period. The statutory Annual Report and Financial Statements for 2019 have been filed with the Registrar of Companies. The Independent Auditors' Report on that Annual Report and Financial Statement for 2019 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

After making enquiries, the directors have a reasonable expectation that the Company has adequate resources and support from key shareholders to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half-yearly financial statements.

The same accounting policies, presentation and methods of computation are followed in these condensed financial statements as were applied in the Company's latest annual audited financial statements, with additional information in respect of significant accounting policies disclosed below.

The IASB has issued a number of IFRS and IFRIC amendments or interpretations since the last annual report was published. It is not expected that any of these will have a material impact on the Company.

   2.         Loss per share 
 
                                                      Unaudited        Unaudited          Audited 
                                                       6 months         6 months        12 months 
    The calculations of the basic and diluted                to     to 30-Jun-19     to 31-Dec-19 
    earnings per share are based on data the          30-Jun-20          GBP'000          GBP'000 
    following:                                          GBP'000 
 
    Loss for the year                                     (401)          (1,692)          (4,266) 
 
  Loss for the purpose of basic earnings 
   per share                                              (401)          (1,692)          (4,266) 
                                                ---------------  ---------------  --------------- 
 
  Number of shares 
  Weighted average number of ordinary shares 
   in issue during the year                       6,734,224,240    3,822,649,968    3,822,854,007 
 
 
  Loss per share 
  Basic loss per share (pence)                          (0.006)           (0.04)           (0.11) 
 
 

As the Group is reporting a loss in each period, in accordance with IAS 33, outstanding share options are not considered to be dilutive because the exercise of the share options would have the effect of reducing the loss per share.

   3.    Cost of sales 
 
                                          Unaudited    Unaudited        Audited 
                                          30-Jun-20    30-Jun-19      31-Dec-19 
                                            GBP'000      GBP'000        GBP'000 
 
  Production costs                              215           93          329 
  Royalties                                     114        78               290 
  Depreciation of oil & gas assets              161           47          237 
 
                                                490          218            856 
                                        -----------  -----------  ------------- 
 
 
   4.    Investments in associates 

The table below represents the Company's associates, in which it has significant influence:

 
                                                                                 Holding      Holding      Holding 
                 Country                               Nature       Class 
                  of                                    of           of          Unaudited    Unaudited    Audited 
                                  Registered 
  Associate      registration     address              business     shares       30-Jun-20    30-Jun-19    31-Dec-19 
 
                                  Blackstable 
                                   House, 
                                   Longridge, 
                                   Sheepscombe, 
  Corallian                        Stroud, 
   Energy        England           Gloucestershire,    Oil & 
   Limited        & Wales          GL6 7QX              gas         Ordinary         34.9%        32.9%        34.9% 
 
                                  3 Waterfront 
                                   Business Park, 
  Danube                           Brierley Hill, 
   Petroleum     England           West Midlands,      Oil & 
   Limited        & Wales          DY5 1LX              gas         Ordinary         50.8%        37.5%        50.8% 
 
                                  3rd Floor, 11-12 
  Rathlin                          St James' 
   Energy                          Square, 
   (UK)          England           London, SW1Y        Oil & 
   Limited        & Wales          4LB                  gas         Ordinary         59.5%        36.0%        59.5% 
 

All of the Company's associates are unlisted. A breakdown of investments in associates as at 30 June 2020 and comparative periods along with the respective changes during the period then ended are summarised as follows:

 
                                              Unaudited    Unaudited      Audited 
                                              30-Jun-20    30-Jun-19    31-Dec-19 
                                                GBP'000      GBP'000      GBP'000 
 
  At 1 January                                   25,613        7,570        7,570 
  Additions                                           -        1,126       20,995 
  Share of profit/(loss) of associates            (380)      (1,023)      (2,952) 
  At 30 
   June                                          25,233        7,673       25,613 
                                            -----------  -----------  ----------- 
 

During the six months ended 30 June 2020, the Company increased its investment in associates by GBPNil (2019: GBP1,126,000). Reabold's share of loss of associates for the Period was GBP380,000 (2019: GBP1,023,000).

   5.    Investments in equity instruments 
 
                        Unaudited    Unaudited      Audited 
                        30-Jun-20    30-Jun-19    31-Dec-19 
                          GBP'000      GBP'000      GBP'000 
 
  At 1 January                 15            -            - 
  Addition at cost              -           15           15 
  At 30 June                   15           15           15 
                      -----------  -----------  ----------- 
 

During the six months ended 30 June 2020, the Company made an investment in equity instruments of GBPNil (2019: GBP15,000).

   6.    Called up share capital 
 
                                             30-Jun-20        30-Jun-19               31-Dec-19 
                                            No. shares       No. shares              No. shares 
  Ordinary shares 
  Opening ordinary shares of 0.10 
   pence each                            6,730,630,476    3,821,074,719           3,821,074,719 
  Issue of new ordinary shares of 
   0.10 pence each                          16,351,265        1,980,000           2,909,555,757 
  Closing ordinary shares of 0.10 
   pence each                            6,746,981,741    3,823,054,719           6,730,630,476 
                                       ---------------  ---------------  ---------------------- 
 
  "A" Deferred Share 
  Opening "A" Deferred Share of 1.65 
   pence each                                6,915,896        6,915,896               6,915,896 
  Closing "A" Deferred Share of 1.65 
   pence each                                6,915,896        6,915,896               6,915,896 
                                       ---------------  ---------------  ---------------------- 
 
                                             30-Jun-20        30-Jun-19               31-Dec-19 
                                               GBP'000          GBP'000                 GBP'000 
  Ordinary shares 
  Opening ordinary shares of 0.10 
   pence each                                    6,731            3,821                   3,821 
  Issue of new ordinary shares of 
   0.10 pence each                                  16                2                   2,910 
  Closing ordinary shares of 0.10 
   pence each                                    6,747            3,823                   6,731 
                                       ---------------  ---------------  ---------------------- 
 
  "A" Deferred Share 
  Opening "A" Deferred Share of 1.65 
   pence each                                      114              114                     114 
  Closing "A" Deferred Share of 1.65 
   pence each                                      114              114                     114 
                                       ---------------  ---------------  ---------------------- 
 

On 26 May 2020 the Company issued 16,351,265 new Ordinary Shares of 0.1p each at a price of 0.61156 pence per share in consideration for a GBP100,000 commission payable to Acuitas for arranging a discretionary equity line cash facility.

   7.    Share options and share based payments 

During the six months ended 30 June 2020, the Company granted nil options (2019: nil). At 30 June 2020 there were 315,000,000 share options outstanding (2019: 315,000,000).

 
                                                         Lapsed 
                              At         Issued     / Exercised             At 
                       1 January         during          during        30 June    Exercise 
                            2020     the period      the period           2020       Price       Vesting        Expiry 
  Option Holder              No.            No.             No.            No.       Pence          Date          Date 
  Sachin Oza          30,000,000              -               -     30,000,000       0.50p    19/10/2017    19/10/2021 
  Sachin Oza          30,000,000              -               -     30,000,000       0.75p    19/10/2018    19/10/2021 
  Sachin Oza          30,000,000              -               -     30,000,000       1.00p    19/04/2019    19/10/2021 
  Sachin Oza          20,000,000              -               -     20,000,000       0.60p    19/03/2018    19/03/2022 
  Sachin Oza          20,000,000              -               -     20,000,000       0.90p    14/03/2019    19/03/2022 
  Sachin Oza          20,000,000              -               -     20,000,000       1.20p    14/09/2019    19/03/2022 
  Stephen 
   Williams           30,000,000              -               -     30,000,000       0.50p    19/10/2017    19/10/2021 
  Stephen 
   Williams           30,000,000              -               -     30,000,000       0.75p    19/10/2018    19/10/2021 
  Stephen 
   Williams           30,000,000              -               -     30,000,000       1.00p    19/04/2019    19/10/2021 
  Stephen 
   Williams           20,000,000              -               -     20,000,000       0.60p    19/03/2018    19/03/2022 
  Stephen 
   Williams           20,000,000              -               -     20,000,000       0.90p    14/03/2019    19/03/2022 
  Stephen 
   Williams           20,000,000              -               -     20,000,000       1.20p    14/09/2019    19/03/2022 
  Anthony Samaha      10,000,000              -               -     10,000,000       0.50p    19/10/2017    19/10/2021 
  Anthony Samaha       5,000,000              -               -      5,000,000       0.60p    19/03/2018    19/03/2022 
                     315,000,000              -               -    315,000,000 
                   -------------  -------------  --------------  ------------- 
 

The number and weighted average exercise prices of share options are as follows:

 
                             At 30 June 2020             At 30 June 2019 
                          Weighted                    Weighted 
                           average                     average 
                          exercise         Number     exercise      Number of 
                             price     of options        price        options 
  Outstanding at 1 
   January                    0.80    315,000,000         0.80    315,000,000 
  Granted during the             -              -            -              - 
   period 
  Forfeited during               -              -            -              - 
   the period 
  Exercised during               -              -            -              - 
   the period 
  Outstanding at 30 
   June                          -              -         0.80    315,000,000 
  Exercisable at 30 
   June                       0.80    315,000,000         0.74    275,000,000 
                       -----------  -------------  -----------  ------------- 
 

The options outstanding at 30 June 2020 have a weighted average contractual life of 1.47 years (2019: 2.47 years).

The closing share price range during the six months ended 30 June 2020 was 0.235p to 0.785p.

For the options granted, IFRS 2 "Share-Based Payment" is applicable, and the fair values were calculated using the Black-Scholes model. The inputs into the model were as follows:

 
                            Risk free    Share price    Expected    Share price 
                               rate       volatility      life        at date 
                                                                      of grant 
  Granted 14 March 2018       1.05%         120%        4 years        0.65p 
  Granted 19 October 
   2017                       0.72%         120%        4 years        0.77p 
 

Expected volatility was determined by calculating the historical volatility of the Company's share price.

The Company recognised total expenses relating to equity-settled share-based payment transactions during the period of GBP100,000 (2019: GBP167,000).

   8.    Events after the reporting period 

On 29 July 2020, the Company announced the completion of the acquisition of a 16.665 per cent. interest in PEDL 183 from Humber, following the satisfaction of the conditions precedent. Accordingly, the 350,000,000 Consideration Shares were issued to Humber.

On 27 August 2020, the Company was advised by HMRC that following an extensive review of Reabold's activities, it is engaged in taxable activities and thereby entitled to recover input tax which have a direct and immediate link with taxable supplies made by the Company. Accordingly, HMRC advised that it would release payment of the Company's outstanding VAT claims as soon as possible. On 7 September 2020, the Company received a refund from HMRC of GBP246,000 in respect of VAT.

   9.    General Information 

Reabold Resources Plc is a company registered in England and Wales under the Companies Act. Registered in England number 3542727 at The Broadgate Tower, 8th Floor, 20 Primrose Street, London, England, EC2A 2EW. The principal activity of the Company is that of an investing company in accordance with the AIM Rules for Companies.

10. Availability of this announcement

Copies of this announcement are available from the Company's website www.reabold.com .

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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END

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