20th Aug 2024 19:02
Reabold Resources PLC - Investor in "low-risk, near term" oil and gas projects - Increases stake in LNEnergy Ltd by 1.0% through subscription of 17 new ordinary shares at GBP12,047 per share worth about total GBP205,000. Reabold now owns about 27.1% of LNEnergy share capital. Further, LNEnergy grants Reabold warrant with six month exercise period to subscribe in cash for further shares at GBP12,047 each worth about total GBP747,000. If exercised would give Reabold a 30.6% interest.
LNEnergy holds 20% interest in LNEnergy SRL, which has applied for a 90% stake in the development-ready Colle Santo gas field concession in Abruzzo, Italy. Colle Santo has an estimated 65 billion cubic feet of proven and probable reserves and potential to generate about EUR11 million to 12 million post-tax free cash flow per annum. LNEnergy has an option to acquire the remaining interest in LNEnergy SRL for USD11 million by February 1.
Reabold Co-Chief Executive Officer Stephen Williams says: "The Colle Santo project holds significant gas reserves and can be a valuable source of domestic energy supply for Italy, notably in the form of [liquefied natural gas]. We remain encouraged by progress through the regulatory process and we look forward to providing a further update to shareholders in due course."
Current share price: 0.063 pence
12-month change: down 43%
By Aidan Lane, Alliance News reporter
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