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Reabold Resources announces full year results for the year ended 31 December 2020

10 Jun 2021

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Reabold Resources, the investor in upstream oil and gas projects, has announced its audited results for the year ended 31 December 2020.

Reporting period highlights

  • Opportunistic acquisition of a direct 16.665 per cent. interest in the West Newton field for the consideration of the issue of 350,000,000 new ordinary shares and £1.4 million in cash; taking the Company's effective economic interest in West Newton to circa 56.4 per cent. from 39.7 per cent.
  • Significant discovery at the West Newton field with the B-1Z well, which exceeded pre-drill expectations, further suggesting that the West Newton discovery would be the largest UK onshore discovery since 1973.
  • West Newton development plan has been given an AA rating by Gaffney, Cline & Associates for carbon intensity, the best possible grade for low carbon emissions from potential upstream crude oil production.
  • Corallian Energy was awarded by the UK Oil and Gas Authority ('OGA') a 100 per cent. interest in block 207/1a, containing the Victory gas discovery, a simple, low-risk gas development which has been fully appraised and requires no additional pre-development drilling, with 2C contingent resources of 157 BCF¹ and NPV10 of circa £146 million (based on 50p/therm).
  • Further investment of £600,000 into Corallian through exercise of warrants, increasing the Company's interest in Corallian to approx. 36.9 per cent, bringing further optionality and additional upcoming activity to the Reabold portfolio.
  • Additional commercial discovery on West Brentwood licence in California.
  • Proven reserves of 1.12 million barrels of oil equivalent ('boe') attributed to Reabold's net interest in 4 PDP² and 1 PUD³ wells in California, with associated value of US$20.4 million (NPV10), as at February 2020.
  • Testing of the IMIC-1 discovery well in Romania undertaken, with engineering studies ongoing to determine the potential viability of two development options.

Post reporting period highlights

  • Oversubscribed placing at a premium to the market to raise £7.5 million at 0.55p per share, supported by key existing and new institutional investors.
  • Further investment of £1,000,000 into Corallian by way of a Convertible Loan to fund the submission of a draft Field Development Plan for the Victory gas field, planned to be before the end of 2021. Subsequently, the Company sold 50 per cent. of its Convertible Loan for net proceeds of £500,000 to a group of strategic investors have indicated their support of an IPO or RTO for Corallian.
  • Reabold completed a conditional offer to acquire up to an additional 13.12 per cent. of Corallian shares from existing Corallian shareholders, in exchange for new Reabold shares, at a ratio of 474 Reabold shares for 1 Corallian share. The Offer was oversubscribed, and all conditions precedent fulfilled. As a result, Reabold acquired 989,439 Corallian shares, equivalent to 13.12 per cent. of Corallian, from existing Corallian shareholders, and issued 468,994,086 new Reabold shares as consideration and now owns 49.99 per cent. of Corallian Energy. By increasing its position in Corallian, the Company has increased its economic interest in the 100 per cent Corallian owned Victory gas discovery.
  • Cash assets of the Company as at the date of this report of approx. £6.8 million.

(1) Billion cubic feet

(2) Proven developed producing

(3) Proven undeveloped

Original article link

Source: Reabold Resources

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