Reabold Resources, the oil and gas investing company with a diversified portfolio of exploration, appraisal and development projects, has announced its audited financial results for the year ended 31 December 2022 and the Annual Report is publicly available at www.reabold.com/investors/reports-presentations/
Reporting period highlights
Portfolio developments
- Sale of Corallian and its Victory licence in which Reabold held a 49.99% interest to Shell U.K. Limited in November 2022 for gross cash consideration of £32 million; Reabold's share of net proceeds c. £12.7 million after fees and other costs
- Acquisition of Corallian's six North Sea licences by Reabold for £250,000 in May 2022
- West Newton developments: planning granted and Competent Person's Report ("CPR") confirmed gross 2C unrisked technically recoverable resources of 197.6 bcf of sales gas, with an estimated 86% geological chance of success. Technical analysis confirmed future exploratory drilling at the West Newton B site
- Reabold's California assets exchanged for a 42% stake in Daybreak Oil & Gas Inc
Board and balance sheet
- Appointment of Chief Financial Officer Chris Connolly in March 2022; former Finance Director Anthony Samaha appointed as Non-Executive Director
- Cash of £5.5 million at year end, no debt
- Net assets of £46.5 million
Post period end highlights
- Acquisition of Simwell Resources Limited for £1 million which includes interests in four Southern North Sea licences east of onshore West Newton, providing interesting exploration opportunities and valuable geological insight for our understanding of West Newton
- CPR released on four of Reabold's North Sea licences including P2478, which includes the West Dunrobin prospect confirming significant resource potential
- Rathlin to potentially bring in an industry partner to support licence activity, with West Newton B-2 drilling targeted for Q4 2023, subject to final regulatory approvals and rig availability
- Potentially highly significant discovery in Crawberry Hill, part of the PEDL 183 licence
- Share buyback programme commenced during April 2023
- Acquired a 3.1% interest in LNEnergy for cash consideration of £250,000, receiving options to acquire further shares in LNEnergy which, if exercised, would result in Reabold holding a 25.0% shareholding in LNEnergy for aggregate cash and equity consideration of £3.8 million.
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Source: Reabold Resources
