Reabold Resources, the investing company focussed on developing strategic gas projects for European energy security, has announced its audited financial results for the year ended 31 December 2024 and the Annual Report is publicly available at www.reabold.com/investors/reports-presentations/.
2024 Highlights
- SPA signed to acquire 20.4% of the shares in Rathlin Energy (UK) Limited. Acquisition completed in January 2025, taking Reabold's shareholding in Rathlin to 79.8% and its economic interest in West Newton to 69.9%.
- Cash and cash equivalents up 15% at £6.2 million as at 31 December 2024, compared with £5.4 million as at 31 December 2023.
- Final tranche cash proceeds of £4.4 million for the sale of Corallian, received from Shell in January 2024.
- Increased interest in LNEnergy Limited ("LNEnergy") by 3.1% in 2024 taking interest to 29.2% at December 31, 2024. LNEnergy is the manager and owner of LNEnergy S.R.L., the Italian company which has applied for the Colle Santo gas field concession, a highly material gas resource with an estimated 65Bcf of 2P reserves(1). In May 2025, Reabold increased its interest in LNEnergy to 45.1% via the conversion of £500,000 of loan notes.
- Execution of a non-binding Heads of Agreement between Gunvor International B.V. and LNEnergy for the purchase of Liquified Natural Gas ('LNG') by Gunvor from LNEnergy from the Colle Santo gas field.
- Agreement provides for a potential prepayment for a portion of the first five years of deliveries to help fund the development.
- At West Newton, a Gas Export Feasibility study completed by independent energy consultants, 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 partnership the ability to drill future wells out of cash flow. See Review of Operations section below for further details.
- 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 c.£12 million.
- The North Sea Transition Authority ('NSTA') approved a revised work programme for PEDL 183 onshore UK, which contains the West Newton field. The JV partnership for PEDL 183 is expected to approve a forward plan, which will initially consist of the re-entry and recompletion of the West Newton A-2 well in order to establish sustained gas flow. The JV partnership believes this is a low risk and low cost approach to derisk the project.
(1) RPS estimate, September 2022
Source: Reabold Resources
