Reabold Resources has announced unaudited interim results for the six months ended 30 June 2026.
Highlights
Corporate
Reabold raised a total of £4.3 million in the first half of 2026. £1.9 million was raised from a group of US strategic investors, of which £1.5 million came from Rohan Oza, a high-profile strategic investor; £1.5 million was raised via a Placing conducted by way of an accelerated bookbuild; and £0.9 million was raised
via direct subscriptions. As part of the direct subscriptions, Directors and persons closely associated with Directors contributed £0.4 million. The net proceeds of the fundraise will be used to progress the key West Newton project, including the funding of both Reabold and Rathlin's shares of the recompletion of the A-2
well, expected to take place in Q4 2026. In addition, participants in the fundraise received 1.25 warrants for each new ordinary share, each with a right to convert to one new ordinary share at an exercise price of £1.10 per share. This mechanism is intended to provide the Company with access to additional capital, in
the event of a successful A-2 recompletion, and to move into early production as soon as possible.
LNEnergy – Colle Santo gas field, Italy
- In March 2026, Reabold completed the first stage of its disposal of LNEnergy to Beacon Energy, disposing of 49% of Reabold’s 47.6% interest in LNEnergy. As part of the first completion Reabold received 9,086,917 shares in Beacon. Reabold also invested £750,000 into Beacon by participating in a placing, taking Reabold’s interest in listed shares in Beacon to 22.7% as at 30 June 2026. At completion of the second stage, expected in Q4 2026, Reabold will have disposed of its entire shareholding in LNEnergy in exchange for a €16 million earn out pursuant to which Reabold will receive 25% of its pro rata share of the net cash flow from the Colle Santo project once on production. At second stage completion, Reabold will receive further shares in Beacon taking Reabold’s holding in Beacon to approximately 28.1%.
- As a result of the transaction with Beacon, Reabold recognised a £0.6 million gain on sale in the income statement and a £5.0 million contingent consideration receivable. The £5.0 million contingent consideration receivable is reported within Other Investments on the balance sheet. See Note 9 for further details.
Rathlin Energy (UK) Limited and West Newton – PEDL 183
In February 2026, England's environmental regulator, the Environment Agency ("EA"), issued Rathlin, a subsidiary of Reabold and operator of the Licence, the variation to the permit for the West Newton 'A' Well Site allowing for the recompletion works to be carried out at the West Newton A-2 well subject to certain
pre-operational conditions.
Sachin Oza and Stephen Williams, Co-CEOs of Reabold, commented:
'We are pleased to report on a period of strong progress for Reabold, during which we raised significant funds to progress the West Newton project, and successfully realised value from the Colle Santo gas project. In Q4 2026, we expect to commence recompletion works at the West Newton A-2 well, a pivotal step towards unlocking the full value of our flagship UK project. The support shown by new and existing investors, including from a group of US strategic investors, enabled us to raise a total of £4.3 million during the period, positioning the Company to fund Reabold and Rathlin's share of the recompletion.
In Italy, the transaction with Beacon provides Reabold shareholders with continued exposure to the Colle Santo project through the €16 million earn out mechanism, allowing shareholders to benefit from the project’s cash flow potential once on production, while removing further funding exposure.
We look forward to building on this momentum in the second half of the year, as we progress West Newton and continue to execute on our strategy across the portfolio.'
Source: Reabold Resources
