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Reabold Resources PLC - oil and gas investing company with a diversified portfolio of exploration, appraisal and development projects - Says it has exercised an option to subscribe for 116 new shares in LNEnergy Ltd, investing GBP1.7 million in the firm. Says GBP750,000 of the investment will come from its existing resources, with the remainder satisfied by the issue of 486.5 million new shares at 0.185 pence each to LNEnergy. Says it now holds a 26.1% stake in LNEnergy. Notes that LNEnergy's Santo gas field has the potential to generate between EUR11 and EUR12 million in cash flow per year.
Chief Executive Sachin Oza says: "Reabold is excited by the potential of the Colle Santo project and confident in its decision to invest further in LNEnergy. The formalisation of the Technical Scientific Committee at the University of Chieti-Pescara shows constructive local stakeholder engagement in the Colle Santo project and follows on from positive regulatory progress taking place at a government level, as Italy looks to secure domestic energy supply."
Current stock price: 0.11 pence each
12-month change: down 54%
By Harvey Dorset, Alliance News reporter
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