Last checked at 27 Feb 2024 10:20
Reabold "well positioned" after selling Victory project to Shell
(Alliance News) - Reabold Resources PLC on Tuesday announced the GBP32 million sale of the Victory gas project to Shell UK Ltd.
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Reabold Resources Information
Share Price Information for Reabold Resources (RBD)
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Share Price:
0.0825
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0.08
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0.085
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-0.0025 (-2.94%)
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Mon, 20th May 2019 10:51
(Sharecast News) - Reabold Resources announced on Monday that its contract operator in California, Integrity Management Solutions, has informed it that the perforating and swabbing operation at the Burnett 2B and Burnett 2A wells has been completed.The AIM-traded firm said commercial flow rates had been confirmed at both wells, which were the third and fourth wells in the Reabold California portfolio to achieve that.Multiple zones were perforated in both wells, with the swabbing runs resulting in oil flow from all zones prognosed to be hydrocarbon bearing.Pumping units were being mobilised this week, with the final permanent production facilities expected to be in place within the next fortnight, at which point both wells would be put onto permanent production.Reabold said it would update the market as to the flow rates achieved once the wells were on permanent production.Both the Burnett 2A and 2B wells had additional reservoir zones prognosed to be hydrocarbon bearing that had not yet been perforated, with the company said it would evaluate the potential to target additional production from those zones at a later date, after gathering initial production data from the wells.In addition, Reabold said it was planning to drill further wells on the licence area, given that success, with the aim of growing production and cash flow.Reabold said it had now earned its 50% working interest in the licence, with all future activity to be funded by the company at a 50% paying interest.At the VG-4 well on the West Brentwood licence, as the firm announced on 29 April, work had started to complete a tie-in to the nearby gas pipeline, to realise revenue from the gas production and to allow VG-4 to produce at less constrained rates.Integrity Management Solutions was reportedly awaiting an Encroachment Permit from the California Division of Oil, Gas and Geothermal Resources, which was required to complete the tie-in due to the proximity of the pipeline to a public road.VG-4 had been shut in while that final stage of the works was completed.At the Doud A area within Monroe Swell, where Reabold was producing from the wells that were worked over last year, production had been curtailed by water ingress at the main production well due to a leak in the casing, the board reported.Integrity Management Solutions was proposing to rectify the issue with a minor workover, now that testing was complete at the Burnett wells, which was expected to restore the Doud A wells to full production shortly.From 20 April to 8 May, with VG-4 producing at the constrained rates, cumulative gross production across Reabold's California portfolio was 7,484 barrels of oil equivalent gross, with 3,742 barrels of oil equivalent net to Reabold.That excluded volumes produced through the testing programme at Burnett 2A and 2B."We are very pleased to be able to confirm that all four wells drilled in the California portfolio will soon be in permanent production," said Reabold Resources co-chief executive officer Sachin Oza."Flow rates at Burnett have been increasing throughout the testing period as the swabbing takes effect, and we look forward to seeing the sustainable flow rates once the pumping units are in place."In the meantime, we have produced and are selling meaningful volumes out of our existing wells, with the cash flow allowing us to continue to exploit Monroe Swell and West Brentwood to drive considerable, self-funded growth from these assets. With VG-4 soon to be on unconstrained flow, the two Burnett wells coming into production, and the restoration of full production at Doud A, we should see a sharp increase in production in the near term, with additional drilling to follow."Meanwhile, Oza added that operations were progressing "well" at West Newton in Yorkshire, with the board said to be "looking forward" to receiving initial results shortly.
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19 Jan 2024 11:05
Scirocco celebrates final payment from Shell for Corallian sale
(Alliance News) - Scirocco Energy PLC on Friday said it was "pleased" to hear Reabold Resources PLC will receive a final payment from Shell UK Ltd, adding that it expects an injection of cash to its balance sheet as a result.
Read more18 Jan 2024 13:49
IN BRIEF: Reabold to get final payment from Shell in coming days
Reabold Resources PLC- London-based investor in "low-risk, near-term" oil and gas projects says the final tranche of payment from Shell UK Ltd in relation to the sale of Corallian Energy Ltd will be distributed to former Corallian shareholders over the coming days. This follows the grant of development approval for the Victory gas field. Reabold will receive GBP4.4 million from Shell, having already received GBP8.3 million. It will use proceeds to advance development of assets within its portfolio, and will distribute excess cash to shareholders. "This represents a significant moment in the delivery of the Reabold strategy to identify, fund and monetise underappreciated, but strategically important assets," says Co-Chief Executive Officer Stephen Williams.
Read more10 Jan 2024 12:51
Reabold shares up as shareholders reject proposed board changes
(Alliance News) - Reabold Resources PLC on Wednesday said that shareholders had rejected all proposals to remove its existing board at a requisitioned general meeting.
Read more4 Jan 2024 21:10
IN BRIEF: Reabold reiterates share suspension warning if board ousted
Reabold Resources PLC - invests in "low-risk, near-term" oil and gas projects - Says that nominated adviser Strand Hanson Ltd has not received sufficient information regarding the suitability of proposed directors for their potential roles as directors. Reabold reiterates that if resolutions pass at the upcoming requisitioned general meeting, scheduled for next week Wednesday, Strand Hanson would be required to resign from its role as Reabold's nominated adviser immediately. This would mean the cancellation of Reabold's shares on the AIM market, which could be cancelled one month later if Reabold does not find a new nominated adviser by then. The adviser has not been able to complete its required due diligence on the board directors proposed by Pershing Nominees Ltd. The 7.8% shareholder group had requisitioned the general meeting proposing to remove the entire Reabold board and name four new directors.
Read more3 Jan 2024 14:55
UK shareholder meetings calendar - next 7 days
| Thursday 4 January | |
| Rotala PLC | GM re management buyout |
| Tintra PLC | GM re cancellation, re-registering as private company |
| ValiRx PLC | GM re operational review |
| Friday 5 January | |
| MTI Wireless Edge Ltd | EGM re proposed grant of options to the directors |
| Monday 8 January | |
| Plus500 Ltd | EGM re director election |
| Velocys PLC | Court Meeting and GM re recommended cash acquisition by Madison Bidco Ltd |
| Tuesday 9 January | |
| Agriterra Ltd | AGM |
| DX Group PLC | GM re acquisition by HIG Capital funds |
| GENinCode PLC | GM re fundraise |
| Leeds Group PLC | GM re sale of subsidiary Hemmers-Itex |
| Smart Metering Systems PLC | GM re acquisition by KKR funds |
| Wednesday 10 January | |
| Hummingbird Resources PLC | GM re share placement |
| Ironveld PLC | AGM |
| Reabold Resources PLC | GM re appointment of new directors |
| Safestyle UK PLC | EGM re approve winding up of company |
| Scirocco Energy PLC | GM re proposed disposal of interests in Energy Acquisitions Group Ltd |
| Versarien PLC | GM re capital reorganisation |
| Copyright 2024 Alliance News Ltd. All Rights Reserved. |
28 Dec 2023 10:37
IN BRIEF: Reabold Resources warns of share suspension if board ousted
Reabold Resources PLC - invests in "low-risk, near-term" oil and gas projects - Strand Hanson Ltd would be forced to resign as Reabold's nominated adviser were the resolutions at the upcoming requisitioned general meeting to be passed. Reabold says Strand Hanson informed it of this, as the adviser has not been able to complete its required due diligence on the board directors proposed by Pershing Nominees Ltd. The 7.8% shareholder group requisitioned the general meeting, scheduled for January 10, proposing to remove the entire Reabold board and name four new directors. Were Reabold to be left without a nomad, its shares would be suspended from trading on AIM following the general meeting. If no replacement were to be named within a month, the shares would be cancelled from trading.
Read more20 Dec 2023 20:00
TRADING UPDATES: K3 Business says cash balances ahead of forecast
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
Read more20 Dec 2023 14:02
Reabold reports further progress at LNEnergy
(Sharecast News) - Reabold Resources updated the market on its subsidiary LNEnergy on Wednesday, in which it holds a 26.1% stake.
Read more13 Dec 2023 11:06
IN BRIEF: Reabold Resources resumes buyback as dissenters oppose board
Reabold Resources PLC - invests in "low-risk, near-term" oil and gas projects - Resumes GBP750,000 share buyback programme started in April, after receiving payment from Shell PLC for the oil major's purchase of Reabold's Victory asset. Reabold has returned GBP156,154 of the total so far, and now will complete the programme with up to a further GBP593,846 in purchases. Reabold has received from Shell GBP5.2 million out of a total GBP9.5 million in deferred net proceeds from the sale of Victory, a project offshore the UK. Reabold eventually plans to return GBP4 million of this to shareholders. "Reabold's board evaluates many investment opportunities consistent with its investing policy and believes that the current market value of the company's ordinary shares makes the buyback an appropriate use of capital," the company says on Wednesday.
Read more11 Dec 2023 22:02
IN BRIEF: Reabold Resources invests further GBP1.7 million in LNEnergy
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.
Read more11 Dec 2023 14:10
Reabold exercises second option to invest in LNEnergy
(Sharecast News) - Oil and gas investor Reabold Resources has exercised its second option to acquire 116 new shares in LNEnergy, it announced on Monday, by investing £1.65m.
Read more6 Dec 2023 10:56
Scirocco Energy to receive next payment for sale of Corallian shares
(Alliance News) - Scirocco Energy PLC on Wednesday said it will receive further payment from Shell UK Ltd for Reabold Resources PLC's sale of Corallian Energy Ltd.
Read more5 Dec 2023 15:02
Reabold gets £5.2m second payment for Corallian sale
(Sharecast News) - Oil and gas investor Reabold Resources announced the next tranche of payment from Shell UK for the sale of Corallian Energy in November last year.
Read more5 Dec 2023 12:19
Reabold Resources secures GBP5.2 million tranche for sale of Corallian
(Alliance News) - Reabold Resources PLC on Tuesday said that it has received the next tranche of payment from Shell UK Ltd for the sale of the Corallian Energy Ltd.
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