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7 August 2023 Reabold Resources plc

Update on LNEnergy and the Colle Santo gas field approvals process

Reabold Resources plc, the oil & gas investing company with a diversified portfolio of exploration, appraisal and development projects, is pleased to provide an update on developments in the approvals process for the onshore Colle Santo gas field in Abruzzo, Italy. As announced on 9 May 2023 and 12 June 2023, Reabold has acquired a 16.2% equity interest in LNEnergy, whose primary asset is an exclusive option over a 90% interest in the Colle Santo gas field. The Colle Santo gas field is a highly material gas resource with an estimated 65Bcf of 2P reserves[1], with two production wells already drilled and the field is development ready, subject to approvals and permits. LNEnergy believes that the field has the potential to generate an estimated €11-12m of post-tax free cash flow per annum.

As part of the approvals process, LNEnergy has recently received a letter from the head of the Italian National Bureau of Hydrocarbons and Georesources ("UNMIG"), the minerals division of Italian Ministry of Environment and Energy Security ("MASE"), which gives permission to carry out well integrity and well service testing on the two existing wells and to start work on the installation and commissioning of the monitoring network at the Colle Santo gas field. The letter is a positive indication of support for the development of the Colle Santo gas field and the next stage is to receive a formal decree from MASE to conduct the work. LNEnergy is seeking a two-year, long-term production test permit which would significantly de-risk the full concession permit approval to allow for 20+ years of production. The Company expects a decision to be made on the two-year permit later in 2023.

RBD selling their stake in LN Energy to BCE. back in 2023, RBD claimed Colle Santo (LNe's sole asset) would have permission to extract gas by end of 2023, 2026 tomorrow, still no permission yet somehow the 2 CEOs at Reabold (yes two) have persuaded BCE to buy LNe. If LNe is granted permission then it could be a good deal for BCE but whichever you cut it , it's a poor deal for RBD shareholders imo

...definitely no Oklahoma "spuds" with his pie

2.75m shares sold yesterday at circa 2p, now 2m sold today at 1.75p - someone wants out at any price?

"A three well drilling programme is underway in Oklahoma, comprising the Sark, Crossroads and Wolverine wells..."

"The Crossroads well, planned to be spudded in Q4 2025..."

"Wolverine-1 is planned to be spudded during Q4 2025..."

'Decommissioning provisions increased from £0.4 million at year end 2024 to £1.9 million at 30 June 2025 as a result of consolidating Rathlin's share of the decommissioning liability at West Newton'

...ergo UJO's 1/6 share is about £380k for WN. decom costs for 45% of Bisc unknown. If the JV finally accepts that NK is just a pipe dream, then that license can be relinquished with no decom costs as Egdon never broke ground.

If ujo can find the cash to settle decom costs for WN & Bisc in 2026, that leaves us with revenue from Wressle, Kedd, Royalties, Moccasin and Andrews.

Slash salaries, eliminate WN Bisc and NK capex, and UJO could be in reasonable shape. (any revenue from crossroads or wolverine would be a bonus)

2.75m shares sold yesterday, that's almost 2% of the company. sp in the toilet, Bramhill crapping on all of us from a great height.

many of us tried to vote him out last June because we could see the writing on the wall but for some reason more shareholders had faith in him than those that didnt...we will have another chance to vote him out in June 2026 (assuming the company hasnt gone under of course)

A-1 gas

Aug 3589, Sep 3394, Oct 3090

A-2 gas

Aug 1120, Sep 972, Oct 874

I'm still in ujo but staying out of rbd despite the recent investment by Oza.

UJO low on cash imo but should be able to find £250k for their share of WN by selling the portfolio of Royalties which are quite liquid in the US.

'Reabold anticipates re-entering and recompleting an existing West Newton well in Q1 2026 in order to establish sustained gas flow. The gross cost to re-enter and re-complete is expected to be c.£1.4 million (c.£1.2 million net cost for the consolidated Group).'

Merry Christmas all, forget about this dog for a couple of days...enjoy yourselves!

There's a rohan oza on youtube as part of america's 'shark tank', plus quite a few videos by 'crypto cousins' - its not clear if either is related to today's rns

...good luck to him but if he knows something material that isn't public knowledge surely that's insider trading?

"a disaster by management" but not a disaster for management who continue to take big fat salaries for failure.

Hopefully the shareholders who voted to keep Bramhill in place last June have realised that he is the problem and will help vote him out at the next AGM.

Unfortunately it may be too late to save the company

"West Texas Intermediate oil fell below $55 a barrel for the first time since February 2021 on signs that supply is outpacing demand. Mike McGlone of Bloomberg Intelligence says oil could drop to $40 next year" - doesn't bode well for Moccasin or Royalties revenue

- Bisc is now dead except for decommissioning costs.

- North Kelsey should be relinquished too imo (no decom costs)

- WN is on its deathbed with quite significant decom costs.

- Oklahoma is no longer a problem as UJO has run out of money

- Penystone can't happen because UJO has no money and can't raise the £5m needed even if permission is granted

...So what's left? Wressle, Kedd, Moccasin and Royalties. (and maybe Crossroads and/or Wolverine). If UJO can find the cash for Bisc and WN decom costs, then the company has a chance of survival, especially if Brent picks up and they decided to side-track Kedd...if, if, if,

What Beacon money? revenue wont come on stream for at least 18 months plus RBD is participating £750k in the placing. the deadline for developing WN is 30.06.26, long before any revenue is generated

05.11.25 - David Bramhill "Following the drilling of four successful discoveries in Oklahoma to date, this is an unexpected and disappointing result. Our US interests, with income from Moccasin, the Andrews Field and Mineral Royalties, continue to be profitable and we look forward to continuing our Oklahoma drilling programme."

...down 70% since the placing because Bramhill wants to continue the "profitable" drilling programme despite UJO being down over $6m in OK.

What planet is this guy on?

I'm no longer invested in RBD as I think the Beacon deal stinks.

After a lot of maths I estimate that RBD will receive a little over E.1m pa for 15 years from this deal assuming the following is true

"LNEnergy believes that the field has the potential to generate an estimated €11-12m of gross post-tax free cash flow per annum"

1 million euros per annum - just enough to pay 2 CEO's salaries and keep the lights on...

With regard to potential write-offs, ELEP has been worthless for years - time to write it off?