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You’re mixing historical cash flow under suspension with forward cash generation post-restart, which is where the logic breaks down.

During suspension, revenues were constrained while fixed costs, legacy creditor balances and one-off items (including workover costs) still existed — that tells us very little about run-rate economics once production is stabilised. Using a suspension period as proof that a producing asset can never generate surplus cash is not a serious argument.

Post-restart, the model changes materially:

• royalties are no longer paid in shares

• production volumes are higher than pre-suspension

• pricing is materially stronger than during much of the prior period

• capex is largely sunk rather than ongoing

• debt servicing profiles are negotiated around cash flow, not hindsight optics

Trafigura and other counterparties are not charities, but they also don’t structure deals designed to kill the underlying asset. Their incentive is continued production and repayment, not terminal starvation. If the asset genuinely had no path to surplus cash, restructuring would already have happened.

Retail “upside” isn’t the driver here — asset cash generation and balance sheet repair are. Whether that ultimately translates into equity value is a separate question, but dismissing the entire recovery thesis based on a suspension-era cash snapshot is simply not rigorous analysis.

Time will answer it either way, but the argument needs to be grounded in forward operating reality, not frustration with the past.

An rns needs to be released

Really nice update - as others note - hard to see the downside of the Spanish flood - I wonder if they are "booking" business interruption insurance as revenue / profit and that is keeping the numbers up (and hope they have been conservative in that) - or they have manged to restart really fast / switched production elsewhere.

2024 is the year to get rid of the crooked clowns that run this company and finally give it a chance to be successful. Nothing will change withy the two clowns at the helm. How many millions is Colle Santo going to cost us?

Agreed JD

Where is our special dividend now the Shell money has come in. They have not mentioned it in any of their interviews. Is this just another lie that they hope we will forget about just like Danube and Daybreak.

Both kicked their promise to get the production permit by the end of this month into some vague time next year.

Muppets did not give any proper timeline on drilling West Newton.

From what I have read of the Requisition business plan it is very strong.

1. They intend to drill West Newton as early as possible and they say that they can raise the funding to do this.

2. They intend to restructure Daybreak so that they control it and if not then they will force it’s sale.

3. They intend to sell off Danube for whatever they can get

4. Thet want to try to recover the money invested in Colle Santo back for the company either by negotiation or legal action.

5. They are going to reduce executive pay by 50%.

6. They are going to issue a £3 million special dividend as soon as the company can afford it.

7. They are going to improve shareholder comms by giving regular bi-monthly updates

8. They are going to look into the company financial situation and update us all as to what that is.

As far as I am concerned this is a very, specific, and detailed business plan as to what they intend to do if they are successful in their requisition. I can see nothing to complain about there.

I’ve sent you screenshot of my 9.6 million shares which is at a significant loss

Honestly I was 50 50 last week as to who to vote for, but reading rbd desperate twitter attempts and cringey posts with the only likes being their families member accounts it really shows how pathetic and desperate they are. I will be voting electronically Monday through IG against the current directors in charge.

Uggy

£9 million loss on Daybreak

£5 million loss on Danube

£4.3 million wasted on Colle Santo

That's nearly £20 million on 3 projects.

How much did we spend on West Newton and how much do you think that is worth at this point?

Www.reaboldrequisition.com/wp-content/uploads/Daybreak-Overview-14-12-23.pdf

Tittle - Daybreak looks like it is almost as much of a scandal as Colle Santo.

It looks like they have lost over £9 million in Daybreak!

Doubt the board will respond to

The questions. As someone mentioned earlier would be the final nail on the coffin.

Basically from the reabold requisition website we have been given a corrupt asset that a. Has no value and b. We have no permits for and cannot even extract value even if it had any. Whilst the money paid for and coming into the company has been eaten by Sachin & Williams. Why anyone would vote for them is ludicrous. I was actually unsure who to vote for now after reading this I will be voting with all my shares left for KS and AC.

Https://www.reaboldrequisition.com/announcements/

Still reading through there is a lot to digest

The Company's executive team ("Executive Team"), led by two "Co-Chief Executives", a rarity in the corporate world, who are paid approximately £500,000 plus bonuses between them according to the last set of accounts, have stated that our requisition request is an "attempt togain control of Reabold without paying a premium to shareholders".

This is patently false. On t h econtrary, we are seeking to change the leadership of Reabold to ensure value is finally delivered to shareholders before all is lost by installing a leadership team that is truly aligned to shareholders and incentivised toachievet h e successo fRBD.

In the vear that has elapsed since the last requisition, the Company has lost several key institutional shareholders from its register, including Ruffer and Fidelity. This is not only evidence of an increasing lack of faith in the Executive Team by significant shareholders who had made sizeable investmentsinto the Company, but also reflects thewider market's loss offaith in the Executive Team.

Now that theadditional and final opportunityt o change course given to the Executive Team since the last requisition has also been missed, ti is time for real change.

The requisitioners have the following concerns about the mismanagement of the Company during the past 12 months:

1) Concerns over the existingportfolio management

2) Concerns over the qualityof due diligence carried out on recent acquisitions.

3) Concerns over the veracity of communication with shareholders.

4) Concerns over the lack ofprogress in drilling WestNewton.

5) Concerns overexecutive remuneration

Tbh I was sitting on the fence at first, if ks and ac deliver the following then no doubt I will be voting for them

• We would only have a single Chief Executive Officer and we would reduce executive pay by more than 50%.

• We would aim to reduce operating costs for the Companyacross the board.

• We would return £3 million to shareholders via special dividend once the Shell money is fully

paid.

• We wil complete the share buyback, until recently stalled at £150k, up to the ful £750k that

was originally promised.

• We would conduct an analysis of all current assets in the Company's portfolio and look to

extract value where possible from Danube, Daybreak and Colle Santo by reselling some of these assets or developing them furtherwhere possible; and ceasing to invest further in them when neither of the other alternatives are possible.

• We will make the drilling of West Newton a priority. If this means delivering extra funding to enable Rathlin tocover their share of the costs. If this means raising more funds, weshallfund

the costs and increase the Company's holding in Rathlin by doing so. We shall raise this money in Q1 2024 and wil intend to commence drilling in 02 or early Q3 2024 depending on equipment availability. This is in stark contrast to the incumbent Executive Team who have merely stated that: "overt h e next twelvemonths we expect to see progress towards the first horizontal well at West Newton". Forreference, the Executive Team had originally promised to commence drilling activities during 2023, and now cannot even commit to drilling in 2024

Carrot I’m sorry but Colle Santo is a failure and you’re delusional if you think it’s not

7th of December 2023

Dear Sirs,

I write this letter on behalf of the requisitioners and indeed all shareholders of Reabold Resources to request that you refrain from exercising the "Second Option" in LNEnergy Limited and the Colle Santo project and do not invest any further company money. We believe it to be over-valued and suspect it to be unlikely to succeed in itsa i m of producing.

The history of Colle Santo, or Monte Pallano, as it was originally known, is long and complicated but it's origins go back to 1997 and it's founding by Mark Frascogna,

one of the LNEnergy directors, of CMI in Italy; a joint venture with Forest Oil of the US.

In 2007 two wells were successfully drilled at Bomba which is a small village in the

Abruzzo region of Italy. It is our understanding that getting permission to produce from the Bomba site has been the "impossible dream" that Frascogna and his

colleague John Mcintyre, a former vice-President of Forest Oil, have pursued for over 16 years now. This failed pursuit has cost millions and has contributed to the financial collapse of at least two of the oil companies that have previously been involved in the project: Forest Oil and Avanti Energy.

For the last four years, the project license has been in the control of a group calling themselves the AVX consortium, who appear to be made up of CMI Energia in Italy. This is controlled by Mark Frascogna and Avanti Exploration LLC, an American

company, controlled by John Mclntyre. Avanti Exploration acquired 44.44% of Colle 1

Santo from the struggling Avanti Energy in March 2019 for a deferred payment of

$500,000 giving them, alongside the other AVX consortium members, control over 100% of the Colle Santo project and valuing the asset at just over $1 million.

In June 2022 a Scoping document including the request for a 24 month production

test was filed with the Italian authorities by CMI Energia, signed by Steven Mark Frascogna. The production test was rejected on November 14th 2022, with the

explanation that, by law, a ful Environmental Impact Assessment, taking years, needed to be carried out before any production would be approved.

Despite this failure to progress the project, LNEnergy, a company founded in London by Mark Frascogna in September 2021 acquired not the Colle Santo project itself,

but an option to acquire Colle Santo, for an unspecified amount of money at an unspecified point in the future. It is this entity in which Reabold Resources have invested £2,650,000 of shareholder's assets for 18.4% of this private company's share capital, valuing _NEnergy at £14.4 million.

The valuation of LNEnergy at £14.4 million, significantly greater than Reabold's own current market cap, for ownership of a 90% option on Colle Santo is ludicrous. Four

years ago, when the Avanti deal was done, 100% ownership of Colle Santo was valued at around £1 million and the only progress that has been made since then is for the 2022 production test request to be r

Very interesting and telling!