Member Info for mr10bagger

I never said we did not. But did have reasons to believ permit chances are increasing for various reasons and finding more as Research more...

Permit or no permit at present to have a stake in an opportunity like this has some value and for me that is more than zero. Previously I weighed up all the for and againts and came to my own conservative personal valuation of £1 million, have given thought to this, researched, listened to what is being said by others both here and away from this board and have now upped that my own personal valuation to £3m. If permit then I would value any valuation I have by a multiple of at least 4.5 times and will give my reasoning for this based on Research to date and as I continue to research. More to follow..

Largest onshore should have read, interested to know if anyone here knows of an undeveloped Reserve onshore that is undeveloped and larger onshore. I only know of off shore fields that are bigger in Adriatic.

At present we have a 29.2% stake in LNenergy who have a 20% stake in LNEnergy SRL which gives us an interest in Colle Santo gas field of around 5.85%. which has a Resource of 65 Bcf.

1. This is actually a PROVEN RESERVE of 65Bcf of 2P RESERVES.

2.It has already been drill tested , flow tested and more importantly no additional drilling is required

3.. Potential for 11-12m Euro per year

4.20 year life.

5. One if not the largest LNG fields in Italy

6. 5.84% of 11-12million Euros equals 642,000-700,000 Euros

However LNenergy has an option to acquire the remaining 80% for US$11 million by Feb 25 If they do this then we are looking at a 29.1% share of free cash flows Colle Santo when producing equals 3.20million-3.49 million Euros per year..

The key for me as is common with many project is permit I have reasons to be more hopeful of this recently with positive developments in Itally. Also the recent deal with Guvnor... The reason for me revisiting this asset is that it is currently in my book at £1.8 million, but with recent developments on environment side, financing re offtake and a major like Guvnor sniffing re upfront payments and our increased stake I am seeing if I can justify upping my valuation and then setting a price target for myself.. Even with my current conservative valuation it gives me a price of close to 50% plus to current price and that is without West Newton which despite what others say I def attribute value. I think absolute minimum my new valuation will be over twice current share price and that is even with listening to everything posters have said here. Undervalued for me just a question of how much..

Reabold's strategy is to have a diversified portfolio of gas assets.

To invest in a diversified portfolio of gas assets of which Colle Samto is just one.

To invest in undeveloped gas discoveries with significant Resources, we have seen this is the case with Colle Santo.

To get to a stage of monetisation as soon as is possible either by the harvesting of cash flows or seeking an exit at opportune time as was the case with Victory sold for £12.7m which netted Reabold a profit of £5.5 million. This has proved a wise decision in more ways than one

1.It netted a profit of £5.5 million.

2.It has allowed Reabold to invest in it's other assets

3. It has meant we have not had to tap the market once in past 3 and half years the last fundraise was over 3 and a half years ago.

4.We still have a cash runway that is equal to if not more than current share price by my calculations but do your own maths.

5.Has kept us on a stable footing and means the market is currently attributing zero value to all the assets. I feel this is harsh and overdone .

I will look to cover strategy in a liittle more detail and with regard to environment , permits and future finance of Colle Santo in my next post before moving onto another key project West Newton.

29.2% LNenergy that currently translates into approx 5.84% interest Colle Santo

So does Colle Santo have necessary scale? Yes it does contrary to what is said size counts. It has one of the largest onshore proven undeveloped gas fields in Italy if not the largest, standing tall at 65 Bcf of gross 2p Reserves and we currently have a 30% stake in LNEnergy that currently translates into approx 5.84% of Colle Santo.

Strapped for time but to be continued.

One of the largest undeveloped LNG Resources in Italy

Today I look at that resource

Many projects take a long time to come to fruition 20-30 years, so where is Colle Santo along this curve. 3 key are to look at are

1.The resource itself and stage of development

2.The various permits and governmental approvals environmental permit etc

3.Financing

1.The Resource itself:

*Should highlight this is more than a Resource it is actually a PUD Reserve, high level of certainty ie proven undeveloped. *Secondly the costs of discovering then developing from resource to reserve have already been spent. Time wise and development wise of resource itself we have served the 20-30 years sometimes takes so well along that curve so in terms of Resource this is not only advanced but already a Proven Reserve. Fortunately we came along 2023 into Colle Santo rather than 1993, can you imagine the costs if we were at 1993. For example you have to sink many wells experience many duster to get a find. Not to mention time expense. I think this fact is often overlooked and misunderstood by investors.

* Resource wise there are other positives I see for Colle Santo. We have a Reserve great but have the wells been drilled and importantly have they flowed. Here is the good news. TWO WELLS HAVE ALREADY BEEN DRILLED and are READY FOR PRODUCTION.

*Ok next has this been independently verified... The good news here is yes, with an extensive field study completed by

RPS Energy of Canada on the Colle Santo Field.

1 PUD Sales gas (Bcf) 56.8 sales gas (mmboe) 9.5

2 PUD SALES GAS sales gas (Bcf) sales gas (mmboe) 10.9

To be continued when have time.

Go for it!

Colle Santo Gas Field 65Bcf of 2p Reserves

Two production wells already drilled and tested

LNE believes the field has potential to deliver Euro 11-12 million a year free cashflow

Heads of Agreement signed between Guvnor and LNEnergy

Guvnor is one of the world's largest independant trading houses by turnover US127 Billion in 2023.

177 million MT of volumes

A good move yesterday by Reabold to increase their stake in Colle Santo at a good price. Able to do so because of pre arranged deal. A wise move in my book it come at an opportune and fortuitous moment when many governments are looking to increase their energy security at home. In November 23 the Italian government approved a decree in this direction to build plants for energy production, from renewable sources such as LNG. The same space Reabold are in with their increased stake...

Only last month Anthony J Blinken met with Italian and Ukraine foreign ministers at G7 on Ukraine energy support working to mobilize resourcesto increase energy supplies. Italian Government keen to increase supplies at home and for export it seems. I had Colle Santo in my book at £2.5 million. It is becoming clear I have grossly under estimated the potential and worth here. Starting this year 2024 I have begun to see increased value in this stake and it will only go one way way in my view up. Am yet to come to a definitive value but it is certainly way North of £2.5m. With various triggers for uprates still to come. Colle Santo is a good asset in my book.

£7m was raised to progress Victory Asset which was sold for £12.5 million to Shell Uk. Funds to be used for Colle Santo and West Newton both are of significant size.

The cash pile currently is equal to market cap. Assets are effectively in for free no value attached.

The Colle Santo Gas field has a resource of 65 BCF. Reabold now have a 30.6% share of this, two production wells already having been drilled. A Heads of Agreement has been signed between LNE eNERGY AND Guvnor who will purchase 44,000 tonnes of LNG per year. The agreement will be for a minimum of 5 years and at Italian PSV price. 2025-2030

***The agreement includes pre payment by Guvnor for a total of 66,000 tonnes of LNG. Guvnor will purchase approx 44,000 tonnes LNG per year. In the May 2nd RNS a price of 30 Euro /MWh was mentioned this would equate to an upfront payment of EURO 29,970,000 MILLIONS. Price of LNG has increased since by approx 40% to 42 Euro Mwh equals approx 42,000,000M Euros for LNEnergy of which Reabold after today's deal hold 30.6% of LNEnergy..

Few things to note.

The prepayment is subject to obtaining the required permits to construct and operate the LNG production facility

Italian Government policy has become more favorable in this direction recently. It will happen is my strong personal view. Also conditional on agreeing definitive transaction documentation. Like say I fully believe this will happen there is demand. Italian Government want projects like this... Guvnor are no mickey mouse company who can not afford but a MULTINATIONAL ENERGY COMMODITIES COMPANY with revenue of US$150 Billion Turnover. BP has turnover of £210 billion to give some idea of scale and shell has the highest revenue of any company in uk at approx £290 Billion US.

30% of LNEnergy is a nice stake to have for a company that is valued at £5.1m.

Reabold acquires Simwell, giving interest in following licenece's

10% P239

10% P247

10% P248

The one that caught my eye

30% P232... 70% held by GIANT JV Shell UK Limited the same purchaser of Victory Assets.

*Early 2021 and the company raised £7.5 million. Main stated goal to fund victory gas development.

*A £1 million CLN to majority owner Corallian followed. At the time Corallian had made a loss of £7 million and had net assets of £1.94 million. A subsequent sale of half of this loan to investors who shared Reabold vision of monetization of this asset.

*Reabold then financed a Environmental Baseline survey successfully and a submission for full field development followed from Corallian. The NPV of Victory asset was increased and a sale to oil and gas giant Shell UK Limited followed, for the sum of £32 million, netting Reabold £12.7 million an uplift of approx 69% from the £7.5 million invested. Following this Corallian had 6 other assets that Reabold picked up for a modest £250,000.

Market cap £5.4 million they have more cash in the bank than that assets in for free.

Understand why the shares would trade at discount but this is overdone.

Peeps continue to pick up a bargain whilst nervous nerris and nelly sell

Good news

Great sadness at passing of Richard.

My initial reason for buying was when Fredrik Bjornberg came on board at 4p. His family initially discovered Lahtojoki and also have had connections with Ashton heavily involved with Argyle mine... I reckon he must know a thing or two about the potential Lahtojoki and he is a local lad living in close proximity also a qualified geologist both in Finland and Canada. With the Argyle mine closed having supplied 90% of global demand there could not be a better time to dig up some pink diamonds. My view is that Argyle mine will never be fully replaced and demand is high for pink diamonds.

Am not under estimating importance of South Lahtojoki... I think Lahtojoki on its own as it stands is worth 4 times our current share price and is a good size project for company of our size. Success there and with south side extensions would then be attractive to major.

If can get Lahtojoki over the line at this time of asking can see it being a snowball effect. All ducks lining up Lahtojoki, Lahtojoki south, Liperi, Salla, Rihivaara, kuhmo, seitapera. Have heard much mention of RIO re JV. But I wonder if Ashton is a real possibility for a JV. They were heavily involved with earlier stages at Argyle mine in Western Australia, have connection with Fredrik Bjornberg family in past and also discovered Seitapera.

Agreed Vamps was surprised was not today. I know we have both been fearing the worse and seeing further delays, just praying and touching wood that Hooops can say WRONG tomorrow to us both re no more delays.. Still not positive and seems that seller yesterday is not either... Am sure is one holder and he single handedly wiped out all the buyers of yesterday.

Yes they are building the suspense and interest lol

Start the drum roll.