RE: Chillax and enjoy weekend19 Jun 2021 19:00
· Opportunistic acquisition of a direct 16.665 per cent. interest in the West Newton field for the consideration of the issue of 350,000,000 new ordinary shares and £1.4 million in cash; taking the Company's effective economic interest in West Newton to circa 56.4 per cent. from 39.7 per cent.
· Significant discovery at the West Newton field with the B-1Z well, which exceeded pre-drill expectations, further suggesting that the West Newton discovery would be the largest UK onshore discovery since 1973.
· West Newton development plan has been given an AA rating by Gaffney, Cline & Associates ("GaffneyCline") for carbon intensity, the best possible grade for low carbon emissions from potential upstream crude oil production.
· Corallian Energy Limited ("Corallian") was awarded by the UK Oil and Gas Authority ("OGA") a 100 per cent. interest in block 207/1a, containing the Victory gas discovery, a simple, low-risk gas development which has been fully appraised and requires no additional pre-development drilling, with 2C contingent resources of 157 BCF¹ and NPV10 of circa £146 million (based on 50p/therm).
· Further investment of £600,000 into Corallian through exercise of warrants, increasing the Company's interest in Corallian to approximately 36.9 per cent., bringing further optionality and additional upcoming activity to the Reabold portfolio.
· Additional commercial discovery on West Brentwood licence in California.
· Proven reserves of 1.12 million barrels of oil equivalent ("boe") attributed to Reabold's net interest in 4 PDP² and 1 PUD³ wells in California, with associated value of US$20.4 million (NPV10), as at February 2020.
· Testing of the IMIC-1 discovery well in Romania undertaken, with engineering studies ongoing to determine the potential viability of two development options.