Business
Appointment of NED to the Board of Rathlin Energy
Appointment of NED to the Board of Rathlin Energy.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n\n17 March 2025\nReabold Resources plc\n \n(\"Reabold\" or the \"Company\")\n \nAppointment of Non-Executive Director to the Board of Rathlin Energy\n \nReabold Resources plc, the investing company focussed on developing strategic gas projects for European energy security, announces the appointment of Mr. Paul Harris as an independent non-executive director of the Board of Rathlin Energy (UK) Limited (\"Rathlin\") with immediate effect.\n \nMr Harris has 35 years' experience within the energy sector with significant roles including CEO and COO at UK operator NEO Energy, President of Nexen Petroleum USA (CNOOC International), VP Engineering & Construction (Nexen Energy) & Developments Director (Nexen UK). Mr Harris is a Chartered Engineer with extensive technical, regulatory and commercial background with track record of delivering UK oil and gas projects.\n \nInitially as COO and latterly as combined CEO / COO, Mr Harris helped to establish NEO Energy as the 5th largest UK producer with working interest in some 28 producing fields and hubs over a 5-year period through four large acquisitions and several organic growth opportunities during a period of uncertainty in the sector. Mr Harris served as a non-executive director on the Board of Offshore Energies UK (\"OEUK\"), representing NEO's interests in the joint operating council for OEUK, as well as managing critical stakeholder relationships including partners, government, regulatory bodies, banks and the supply chain.\n \n \nWest Newton Ownership Structure\n \n· Rathlin is the operator of the PEDL 183 Licence which includes the West Newton gas development.\n· Rathlin holds a 66.67% interest in PEDL 183.\n· Reabold holds a ca. 69.9% economic interest in PEDL 183 through:\no ca. 79.8% shareholding in Rathlin, and\no 16.665% direct licence interest in PEDL 183.\n \n \nWest Newton is the largest undeveloped onshore gas field in the UK, located near to infrastructure and a gas hungry industrial base. As announced on 13 June 2024, the pre-tax NPV(10) of the West Newton project was calculated to be US$179 million net to Reabold under the full field development plan. Following this transaction and base...