Business
Colle Santo Project Enters Operational Phase
Colle Santo Project Enters Operational Phase.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n\n5 September 2023\nReabold Resources plc\n(\"Reabold\" or the \"Company\")\n \nColle Santo Project Enters Operational Phase\nReabold Resources plc, the oil & gas investing company with a diversified portfolio of exploration, appraisal and development projects, is pleased to provide a further update on developments in the approvals process for the onshore Colle Santo gas field in Abruzzo, Italy.\nFollowing a review with the heads of Environment, Energy, and Mining of the Abruzzo Region, the Abruzzo regional government confirmed its agreement with, and intention to approve, by decree, the Early Production Programme for the Colle Santo gas field, allowing early revenue generation from the Colle Santo project.\nThe Early Production Programme includes the following:\n· Production of gas for a period of 24 months;\n· Conversion of gas to power for sale to the electricity grid; and\n· Renewal of the Abruzzo Region's earlier 24-month test approval permit.\nIt is anticipated that the formal decree from the Abruzzo Region will be provided over the coming months and accordingly, LNEnergy, has entered the operational phase of development at the Colle Santo gas field.\nOnce on stream, the generation of electricity during the Early Production Programme will be from the use of gas turbines, and the electricity will be tied into a nearby distribution connection point enabling revenue generation. Much of the equipment that is needed for the electricity generation is available locally and can be provided on a rental basis, minimising the capital required.\nIn addition to providing valuable accelerated cash flow, the Early Production Programme and associated monitoring will facilitate completion of the work required by the VIA Commission for the granting of the full development concession for the Colle Santo gas field.\nAs announced on 9 May 2023 and 12 June 2023, Reabold 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. LNEnergy believes that the field has the potential to generate...