Business
Full Year Results for the year ended 31 Dec 2020
Full Year Results for the year ended 31 Dec 2020.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4002B\n Reabold Resources PLC\n 10 June 2021\n \n \n \n \n 10 June 2021\n \n \n \n \n \n Reabold Resources plc \n \n \n (\"Reabold\" or the \"Company\") \n \n \n Full Year Results for the year ended 31 December 2020\n \n \n Reabold, the investor in upstream oil and gas projects, is pleased to announce its audited results for the year ended 31 December 2020.\n \n \n Reporting period highlights\n \n \n · \n 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.\n \n \n · \n 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.\n \n \n · \n 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.\n \n \n · \n 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).\n \n \n · \n 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.\n \n \n · \n Additional commercial discovery on West Brentwood licence in California.\n \n \n · \n 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.\n \n \n · \n Testing of the IMIC-1 discovery well in Romania undertaken, with engineering studies ongoing to determine the potential viability of two development options.\n \n \n Po...