Business
Full Year Results for year ended 31 December 2022
Full Year Results for year ended 31 December 2022.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n\n30 May 2023\n \nReabold Resources plc\n \n(\"Reabold\" or the \"Company\")\n \n \nFull Year Results for the year ended 31 December 2022\n \nReabold, the oil & gas investing company with a diversified portfolio of exploration, appraisal and development projects, today announces its audited financial results for the year ended 31 December 2022 and the Annual Report is publicly available at www.reabold.com/investors/reports-presentations/\nReporting period highlights\nPortfolio developments\n· Sale of Corallian and its Victory licence in which Reabold held a 49.99% interest to Shell U.K. Limited in November 2022 for gross cash consideration of £32 million; Reabold's share of net proceeds c. £12.7 million after fees and other costs\n· Acquisition of Corallian's six North Sea licences by Reabold for £250,000 in May 2022\n· West Newton developments: planning granted and Competent Person's Report (\"CPR\") confirmed gross 2C unrisked technically recoverable resources of 197.6 bcf of sales gas, with an estimated 86% geological chance of success. Technical analysis confirmed future exploratory drilling at the West Newton B site\n· Reabold's California assets exchanged for a 42% stake in Daybreak Oil & Gas Inc\n \nBoard and balance sheet\n· Appointment of Chief Financial Officer Chris Connolly in March 2022; former Finance Director Anthony Samaha appointed as Non-Executive Director\n· Cash of £5.5 million at year end, no debt\n· Net assets of £46.5 million\n \nPost period end highlights\n· Acquisition of Simwell Resources Limited for £1 million which includes interests in four Southern North Sea licences east of onshore West Newton, providing interesting exploration opportunities and valuable geological insight for our understanding of West Newton\n· CPR released on four of Reabold's North Sea licences including P2478, which includes the West Dunrobin prospect confirming significant resource potential\n· Rathlin to potentially bring in an industry partner to support licence activity, with West Newton B-2 drilling targeted for Q4 2023, subject to final regulatory appro...