Reabold Resources plc’s investee has secured a two-month extension to acquire additional interest in the Colle Santo gas field in Abruzzo, Italy.
OPTION
The “low risk, small scale” liquefied natural gas project has two production wells already drilled and flow-tested with first gas targeted for 2025.
LNEnergy Ltd manages and owns a 20% interest in Italian company LNEnergy S.R.L. which holds 90% of the Colle Santo concession.
LNEnergy has an option to acquire the remaining 80% interest in LNEnergy SRL on or before 1 April 2025 with an exercise price of US$11 million.
Reabold has been steadily increasing its investment in LNEnergy and, as at October 2024, held a 29.2% interest.
The investor noted that Colle Santo is the “largest onshore proven undeveloped gas field in mainland Western Europe” containing an estimated 65 billion cubic feet of 2P reserves, based on 2022 figures.