Reabold Resources plc has increased its interest to 29.2% in the Colle Santo gas field option holder.
RESOURCE
The company converted £510,236.28 of convertible loan notes plus accrued interest, into 36 ordinary shares of LNEnergy Ltd at £14,173.23 per share.
The loan note is dated 26 March 2024.
LNEnergy manages and owns 20% in Italian company LNEnergy S.R.L. which has applied for the Colle Santo gas field concession with a 90% interest.
LNEnergy has an option to acquire the remaining 80% in LNEnergy SRL by 1 February 2025 for US$11 million.
Reabold said that Colle Santo is a highly material gas resource with an estimated 65Bcf of 2P reserves estimated in September 2022.
The field, in the Abruzzo region, is ready for development with two production wells drilled and flow tested.
The company began buying shares in LNEnergy in May 2023.