Reabold Resources plc has entered into a conditional agreement to acquire an interest in the Colle Santo gas field in the Abruzzo region, onshore Italy.
TERMS
The investor purchased an initial 32 shares representing a 3.1% interest for £250,000 in LNEnergy Ltd which holds an option over a 90% interest in the field.
The subscription and option agreement is with LNEnergy and a conditional shareholder option agreement with certain of its existing shareholders.
Reabold will also receive options to acquire further shares in LNEnergy, resulting in a 25% shareholding for an aggregate cash and equity of £3.8 million.
The company said that the “highly material” undeveloped onshore gas resource was estimated by RPS in September 2022 to hold 65Bcf of 2P reserves.
Colle Santo is ready for development, subject to approvals and permits, with “no additional drilling required” and first gas targeted for early 2025.
Reabold’s current projects are onshore California, Romania, the UK and USA.
Companies House lists LNEnergy as incorporated in September 2021.
The company’s two current directors are Steven Frascogna and Robert Brooks Price, both from the USA.
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