Reabold Resources PLC - oil & gas investing company with a portfolio of exploration, appraisal and development projects in the UK, Romania, the US, and Italy - Updates on developments in the approvals process for the onshore Colle Santo gas field in Abruzzo, Italy. Says that LNEnergy has received a letter from the head of the Italian National Bureau of Hydrocarbons & Georesources giving it permission to carry out well integrity and well service testing on two existing wells at the field and to start work on the installation and commissioning of the monitoring network at the gas field.
Reabold holds a 16% interest in LNEnergy which has an exclusive option over a 90% interest in the gas field.
The Colle Santo gas field is a ‘highly material gas resource’ with an estimated 65 billion cubic feet of 2P reserves. LNEnergy says that the field has the potential to generate an estimated €11 million to €12 million of post-tax free cash flow per year. LNEnergy is seeking a two-year, long-term production test permit which would significantly de-risk the full concession permit approval to allow for 20 plus years of production. The company expects a decision to be made on the two-year permit later in 2023.
Current stock price: 0.11 pence, down 3.0% in London on Monday morning
12-month change: down 63%
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