Investment strategy 

Reabold invests in high-quality projects with limited downside and significant potential upside. Reabold’s investments facilitate near-term activity, sharply driving up the value of our projects in the case of success.  By maintaining a low cost, non-operator strategy, we can act quickly to reinvest capital into larger projects, ensuring that we continue to grow in scale.

 

Upcoming catalysts

Reabold has a number of upcoming developments across its portfolio, all of which could create significant near-term value.

West Newton, onshore UK – testing operations are ongoing at the B-1Z well, with the first flow test result expected in May 2021. This will be followed by testing of the A-2 well. This testing programme will help to identify the optimal location for future wells and to prove up what we believe to be the largest onshore UK discovery since 1973.

Victory Gas Discovery, offshore UK – an environmental study is planned for July 2021 followed by the draft Field Development Plan (FDP) submission later this year. The draft FDP is key to unlocking the value in the low-risk Victory project to the point where Reabold could benefit from the planned liquidity event for Victory, expected to take place by early 2022. The current NPV from Victory, net to Reabold, is c. £30-51m.

Reabold California, onshore USA – having drilled five successful wells, Reabold’s low-cost production has yielded strong cash generation across the portfolio. Following the success of the VG-6 well, a new play at West Brentwood has been opened up with more running room than was previously anticipated. Future drilling targets, to be funded by existing production, are currently being considered.

Parta, onshore Romania – after the completion of the testing programme at IMIC-1, Reabold is evaluating the results to determine the best forward plan for the well and for the future activity on the licence.