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Reabold is an investing company focussed on developing strategic European gas assets to secure European gas supply and energy security.
Reabold has a diversified portfolio of gas assets comprising of development, appraisal and exploration projects. Reabold aims to generate shareholder value by making disciplined and focused investments to grow our business.
Reabold’s strategy is to invest in existing undeveloped gas discoveries with significant resources and near-term production potential, which have considerable valuation uplift potential and a clear monetisation plan. Proceeds from monetisation events are balanced between shareholder returns and re-investment into new and existing projects.
We are preparing for the future and responding to the increased focus on energy security brought about by the rise in geopolitical conflict and instability in the region, and globally. Concern about energy shortages and vulnerability to geopolitical events has prompted many governments to prioritise access to more domestically produced energy and reduce their dependency on imported gas. Reabold aims to contribute to Europe’s energy security by unlocking potential sources of near-term domestic gas supply, at a time when the continent is exposed to potentially significant gas supply disruptions. In this regard, the Company identified, matured and sold the strategic Victory gas project in the UK to Shell for £32m (£12.7m net to Reabold).
We are focused on the disciplined allocation of capital to deliver on our strategic objectives. Reabold’s current focus is on its two key gas assets that have strong parallels with Victory; West Newton (UK onshore) & Colle Santo (Italy onshore). Similar to Victory, both assets are highly material, undeveloped gas discoveries in Europe that could begin production as early as 2025. Drilling of the first development well at West Newton is planned for 2024 and we are awaiting full production approval at Colle Santo.
Our strict investment criteria drives our portfolio potential. We focus on:
Geology
Reabold invests in projects that are substantially de-risked from a technical perspective due to previous drilling. Each project must have existing regional production and historic discovery wells nearby or on the asset. Each asset must also possess sufficient running room to turn initially small projects into substantial regional businesses.
Economics
Each project must deliver extremely attractive returns at current and lower commodity price levels. Reabold seeks robust, fast cycle projects that require limited capital expenditure and have low geopolitical risks. As projects are low cost, they typically exhibit materially lower carbon intensity than the industry average.
Investment Returns
Investment returns are key for Reabold. Projects must demonstrate the potential to deliver high returns over a short time frame and the opportunity to scale up and increase project returns beyond our initial project period.
Exit
Identifying the optimal time to exit a project is critical to Reabold’s strategy. Doing so effectively will allow the Company to scale and deploy more capital over time.
Unlocking Value in the E&P cycle
Reabold focusses capital deployment on the “Appraisal” part of the value chain of an upstream oil & gas project. This carries significantly lower risk than early stage exploration and a much greater uplift potential than development and production.
By providing funding to catalyse the progression of high quality projects, we make possible a significant return in project value over a short period of time.