Announcement PDF RNS Number : 8504W Reabold Resources PLC 30 September 2026 ­ ­ ­ 30 September 2026 REABOLD RESOURCES PLC (“Reabold” or the “Company”) Unaudited Interim Results for the Six Months Ended 30 June 2026 Reabold Resources plc (AIM: RBD), the investing company focussed on developing strategic gas projects for European energy security, announces its unaudited interim results for the six months ended 30 June 2026. The results are included below and are also available at www.reabold.com. Highlights Corporate Reabold raised a total of £4.3 million in the first half of 2026. £1.9 million was raised from a group of US strategic investors, of which £1.5 million came from Rohan Oza, a high-profile strategic investor; £1.5 million was raised via a Placing conducted by way of an accelerated bookbuild; and £0.9 million was raised via direct subscriptions. As part of the direct subscriptions, Directors and persons closely associated with Directors contributed £0.4 million. The net proceeds of the fundraise will be used to progress the key West Newton project, including the funding of both Reabold and Rathlin's shares of the recompletion of the A-2 well, expected to take place in Q4 2026. In addition, participants in the fundraise received 1.25 warrants for each new ordinary share, each with a right to convert to one new ordinary share at an exercise price of £1.10 per share. This mechanism is intended to provide the Company with access to additional capital, in the event of a successful A-2 recompletion, and to move into early production as soon as possible. LNEnergy – Colle Santo gas field, Italy In March 2026, Reabold completed the first stage of its disposal of LNEnergy Limited (“LNEnergy”) to Beacon Energy plc (“Beacon”), disposing of 49% of Reabold’s 47.6% interest in LNEnergy. As part of the first completion Reabold received 9,086,917 shares in Beacon. Reabold also invested £750,000 into Beacon by participating in a placing, taking Reabold’s interest in listed shares in Beacon to 22.7% as at 30 June 2026. At completion of the second stage, expected in Q4 2026, Reabold will have disposed of its entire shareholding in LNEnergy in exchange for a €16 million earn out pursuant to which Reabold will receive 25% of its pro rata share of the net cash flow from the Colle Santo project once on production. At second stage completion, Reabold will receive further shares in Beacon taking Reabold’s holding in Beacon to approximately 28.1%. As a result of the transaction with Beacon, Reabold recognised a £0.6 million gain on sale in the income statement and a £5.0 million contingent consideration receivable. The £5.0 million contingent consideration receivable is reported within Other Investments on the balance sheet. See Note 9 for further details. Rathlin Energy (UK) Limited (“Rathlin”) and West Newton – PEDL 183 In February 2026, England's environmental regulator, the Environment Agency ("EA"), issued Rathlin, a subsidiary of Reabold and operator of the Licence, the variation to the permit for the West Newton 'A' Well Site allowing for the recompletion works to be carried out at the West Newton A-2 well subject to certain pre-operational conditions. See Review of Operations on page 4 for further information. Sachin Oza and Stephen Williams, Co-CEOs of Reabold, commented: “We are pleased to report on a period of strong progress for Reabold, during which we raised significant funds to progress the West Newton project, and successfully realised value from the Colle Santo gas project. In Q4 2026, we expect to commence recompletion works at the West Newton A-2 well, a pivotal step towards unlocking the full value of our flagship UK project. The support shown by new and existing investors, including from a group of US strategic investors, enabled us to raise a total of £4.3 million during the period, positioning the Company to fund Reabold and Rathlin's share of the recompletion. In Italy, the transaction with Beacon provides Reabold shareholders with continued exposure to the Colle Santo project through the €16 million earn out mechanism, allowing shareholders to benefit from the project’s cash flow potential once on production, while removing further funding exposure. We look forward to building on this momentum in the second half of the year, as we progress West Newton and continue to execute on our strategy across the portfolio.” Enquiries: Reabold Resources plc Sachin Oza Stephen Williams c/o Camarco +44 (0) 20 3757 4980 Cavendish – Broker and Nominated Adviser Neil McDonald Pearl Kellie +44 (0) 20 7220 0500 Camarco Billy Clegg Rebecca Waterworth Sam Morris Subscribe to our news alert service: https://reabold.com/auth/signup +44 (0) 20 3757 4980 reaboldenquiries@camarco.co.uk Review of Operations LNEnergy Ltd – Colle Santo gas field, Italy The Colle Santo Asset is a material, substantially de-risked development ready onshore gas field. The Colle Santo gas field, located in the Abruzzo region of central Italy, is one of the largest onshore proven undeveloped gas accumulations in mainland Western Europe, with gross Proved plus Probable (2P) reserves of 73.3 Bcf as independently estimated by RPS (October 2025). LNEnergy Limited has an indirect 90% interest in the Colle Santo gas field. In March 2026, Reabold completed the first stage of its disposal of LNEnergy to Beacon, disposing of 49% of Reabold’s 47.6% interest in LNEnergy. As part of the first completion Reabold received 9,086,917 listed shares in Beacon. Reabold also invested £750,000 into Beacon by participating in a placing taking Reabold’s interest in listed shares in Beacon to 22.7% as at 30 June 2026. At completion of the second stage, expected in Q4 2026 once the production concession has been granted, Reabold will have disposed of its entire shareholding in LNEnergy in exchange for a €16 million earn out pursuant to which Reabold will receive 25% of its pro rata share of the net cash flow from the Colle Santo project once on production. At second stage completion, Reabold will receive further shares in Beacon taking Reabold’s holding in Beacon to approximately 28.1%. As a result of the transaction with Beacon, Reabold recognised a £0.6 million gain on sale in the income statement and a £5.0 million contingent consideration receivable. The £5.0 million contingent consideration receivable is reported within Other Investments on the balance sheet. See Note 9 for further details. The transaction has resulted in an uplift in value from initial investment and ensures Reabold will continue to benefit from the attractive cash flow generated from the project, whilst protecting the Company from any further funding requirement. As part of the transaction, Beacon successfully completed a fundraise raising gross proceeds of £3.8 million, including the £750,000 which Reabold contributed. The fundraise will be used to finance the Colle Santo project through FID and towards first production, as well as the associated required working capital. Rathlin and West Newton – PEDL 183 licence - UK West Newton is an onshore hydrocarbon discovery located north of Hull, England. To date, three discovery wells have been drilled at West Newton (A-1, A-2 and B-1z) confirming a major discovery – potentially one of the largest hydrocarbon fields discovered onshore UK. Rathlin is the operator of the PEDL 183 licence and holds a 66.67% interest. Reabold holds a 79.8% interest in Rathlin and also has a 16.67% direct interest in the licence giving Reabold a 69.9% economic interest in PEDL 183. As part of the work programme for PEDL 183, the JV is required to recomplete the A-2 well and conduct an Extended Well Test (EWT) on or before 30 June 2027. In February 2026, the EA issued Rathlin, the variation to the permit for the West Newton 'A' Well Site allowing for the recompletion works to be carried out at the West Newton A-2 well subject to certain pre-operational conditions. Rathlin plans to carry out the recompletion and EWT in Q4 2026, using the net proceeds from the £4.3 million raised earlier in the year to fund both Reabold and Rathlin’s shares of the recompletion. The gross estimated cost for the recompletion is c.£2.5 million excluding contingency (c.£2.1 million net cost for the consolidated Group). The reservoir stimulation will aim to open fractures within the reservoir and then prop the fractures open using sand. The operation is designed to restore and enhance near wellbore permeability. The JV partnership believes this is a low risk and low-cost approach to derisk the project. As part of our strategy to progress the field toward full‑scale production, Rathlin is in the early stages of planning an EWT following a successful reservoir stimulation. Conducting an EWT will allow Rathlin to assess the extent and performance of the reservoir, providing the essential data required before determining the most appropriate route for full field development. Until the reservoir characteristics are fully understood, through an EWT, it is too early to determine the most suitable method for transporting gas to market. Rathlin has reviewed several potential options, including a pipeline connection to the National Transmission System or direct supply to local industrial users. In the near term, following the upcoming well stimulation, Rathlin is exploring the potential to deploy a small-scale power generation facility at the West Newton A well site. Initial flows of gas would be used to produce power for onsite computing facilities. The use of produced gas for onsite power would reduce the need for flaring, minimise waste and environmental impact while allowing for acquisition of important reservoir data. The significant onshore natural gas resource at the West Newton site in Yorkshire has and will continue to be progressed for the benefit of UK energy security. This is particularly important at this time of significant geopolitical uncertainty. Rathlin and its partners will continue to engage with all stakeholders, both locally and nationally, to ensure the optimal development pathway for West Newton is achieved. UK Offshore P2659 (10%) Reabold holds a 10% interest in Licence P2659 in the Southern North Sea, which was awarded in July 2024 as part of the UK’s 33rd Offshore Licensing Round. The other partners on the licence are Horizon Energy Acquisition Limited (45%) and Horizon Energy Partners Limited (45%). The licence covers blocks 37/26 and 37/27 and the initial four- year Phase A work programme commitments for the licence are focused on completing an advanced geophysical processing study using 475 sq km of existing 3D seismic data. Daybreak Oil and Gas Inc – USA Reabold has a 42% shareholding in Daybreak Oil and Gas Inc (“Daybreak”). Daybreak is an OTC traded oil and gas company engaged in the exploration, development and production of onshore crude oil and natural gas, primarily in California. Further details on Daybreak can be found on its website at www.daybreakoilandgas.com. Danube Petroleum Limited – Parta and Iecea Mare licences, Romania Reabold has a 50.8% equity position in Danube Petroleum Limited (“Danube”), with ASX listed ADX Energy Ltd (“ADX”) holding the remaining 49.2%. Danube, via its wholly owned subsidiary ADX Energy Panonia S.R.L., holds a 100% interest in the Iecea Mare Production licence. ADX is the operator of the permit pursuant to a services agreement with Danube. ADX Energy Panonia S.R.L., holds a 100% interest in the Parta Exploration licence. (Phase 1 of the Permit has lapsed and an agreement has not been reached for an extension.) There has been no significant activity in the first half of 2026. Reabold’s investment in Danube is currently held at £NIL. Other Business and Corporate Equity raise Reabold raised a total of £4.3 million in the first half of 2026. £1.9 million was raised from a group of US strategic investors, of which £1.5 million came from Rohan Oza, a high-profile strategic investor; £1.5 million was raised via a Placing conducted by way of an accelerated bookbuild; and £0.9 million was raised via direct subscriptions. As part of the direct subscriptions, Directors and persons closely associated with Directors contributed £0.4 million. The net proceeds of the fundraise will be used to progress the key West Newton project, including the funding of both Reabold and Rathlin's shares of the recompletion of the A-2 well, expected to take place in Q4 2026. In addition, participants in the fundraise received 1.25 warrants for each new ordinary share, each with a right to convert to one new ordinary share at an exercise price of £1.10 per share. This mechanism is intended to provide the Company with access to additional capital, in the event of a successful A-2 recompletion, and to move into early production as soon as possible. Share consolidation On 8 May 2026 Reabold effected a 1000-1 share consolidation to reduce the total number of ordinary shares in issue. At 30 June 2026, the issued share capital of the Company comprised 14,501,215 ordinary shares (excluding treasury shares) par value £1 per share, each with one vote. See Note 6 for further details. Offer for Union Jack Oil plc On 15 June 2026, Reabold announced that it was in discussions with the board of Union Jack regarding an all-share offer by Reabold for the entire issued and to be issued share capital of Union Jack. See Note 11 – Events after the reporting period for further details. Financial Review Group Income Statement The loss attributable to Reabold shareholders for the first half of 2026 was £1.0 million (H1 2025: loss of £1.4 million). The decrease in the loss was primarily due to the gain on sale of LNEnergy. In October 2025 the Group entered into an agreement to dispose of its entire interest in LNEnergy. The disposal comprises two linked transactions which, having regard to their terms and the circumstances surrounding them, have been accounted for as a single transaction. (See Note 2 Basis of Preparation - Significant accounting policies, judgements and estimates). The first stage of the transaction completed in March 2026, and although only the first transaction had legally completed at the reporting date, the Group has accounted for the disposal as a whole and recognised the resulting gain of £0.6 million in the period. Administrative expenses were £1.3 million in H1 2026, compared with 1.2 million in H1 2025. The increase was principally driven by an increase in expenses of £0.3 million at the Reabold corporate level associated with the fundraise, share consolidation and disposal of LNEnergy, offset by decreases in expenses of £0.2 million at Rathlin resulting from the realisation of cost saving measures following Reabold taking control of Rathlin in January 2025. Reabold’s share of loss of associates was £0.1 million (1H 2025: £0.2 million). The decrease was due to no losses being recognised at Danube following a full impairment of the investment in the prior period. In addition, there was no contribution from Rathlin due to Rathlin becoming a subsidiary at the end of January 2025. Losses from financial assets measured at fair value increased by £0.2 million due to a decrease in the value of Reabold’s shareholding in Beacon Energy plc which formed part of the consideration for the sale of LNEnergy. See Review of Operations for further details. Share based expenses were down by £60,000 as the Deferred Annual Bonus shares were not granted until after the period end. See Note 10 for further details. Group Balance Sheet Reabold strengthened its balance sheet in the first half of 2026 following a £4.3 million equity raise in the period. Equity attributable to Reabold Resources plc shareholders at 30 June 2026 stood at £34.5 million compared with £31.6 million at 31 December 2025. Cash and cash equivalents at 30 June 2026 was £4.0 million (31 December 2025: £2.1 million). Exploration and evaluation assets increased from £29.0 million at 31 December 2025 to £29.3 million at 30 June 2026, as a result of capital expenditure at West Newton ahead of the planned recompletion in Q4 2026. Investments in associates was £NIL compared with £5.4 million at year end 2025. The decrease was a result of the disposal of LNEnergy to Beacon Energy plc. See Note 8 for further details of this transaction. Other investments increased by £6.0 million in the period to £6.0 million. This comprised of approximately £5 million related to the fair value of the contingent consideration related to the disposal of LNEnergy to Beacon and £1 million related to the fair value of Reabold’s investment in Beacon. See Note 9 for further details. Current trade and other payables decreased to £0.1 million at 30 June 2026 from £0.2 million at the end of 2025, principally related to the timing of payments for the Group’s insurance policies. Accruals also decreased to £0.1 million at 30 June 2026 from £0.2 million at the end of 2025, principally related to the timing of payments for the Group’s 2025 audit fees. Decommissioning provisions of £0.8 million (31 December 2025: £0.7 million) relate to future decommissioning obligations at West Newton. The slight increase is attributable to the unwinding of the discount applied. Group cash flow From a funding and liquidity perspective, H1 2026 has been a very busy period as we completed our £4.3 million fundraise, paving the way for the recompletion works to be carried out on the A-2 well in Q4 2026. Net cash used in operating activities for the first half of 2026 was £1.5 million (30 June 2025: £1.4 million). The slight increase reflected higher administrative costs as outlined in the review of the income statement above. Cash flow from investing activities was an outflow of £0.9 million (30 June 2025: £0.9 million). The outflow in 2026 included £0.75 million invested in the placing undertaken by Beacon, and £0.3 million of capital expenditure associated with West Newton, offset by cash proceeds of £0.15 million received as part of the sale of LNEnergy to Beacon. Overall cash inflows in the first half of 2026 were £1.9 million (30 June 2025: cash outflow of £2.3 million) resulting in a cash balance of £4.0 million at 30 June 2026 (30 June 2025: 4.0 million). Future commitments The Group has obligations to carry out defined work programmes on its licences under the terms of the award of rights to these licences. Onshore PEDL 183 – West Newton Reabold’s minimum work programme for PEDL 183 is as follows: Recomplete WNA-2 and carry out EWT on or before 30 June 2027 Investment decision and long term EWT / Datacentre development on or before 30 June 2028, Investment decision and drill horizontal well on or before 30 June 2029, and Test horizontal well and submit a field development plan on or before 30 June 2030 Reabold is planning to re-enter and recomplete the A-2 well at West Newton in Q4 2026 in order to establish sustained gas flow. The gross cost to re-enter and recomplete is expected to be c.£2.5 million excluding contingency (c.£2.1 million net cost for the consolidated Group). Southern North Sea – P2659 The current licence commitment is limited to technical studies to assess potential drilling options. Approved on behalf of the Board Sachin Oza and Stephen Williams Co-Chief Executive Officers 29 September 2026 Forward looking statements This disclosure contains certain forward-looking statements with respect to the business of Reabold and certain of the plans and objectives of Reabold that involve substantial known and unknown risks and uncertainties. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of Reabold. Actual results or outcomes, may differ materially from those expressed in such statements, depending on a variety of factors, including: the impact of general economic conditions where Reabold operates, industry conditions, changes in consumer preferences and societal expectations, the pace of development and adoption of alternative energy solutions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the timing of bringing new fields onstream, fluctuations in foreign exchange or interest rates, stock market volatility, the success or otherwise of partnering, Reabold’s access to future credit resources, and other risk factors discussed in Reabold’s 2025 Annual Report. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Reabold will derive therefrom. REABOLD RESOURCES PLC HALF YEAR UNAUDITED RESULTS UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF INCOME Six months ended 30 June 2026 £000 Six months ended 30 June 2025 £000 Notes Net gain (loss) in financial assets measured at fair value through profit or loss (165) (13) Other income - - Share of losses of associates 8 (61) (176) Gain on sale of associate 624 - Administration expenses (1,346) (1,203) Share based payments expense 10 (41) (101) Foreign exchange (loss) gain - (4) Loss on ordinary activities (989) (1,497) Finance costs (20) (31) Finance income 15 48 Loss before tax for the period (994) (1,480) Taxation - - Loss for the period (994) (1,480) Loss attributable to non-controlling interest (35) (75) Loss attributable to Reabold Resources plc shareholders (959) (1,405) Earnings per share Basic and fully diluted loss per share (pence) 4 (8.2) (13.8) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ____________________________________________________________________________________________ Note Six months ended 30 June 2026 £000 Six months ended 30 June 2025 £000 Loss for the year (994) (1,480) Other comprehensive income: Items that may be reclassified subsequently to profit or loss: Share of items relating to equity-accounted entities - (30) Share of items related to equity accounted entities reclassified to gain on sale of associate (494) - Other comprehensive loss (494) (30) Total comprehensive loss (1,488) (1,510) Total comprehensive loss attributable to non-controlling interest (35) (75) Total comprehensive loss attributable to Reabold Resources plc shareholders (1,453) (1,435) REABOLD RESOURCES PLC HALF YEAR UNAUDITED RESULTS CONSOLIDATED BALANCE SHEET 30 June 2026 31 Dec 2025 Notes £000 £000 Non-current assets Exploration & evaluation assets 5 29,322 29,030 Property, plant and equipment 68 9 Investments in associates 8 - 5,438 Other investments 9 5,957 13 Restricted cash 320 320 Trade and other receivables 7 7 35,674 34,817 Current assets Prepayments 35 102 Trade and other receivables 91 74 Cash and cash equivalents 4,043 2,100 4,169 2,276 Total assets 39,843 37,093 Current liabilities Lease liabilities 39 7 Trade and other payables 125 208 Accruals 101 206 265 421 Non-current liabilities Trade and other payables 53 53 Lease liabilities 28 - Provision for decommissioning 758 740 839 793 Total liabilities 1,104 1,214 Net assets 38,739 35,879 EQUITY Share capital 6 14,896 10,589 Share premium account 1,103 1,103 Capital redemption reserve 200 200 Treasury shares (338) (338) Share based payment reserve 2,314 2,273 Retained earnings 16,353 17,806 Equity attributable to Reabold Resources plc shareholders 34,528 31,633 Non-controlling interest 4,211 4,246 Total Equity 38,739 35,879 REABOLD RESOURCES PLC HALF YEAR UNAUDITED RESULTS CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to Reabold Resources plc shareholders Share Capital1 Treasury Shares Other reserves2 Retained earnings Total Non- controlling interest Total equity £'000 £’000 £'000 £'000 £'000 £'000 £'000 At January 1, 2026 10,589 (338) 3,576 17,806 31,633 4,246 35,879 Loss for the period - - - (959) (959) (35) (994) Other comprehensive loss for the period - - - (494) (494) - (494) Total comprehensive loss for the period - - - (1,453) (1,453) (35) (1,488) Issue of ordinary share capital 4,307 - - - 4,307 - 4,307 Share based payment - - 41 - 41 - 41 At June 30, 2026 14,896 (338) 3,617 16,353 34,528 4,211 38,739 At January 1, 2025 10,589 (338) 3,433 25,185 38,869 - 38,869 Loss for the period - - - (1,405) (1,405) (75) (1,480) Other comprehensive loss for the period - - - (30) (30) - (30) Total comprehensive loss for the period - - - (1,435) (1,435) (75) (1,510) Share based payment - - 101 - 101 - 101 Other changes in non-controlling interest3 - - - - - 4,255 4,255 At June 30, 2025 10,589 (338) 3,534 23,750 37,535 4,180 41,715 1 See Note 6 “Called-up Share Capital” 2 See Note 7 “Other reserves” 3 Relates to the non-controlling interest arising on the acquisition of a further 20.4% in Rathlin giving Reabold a controlling 79.8% interest in Rathlin. REABOLD RESOURCES PLC HALF YEAR UNAUDITED RESULTS CONSOLIDATED STATEMENT OF CASH FLOWS Six months ended 30 June 2026 £000 Six months ended 30 June 2025 £000 Notes Operating activities Loss before tax for the period (994) (1,480) Adjustments to reconcile loss for the period to net cash used in operating activities Depreciation 20 24 Net (gain) loss on financial assets at fair value through profit or loss 9 165 13 Share of losses from associates 8 61 176 Gain on disposal of associate (624) - Net finance (income) 5 (17) Share-based payments 10 42 101 Unrealised currency translation losses - 1 Decrease in receivables 44 71 (Decrease) in payables (189) (261) Net cash used in operating activities (1,470) (1,372) Investing activities Expenditure on exploration & evaluation assets 5 (292) (359) Acquisition of controlling interest in Rathlin, net of cash acquired - (136) Investments in associates - (418) Other Investments 9 (750) - Total cash capital expenditure (1,042) (913) Proceeds from disposal of associate 154 - Interest received 15 48 Movements in restricted cash - - Net cash generated by (used in) investment activities (873) (865) Financing activities Proceeds from issue of ordinary shares 4,307 - Repurchase of shares - - Lease liability payments (21) (21) Net cash generated by (used in) financing activities 4,286 (21) Currency translation differences relating to cash and cash equivalents - - Increase/(decrease) in cash and cash equivalents 1,943 (2,258) Cash and cash equivalents at the beginning of the period 2,100 6,248 Cash and cash equivalents at the end of the period 4,043 3,990 REABOLD RESOURCES PLC NOTES TO THE UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Corporate information The unaudited interim condensed consolidated financial statements of Reabold Resources plc and its subsidiaries (collectively, the “Group”) for the six months ended 30 June 2026 were authorised for issue in accordance with a resolution of the directors on 29 September 2026. Reabold Resources plc is a public limited company, incorporated and domiciled in England & Wales, whose shares are traded on AIM in London. The Group is principally engaged in the investment in pre-cash flow upstream gas projects. 2. Basis of preparation These unaudited condensed consolidated interim financial statements for the six months ended 30 June 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB") and adopted by the UK, and on the basis of the same accounting principles as those used in the Company's Annual Report and Accounts for the year ended December 31, 2025, as filed with the Registrar of Companies for England and Wales. The financial information presented in the unaudited condensed consolidated interim financial statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2025, were published in Reabold's Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual consolidated financial statements as at 31 December 2025. Going Concern The Directors have prepared the financial statements on a going concern basis, which assumes that the Group will continue in operational existence for a period of at least twelve months from the date of approval of these financial statements. At 30 June 2026, the Group held cash balances of £4.0 million, which the Directors believe are sufficient to fund the Group’s general and administrative expenditure, committed obligations and on-going non- project related expenditure for the going concern assessment period. The Group’s current strategy includes the recompletion of the A-2 well in Q4 of 2026 in order to unlock the inherent value in Reabold’s flagship project at West Newton. The recompletion of the A-2 well is expected to materially reduce the Group’s available cash resources and the Group would likely require additional funding thereafter in order to continue its planned activities and meet future obligations. The Directors note that the timing and availability of any future funding remain uncertain and may be significantly influenced by the outcome of the recompletion and testing of the A-2 well. In the unlikely event that the well is unsuccessful, the Group’s ability to secure further financing may be adversely affected. The Directors acknowledge that there can be no assurance that the planned strategy will achieve the anticipated outcome or support the Group’s future funding requirements required to realise its assets and discharge its liabilities in the normal course of business and therefore there exists a material uncertainty concerning the ability of the Group to continue as a goin