Announcement PDF RNS Number : 5208M Reabold Resources PLC 24 May 2022 24 May 2022 Reabold Resources plc ("Reabold" or the "Company") Reabold North Sea - Presentation on New Licences Detailing Significant Prospective Resources and Value Creation Opportunities Reabold, the AIM quoted investing company, which focuses on investments in upstream oil and gas projects, is pleased to provide additional details on the new licences which it is to acquire (the "Acquisition") from Corallian Energy Limited ("Corallian") for a consideration of £250,000, per the conditional sale and purchase agreement announced by the Company on 4 May 2022 and further to the potential sale of the entire issued share capital of Corallian (the "Potential Sale"). This announcement is made in conjunction with the publication of a new presentation containing further details of these UK offshore exploration and appraisal licences and is available on the Company's website here: https://reabold.com/wp-content/uploads/2022/05/Reabold-North-Sea.pdf. Key Licence Highlights: The UK offshore portfolio of licences comprises of prospects in three core areas, all located near existing infrastructure and adjacent to analogue fields. There are significant prospective resources and opportunities to create value with a combined estimated net NPV10 of £776 million. The Company believes that the prospects represent low to moderate geological risk with relatively low drilling costs. · Inner Moray Firth (Licence P2478) - 36% Working Interest Dunrobin Prospect § Estimated prospective gross Pmean* recoverable resource of 173 Mbbls of oil § Scoping Pmean economics suggest a gross NPV10 of £1,350 million, (£486 million net to Reabold) based on, inter alia, medium gravity oil and a US$60/bbl oil price § Initial scoping indicative of low drilling cost at £7 million gross Golspie Prospect § Gross Pmean prospective resource of 22 Mboe in Jurassic Sandstones · North West Shetland Basin (Licence P2605) - 100% Working Interest Laxford Gas Discovery § Discovered in 1984 § Flowed at 17.5 Mscfg/day on test § Located 24km northwest of the Victory and 9km North of the Glenlivet gas field § Scoping Pmean economics has unrisked NPV10 of £81 million at 60p/therm gas Scourie Prospect § Exhibits similar seismic amplitude anomaly to Glenlivet § Pmean economics has unrisked NPV10 of £125 million at 60p/therm gas · East Shetland Basin (Licence P2464 & P2504) - 100% Working Interest Unst and Baliasta § Eocene Frigg sandstone prospects which exhibit seismic amplitude anomalies similar to the nearby Nuggets Fields § Low risk, with a geological chance of success of 64% and estimated prospective Pmean recoverable resource of 68 bcf for Unst § Pmean economics has an unrisked NPV10 of £84 million at 60p/therm gas § Geological chance of success of 81% and estimated prospective Pmean recoverable resource of 17 bcf for Baliasta Oulton West Gas § Amplitude anomaly in the Eocene Frigg sandstone § Prospect being worked up to establish scale of prospective resource and value Summary of Volumetrics and NPVs Project Area Licences Inner Moray Firth P2478 North West Shetland Basin P2605 East Shetland Basin P2464 Prospects Gross Pmean Oil Mbbls Gross Pmean Gas bcf Gross Pmean Mboe Gross NPV10 £ Million Dunrobin 173 173 Golspie 22 22 1,350 Scourie 107 17.8 125 Laxford 81 13.5 81 Unst 68 11.3 84 Baliasta 17 2.8 As per the Company's announcement of 4 May 2022, the SPA with Corallian remains conditional upon, inter alia, (1) Corallian receiving notice from the Potential Purchaser that the Potential Sale may proceed to completion and (2) approval from the North Sea Transition Authority. If the Acquisition does not complete before 31 August 2022, either party may terminate the SPA and Corallian will be required to repay the Cash Consideration to Reabold within 90 days. Stephen Williams, Co-CEO of Reabold, commented: "The licences to be acquired from Corallian, at an attractive valuation, provide Reabold with an exciting set of opportunities to create value. These licences contain a number of prospects with significant resource potential and relatively low geological risk." "Reabold believes that it will be in a position to progress these newly acquired projects thereby playing an important role in delivering the much needed enhancement of energy security for the UK. We will continue our efforts to deliver benefits to our stakeholders through our strategy of acquiring, investing in and unlocking the potential in high quality hydrocarbon resources." Qualified Person's Statement Pursuant to the requirements of the AIM Rules - Note for Mining and Oil and Gas Companies, the technical information contained in this announcement has been reviewed by Dr Jeremy Jarvis as a Qualified Person. Jeremy has more than 35 years' experience as a petroleum geologist, holds a BSc in Geology from the University of Dundee and a Ph.D. from Imperial College, University of London. He is a member of the American Association of Petroleum Geologists and the Petroleum Exploration Society of Great Britain. For further information, contact: Reabold Resources plc Sachin Oza Stephen Williams c/o Camarco +44 (0) 20 3757 4980 Strand Hanson Limited - Nominated & Financial Adviser James Spinney Rory Murphy James Dance +44 (0) 20 7409 3494 Stifel Nicolaus Europe Limited - Joint Broker Callum Stewart Simon Mensley Ashton Clanfield +44 (0) 20 7710 7600 Panmure Gordon - Joint Broker Hugh Rich +44 (0) 207 886 2733 Camarco James Crothers Billy Clegg Rebecca Waterworth +44 (0) 20 3757 4980 Glossary bcf Billion cubic feet Mbbls Million barrels Mboe Million barrels of oil equivalent Mscf Million standard cubic feet Mscfg/day Million standard cubic feet of gas per day NPV10 Net Present Value using a 10% discount factor Pmean Swanson Mean calculated as P90x0.3 + P50x0.4 + P10x0.3 P10 A high estimate that there should be at least a 10% probability that the quantities recovered will actually equal or exceed the estimate P50 A best estimate that there should be at least a 50% probability that the quantities recovered will actually equal or exceed the estimate P90 A low estimate that there should be at least a 90% probability that the quantities recovered will actually equal or exceed the estimate Notes to Editors Reabold Resources plc is an investing company investing in the exploration and production ("E&P") sector and has a diversified portfolio of assets in upstream oil & gas projects. Reabold aims to create value from each project by investing in undervalued, low-risk, near-term projects and by identifying a clear exit plan prior to investment. The Company's investing policy is to acquire direct and indirect interests in exploration and producing projects and assets in the natural resources sector, and consideration is currently given to investment opportunities anywhere in the world. Reabold's long term strategy is to re-invest capital made through its investments into larger projects in order to grow the Company. Reabold aims to gain exposure to assets with limited downside and high potential upside, capitalising on the value created between the entry stage and exit point of its projects. The Company invests in projects that have limited correlation to the oil price. Reabold has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company's strategy. * Pmean is Swanson Mean calculated as P90x0.3 + P50x0.4 + P10x0.3. All Pmean, geological chance of success and NPV figures are Reabold's in-house estimates. This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. 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