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Investor Q&A
We’ve answered some of the most common investor questions.
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Shareholders can submit questions to management through the ‘Contact Us’ page on the website, or alternatively through emailing reaboldenquiries@camarco.co.uk.
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At West Newton, Rathlin, as the operator, has applied to carry out a reservoir stimulation on the existing West Newton West Newton A-2 well. Reabold believes this to be a key step in fully de-risking the subsurface characteristics of the project at limited cost.
With 65bcf of 2P reserves, as estimated by RPS as of 30 September 2022, Colle Santo is a highly material undeveloped onshore gas resource. Reabold believes this is the largest onshore proven undeveloped gas field in mainland Western Europe. The field is development ready subject to permits and approvals.
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Both West Newton and Colle Santo are highly material, undeveloped gas discoveries in Europe
with exciting near term production potential.
As with all Reabold’s investments, both assets have low geological risk and clear exit opportunities.
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Reabold’s focus is on its two key gas assets; West Newton (UK onshore) and Colle Santo (Italy onshore). Both assets have strong parallels with Victory, an offshore asset in the UK North Sea which the company identified, matured and sold to Shell for £32m in December 2022.
We are responding to the increased focus on energy security brought about by the rise in geopolitical conflict and instability in Europe, 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.
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Yes. RPS Energy released a CPR on Colle Santo in September 2022, confirming 65.3Bcf of gross 2P reserves.
You can view the CPR here: https://wp-reabold-2023.s3.eu-west-2.amazonaws.com/media/2023/09/4.1.-Colle-Santo-RPS-CPR-October-2022.pdf
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Reabold has undertaken significant due diligence work resulting in increased confidence in the likelihood of permits being granted for the Colle Santo field development. This is at a time when there is an increased focus on energy security in Italy and a more favourable regulatory environment.
The Environmental Impact Study (“EIS”) for the new small-scale LNG development plan at the Colle Santo gas field was filed with the Ministry of Environment and Energy Security and the link to this submission can be found at https://va.mite.gov.it/it-IT/Oggetti/Info/10561
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The field is development ready subject to permits and approvals. Two wells have already been drilled and are available for production, with no additional drilling being required.
LNEnergy believes that the field has the potential to generate an estimated €11-12 million of gross post-tax free cash flow per annum.
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Management is not wedded to any asset. The Board maintains an active approach to asset portfolio management, and will monetise or partially monetise any asset if it enhances shareholder value. The Board will continue to consider the return on capital, cash generation potential, costs, growth and strategic fit of each asset in the current portfolio. The Board’s overriding focus is, and will remain, generating value for shareholders.
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Reabold is fully funded for its share of the next West Newton well.
Reabold does not have any funding responsibilities via Rathlin, however it is possible that Reabold will form a part of future Rathlin funding as it relates to the next West Newton well and beyond. Rathlin is working on securing final funding for the next well alongside securing final permits.
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The NPV10 value represents the theoretical and unrisked value of a project to a company that is sufficiently resourced both financially and operationally to take the project through development, production and to the end of field life. We will evaluate the optimum point at which to dispose of a project not only on the realisable value at the point of sale, but also how effectively we can redeploy that capital into new and existing projects to maximise returns for shareholders.
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Reabold does not currently pay a regular dividend to shareholders. The Reabold strategy results in significant monetisation events such as asset sales and the Board intends to replicate its success with the sale of Corallian and create further monetisation events to generate considerable further distributions in the future.
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Our current focus is on progressing our core assets, West Newton and Colle Santo. However, we are constantly evaluating new investment opportunities where we see the prospect of near-term, high-impact activity which can deliver a return for our shareholders. The Board maintains an active approach to asset portfolio management, taking into account the return on capital, cash generation potential, costs, growth and strategic fit of each asset in the current portfolio.