LONDON, UK: Reabold Resources plc, an oil & gas investing company, has increased its stake in LNEnergy Limited to 26.1% by investing £1,650,000 in exchange for new shares.
LNEnergy holds an exclusive option over a 90% interest in the Colle Santo gas field in Italy, which has an estimated 65Bcf of 2P reserves and is ready for development.
LNEnergy expects the field to generate up to €12m of annual post-tax cash flow. A Technical Scientific Committee, composed of local experts and authorities, has been formed to support the development of the field and evaluate the data from a proposed long-term test and monitoring campaign.
Sachin Oza, Co-CEO of Reabold, commented: “Reabold is excited by the potential of the Colle Santo project and confident in its decision to invest further in LNEnergy. The formalisation of the Technical Scientific Committee at the University of Chieti-Pescara shows constructive local stakeholder engagement in the Colle Santo project and follows on from positive regulatory progress taking place at a government level, as Italy looks to secure domestic energy supply. We look forward to updating shareholders on our progress in Italy as we develop this important regional project.”
Reabold Resources acquires 3.1% interest in LNEnergy for £250,000