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(RBD) Reabold Resources Share Chat

Discussion in 'General Share Chat (RBD)' started by Inspiration, Dec 11, 2017.

  1. Inspiration

    Inspiration Moderator Moderator

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    Reabold Resources is an investor in near-term, high growth upstream oil & gas projects where its injection of capital will facilitate near term activity.
    Each investment the Company makes must have low drilling risk and a clear exit strategy.

    Reabold invests in operating companies whose main value driver is the oil & gas asset of interest. Reabold can thereby run a low-cost, non-operator business model where the monetisation versus the entry price of the oil & gas projects it invests in will be the key determinant of value.

    The Company only invests in projects which meet its stringent requirements:

    Geology:
    Reabold exclusively invests in projects that are substantially de-risked from a technical perspective. 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 low capital expenditure and have limited geopolitical risks.

    Investment Returns:
    The returns provided by investments are key for Reabold. Before investing a project must demonstrate the possibility for a high return over a short time frame and the opportunity to scale up and increase project returns beyond our initial project period.

    Exit:
    In order to maximise the return profile, identifying the optimal time to exit a project is critical to Reabold’s strategy. Doing so effectively will allow the company to scale and attract more capital over time.

    Unlocking Value in the E&P cycle
    Reabold offers investors the opportunity to focus 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.
     
  2. Inspiration

    Inspiration Moderator Moderator

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    20 September 2017

    Reabold Resources plc ("Reabold" or the "Company")

    Placing to raise £3.96 million

    Notice of General Meeting

    Update on Strategy

    Total voting rights


    Reabold, the AIM listed investment company operating in the natural resources sector, is pleased to announce a placing of 792,000,000 new ordinary shares of 0.1 pence each (the "Ordinary Shares") in the capital of the Company (the "Placing Shares") at a price of 0.5 pence per Placing Share (the "Placing Price"). The placing will raise, in aggregate, £3.96 million (before expenses) (the "Placing").

    The Company is very pleased with the demand of investors to participate in the Placing, which significantly exceeds the Directors' existing authorities to allot shares on a non-pre-emptive basis. To enable the Company to undertake a further placing of up to £1.5 million to meet this additional demand from investors, a general meeting ("GM") of the Company is to be held to obtain shareholder approval to renew the Directors' authorities to allot shares for cash on a non-pre-emptive basis. The notice of GM ("the Notice") will be sent to shareholders once finalised and will be available to download from the Company's website at www.reabold.com. A further announcement will be when the Notice is published.

    The investing policy of the Company remains 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. However it is the Board's intention, under that policy, to concentrate on investments in European oil and gas projects.

    The net proceeds of the Placing will be used to make investments under this more focused strategy, in support of which the Company is proposing to appoint Sachin Oza and Stephen Williams, currently consultants to the Company, as Executive Directors in due course and subject to regulatory requirements. Sachin and Stephen ("the Proposed Directors") have, respectively, 15 years' and 14 years' experience in the energy sector and both have worked as investment analysts with M&G Investments. The Proposed Directors have identified and intend to invest in a number of projects that are in line with the proposed strategy set out above.


    Commenting on the Placing, Jeremy Edelman, Executive Chairman of Reabold said:

    "I am excited to announce the placing, and our strategic update. We look forward to being able to welcome Sachin and Stephen to the Board of Reabold in due course where they will bring very considerable technical expertise and experience of evaluating assets in our sector.

    We see great merit in a strategy of focusing on European oil and gas projects that are substantially de-risked from a technical perspective and yet still have the potential to deliver attractive returns at current commodity prices and are excited about the projects that have already been identified."
     
  3. Groucho

    Groucho Member

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    27 September 2018



    REABOLD RESOURCES PLC

    ("Reabold" or "the Company")



    Unaudited Interim Results for six months ended 30 June 2018



    Reabold Resources plc (AIM: RBD) the AIM quoted resources investment company announces its unaudited interim results for the six months ended 30 June 2018 ("the Period").






    CHAIRMAN'S STATEMENT


    The Board is pleased to report on the significant progress made by the Company in the six months ended 30 June 2018, and post-Period end, in implementing its investment strategy in undervalued, low risk, near-term upstream oil and gas projects.


    Highlights

    · £7.8 million (before expenses) equity raising including significant new institutional investors

    · £2.5 million investment completed in Corallian Energy Limited ("Corallian") for a 32.9% interest

    · First tranche completed of total £1.5 million investment in Danube Petroleum Limited ("Danube") for a 29% interest

    · £3.1 million investment in California focused Gaelic Resources Limited ("Gaelic") for an initial 100% ownership providing Reabold with options to participate in multiple near-term, high-impact oil and gas leases in California, United States

    · Independent Review of Danube's Parta Project in Romania confirms potential for the planned derisked and high impact appraisal project, which is expected to commence in H2 2018

    · Corallian's Colter and Wick projects fully funded for drilling in H2 2018



    Highlights - Post-Period

    · Successfully completed a four-well workover in California, all of which are in production

    · The first of a three well drilling programme in California in H2 2018 made a commercial discovery of hydrocarbons and is being completed for production

    · Corallian's Colter and Wick projects progressed with anticipated drilling in H2 2018 and on track for the six-well drilling campaign, which commenced in H2 2018

    · £4.8 million (before expenses) equity fundraise including significant new institutional investor


    Corallian Investment


    On 1 November 2017, the Company made its first investment under its focused investment strategy, entering share subscription agreements to invest a total of £1.5 million in Corallian, a private UK oil and gas appraisal and exploration company. Corallian has a portfolio of UK oil & gas licences, including the Colter appraisal project, that Corallian management believes has a high chance of success given the appraisal nature of the project together with industry comparative low drilling costs. An initial £0.5 million subscription in Corallian was completed on signing of a subscription agreement, with a further £1 million subscription completed in May 2018. Subsequently in February 2018, the Company announced that it was supporting a further capital raising by Corallian and would invest an additional £1.0 million, of which £0.5m was completed in February 2018 and the balance of £0.5 million, at Reabold's election, was completed in April 2018. Completion of the above subscriptions has resulted in Reabold investing a total of £2.5 million for a 32.9% interest in Corallian.


    Danube Investment


    On 4 December 2017, the Company made its second investment, entering into an agreement with Danube, then a wholly owned subsidiary of ASX listed ADX Energy Ltd (ASX:ADX) to invest a total of £1.5 million for a 29% interest in Danube. Danube is a newly-formed UK private oil and gas company, which holds a 50% interest in the high impact Parta licence ("Parta"), onshore Romania, and a 100% interest in a low-risk appraisal campaign within Parta, comprising of two wells planned to test 49.9 Billion Cubic Feet prospective and contingent resources. The first tranche of the Company's investment in Danube of £0.375 million ("Tranche 1") was completed in March 2018, with the second tranche of £1.1 million ("Tranche 2") to be completed upon submission of an Authorisation for Expenditure for the first appraisal well, which was submitted on 17 September 2018, activity on which is anticipated to commence in Q4 2018.


    On 24 September 2018, the Company announced the completion of Tranche 2, and that ADX and Reabold had agreed that the deadline of Reabold's option to invest, at Reabold's election, a further amount of US$0.5 million in Danube, with the associated requirement that ADX will either invest directly or source investment from a third party of US$0.5 million on the same terms as Reabold's Tranche 1 and Tranche 2 investments, had been extended to 31 October 2018.


    Gaelic Investment


    On 14 June 2018, the Company was pleased to announce the significant conditional acquisition of 100% of the issued share capital of Gaelic for the issue of 420 million new ordinary shares in Reabold ("the Consideration Shares"), representing £3.1 million at the closing price of 0.725p per share on AIM on 12 June 2018. The issue of the Consideration Shares was subject to the approval of the shareholder of the Company, which was received at a General Meeting of the Company on 29 June 2018. The acquisition of Gaelic duly completed on 4 July 2018.


    Gaelic provides Reabold with options to participate in multiple near-term, high-impact oil and gas leases in California, United States ("the Leases").Gaelic, through its wholly owned US subsidiary, has the right to earn-in to 50% of the Leases by drilling up to five wells by the end of 2019. Reabold expects three of these wells to be drilled before the end of 2018. In a success case, these wells will be put onto production, providing cashflow to support further drilling activity. The five-well drilling programme is expected to cost Reabold up to approximately US$7.0 million in total.


    The Leases are operated by Integrity Management Solutions, a California operating company that will direct operational decisions pertaining to the licenses.


    Reabold funded the successful four-well workover programme on the idle wells on the Monroe Swell licence, earning a 50% interest in these wells that are now in production. Reabold also funded the Venturini Ginnochio 3 well ("VG-3"), completed for production, on the West Brentwood license earning a 50% interest in the licence. This successful well is being put on production.


    Placements


    In further support of the Company's investing strategy and executive team, the Company was pleased to complete, in March 2018, a significant fund raising of 1,291,750,000 new ordinary shares at a price of 0.6 pence per share, raising £7.8 million (before expenses) to support the Company's investment policy.


    On 5 September 2018, the Company announced a placing of a total of 568,908,823 new ordinary shares in the Company, raising gross proceeds of £4.8 million at a price of 0.85p per share, with the net proceeds to be deployed in the continued execution of the Company's strategy across additional high-impact projects.


    Financial Review


    The loss of the Company for the 6 months ended 30 June 2018 was £746,000 (2017: loss of £70,000), including share based payments expense of £322,000. The net assets as at 30 June 2018 were £12,752,000 (2017: £804,000).


    As at 30 June 2018, the Company had cash of £9,551,000.


    Board and Advisor Appointments


    On 17 September 2018, the Company announced the appointment of Marcos Mozetic and Michael Felton as Non-Executive Directors of the Company and the appointment of Strand Hanson Limited as Nominated and Financial Adviser.


    Marcos Mozetic, an exploration geologist, brings over 41 years of international technical experience in the oil and gas industry to the Company. His most recent experience was in designing, implementing and leading Repsol S.A's exploration strategy between 2004 and 2016. During this period Repsol become a leader in reserve replacement and participated in some of the most exciting discoveries worldwide. Previous to this, Marcos worked as a development geologist in 1975 with Bridas, before moving into the exploration department, which he later led. Following this, Marcos worked for BHP Petroleum and BHP Minerals as Chief Geologist for Argentinaand later Country Leader. Marcos holds a BSc and Post-Graduate degree in Petroleum Geology from the University of Buenos Aires.


    Mike Felton is an experienced fund manager in the City and brings over 29 years of financial expertise to the Company. Mike previously served as Head of UK Retail Equities at M&G Investments and was Manager of the M&G UK Select Fund, growing the fund's assets from £110m to circa £550m at its peak. Mike has also previously served as Joint Head of Equities at ISIS Asset Management and Manager of ISIS UK Prime Fund, as well as Chief Investment Officer at Lumin Wealth, a position he still retains part-time. Mike sits on the International Tennis Federation's Investment Advisory Panel and is a Business Ambassador for Anthony Nolan, the UK's blood cancer charity and bone marrow register.


    Outlook


    We are highly encouraged by the success we have had so far in the implementation of our strategy to invest in low-risk, high impact upstream oil and gas projects. The portfolio, which now contains the Danube and Corallian appraisal campaigns drilling in 2018, and Gaelic, which has delivered early success in the workover programme along with VG-3, the discovery well, being completed for production, demonstrates our commitment, as a Board, to our strategy and ability to execute value-creating investments for our shareholders. This portfolio, together with a number of other projects currently under review, means Reabold shareholders can look forward to an exciting 2018 and beyond.


    The Board looks forward to reporting further in due course.


    This report was approved by the Board and signed on its behalf:



    Jeremy Edelman

    Chairman


    26 September 2018

    Reabold Resources - Half-year Report https://www.voxmarkets.co.uk/rns/announcement/7e421c51-0602-43b6-b42f-8c7062d96fd7
     
  4. Groucho

    Groucho Member

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    28 September 2018

    Reabold Resources Plc

    ("Reabold" or "the Company")


    Rig Contract Signed for Wick and Colter


    Reabold, the oil and gas investing company, is pleased to announce that Corallian Energy Limited ("Corallian" or "the Operator"), in which Reabold has a 32.9% interest, has signed a contract with Ensco UK Limited for the Ensco-72 jack-up rig to drill the Wick and Colter drilling campaigns. The two well drilling campaign is expected to begin in Q4 2018, subject to the receipt of necessary regulatory approvals and consents for both wells.

    The Wick prospect, in which Corallian has a 40% interest, is estimated by Corallian to contain gross mean prospective resources of around 26 million barrels of recoverable oil equivalent.

    Colter, in which Corallian has a 49% interest, lies 10km off the coast of Dorset, adjacent to Wytch Farm. Corallian estimates gross mean prospective resources of 23 million barrels of recoverable oil equivalent.



    Sachin Oza, co-CEO of Reabold, commented:

    "Given our unique exposure to both high-impact opportunities at Colter and Wick, today's news is highly exciting for Reabold and its shareholders. If successful, both prospects independently offer attractive economics, low development costs and fast payback, which could prove to be transformational for the Company.

    As many of Reabold's investments are now entering operational periods, we look forward to continuing to provide further updates on each as progress continues over the next few months."
     
  5. Groucho

    Groucho Member

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