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Reabold (LON:RBDR) Resources reports 15% increase in cash position for 2024
LONDON - Reabold Resources plc, an investing company focused on developing strategic gas projects for European energy security, reported a 15% increase in cash and cash equivalents to £6.2 million for the year ended December 31, 2024, compared to £5.4 million at the end of 2023.
The company received £4.4 million in January 2024 representing the final tranche of proceeds from the sale of Corallian to Shell, following Shell’s receipt of development and production consent for the Victory gas field.
During 2024, Reabold increased its interest in LNEnergy Limited by 3.1% to 29.2%. LNEnergy manages and owns LNEnergy S.R.L., which has applied for the Colle Santo gas field concession in Italy, a gas resource with an estimated 65Bcf of 2P reserves. In May 2025, Reabold further increased its stake to 45.1%.
Reabold also signed an agreement to acquire 20.4% of Rathlin Energy (UK) Limited, which was completed in January 2025, taking its shareholding to 79.8% and its economic interest in the West Newton project to 69.9%.
At West Newton, a Gas Export Feasibility study concluded that an initial single well development plan could accelerate production while requiring limited capital expenditure. The North Sea Transition Authority approved a revised work program for the PEDL 183 licence containing the West Newton field.
A non-binding Heads of Agreement was executed between Gunvor International B.V. and LNEnergy for the purchase of Liquified Natural Gas from the Colle Santo gas field, potentially including a prepayment to help fund development.
For the year, Reabold reported a loss of £3.4 million, compared to a £7.2 million loss in 2023. The company has no debt and maintains a strong balance sheet with net assets of £38.9 million as of December 31, 2024.
The information was based on a press release statement from Reabold Resources.
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