Reabold Resources plc has increased its holding to 47.4% in the majority owner of the Colle Santo gas project in Abruzzo, onshore Italy.
The investment company purchased a further 1.2% in LNEnergy Ltd, through subscribing for 128 new ordinary shares at £1,200 per share, for a total £153,600.
LNEnergy’s local subsidiary, LNEnergy S.r.l, has a 90% interest in Colle Santo, which contains an estimated 65 billion cubic feet of 2P reserves.
Earlier this week, Reabold conditionally agreed for Beacon Energy plc to acquire all of its interest in LNEnergy, in exchange for Beacon shares.