Reabold Resources plc now holds 45.1% in the Colle Santo gas field after converting £500,000 of outstanding convertible loan notes into 374 ordinary shares in the project’s majority owner.
RESERVES
The conversion was at an average price of £1,350 per share in LNEnergy Limited (LNE).
LNE manages and owns 100% of Italian company LNE Srl, which has a 90% interest in Colle Santo, located in the Abruzzo region of Italy.
LNE Srl is currently seeking regulatory approval to develop the field.
In March, LNE entered into a binding purchase and sale agreement to acquire the outstanding issued share capital of LNE Srl.
Colle Santo holds an estimated 65 billion cubic feet of 2P reserves.
Two production wells are already drilled and flow tested, making the field “development ready”.
Reabold’s other onshore assets are in the West Newton gas field, East Yorkshire, Parta in Romania and California oil and gas operator Daybreak Oil& Gas Inc.