Reabold Resources (RBD) H2 2024 earnings summary

Executive summary

• Increased economic interest in West Newton to 69.9% and LNEnergy to 45.1% post year-end, strengthening core gas asset positions.

• Received £4.4m final tranche from Corallian sale to Shell, supporting liquidity and strategic reinvestment.

• Focused on advancing West Newton (UK) and Colle Santo (Italy) gas projects amid heightened European energy security concerns.

• Signed non-binding Heads of Agreement for LNG offtake from Colle Santo with Gunvor, including potential prepayment to fund development.

Financial highlights

• Group loss for 2024 was £3.4m, a significant improvement from £7.2m in 2023.

• Cash and cash equivalents rose 15% to £6.2m at year-end 2024 (2023: £5.4m).

• Net assets decreased to £38.9m (2023: £42.2m) due to investment and operational losses.

• Administrative expenses reduced by 9% year-over-year to £2.0m.

• No dividends declared for 2024.

Outlook and guidance

• Fully funded for at least 12 months; additional funding required within 18 months under downside scenarios.

• Anticipates first gas from West Newton single well development 18 months after drilling, with gross capex of ~£12m.

• Awaiting VIA commission decision for Colle Santo concession; first LNG production expected in 2027.