West Newton wells

Reabold Resouces CEO interview October 10th 2019 following £24 million placing

Sachin ozin co- ceo Reabold

Thu, 10 Oct 2019, 08:00am BST

Sachin Oza, Co-Chief Executive of Reabold Resources (RBD) interview following placing of 2,666,666,666 new ordinary shares at a price of 0.9 pence. Sachin discusses the highlights of the placing, what the funds are to be used for, and the opportunity this presents for Reabold and its shareholders.Interesting for RBD and Union Jack Oil Shareholders.

Oza has 17 years investment experience and has spent the last seven focusing on the energy sector. He joined Guinness Asset Management in April 2016, having previously worked as an investment analyst at M&G Investments for 13 years, where he covered the Utility, Transport, Mining and Oil & Gas sectors on a global basis. Mr Oza has also held investment analyst roles at Tokyo Mitsubishi Asset Management and JP Morgan Asset Management.

West Newton is transformational in value to the company and the funding takes the asset to point of sale. Great for Reabold and UJO.

Reabold RNS, a reminder of UJO news flow and fully funded for West Newton prospect

UJO share price oct 4

Reabold Resources have confirmed by RNS that they are looking to raise £30 million, of which around 2/3 will be invested in the West Newton oil and gas project, which Union Jack Oil (UJO) have a 17% interest. Good news if Reabold pull off the funding for UJO!

UJO confirmed Sep 23rd 2019, that Cash balance of in excess of £2.8 million as at 20 September 2019 and Debt free.

Reabold share price Oct 4 2019

It will be interesting whether further funds will need to be raised given the cash balance situation and it seems that the next West Newton well is fully funded.

Interview with David Bramhill on October 11th. Watch this space on prospects and plans.

News flow UJO

Wressle - planning meeting with North Lincs planning committee - starts Nov 5th (led by Edgon Resources)

West Newton - CPR on basin ongoing. Timing uncertain. Could be 2019…..WN- B1 well early 2020 (fully funded)

There is plenty of talk on social media and the boards about a CPR for West Newton being imminent. Having spoken to DB recently, this was certainly not my impression as he pointed out that the work needed to cover the wider basin not just the WN-1 well, complex analytics etc.

However, I do see the point of view that Reabold would not be able to get £30 million in the placing, 2/3 to spend on West Newton, if potential investors did not have any data to assess the field. So I'm not sure....perhaps a prelim reserves report? Or confidentiality issues...who knows. RBD placing results Tuesday. If it gets it away, very very good news for UJO. Its job done for WN field development.

Biscathorpe - ongoing technical evaluation at Biscathorpe also has the potential to identify a material resource with significant upside, as in the case of West Newton.

Audio File from Twitter David Bramhill

Further reading

RNS Number : 8168O

Reabold Resources PLC

04 October 2019

Statement re Potential Fundraising

Reabold Resources, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, notes recent press speculation relating to a potential fundraising pursuant to an equity placing with certain existing and new investors.

The Company confirms that it is in the process of taking indications of interest from investors with regard to an equity placing of between £20 - 24 million, with the majority of the proceeds intended to be utilised to meaningfully increase Reabold's interest in Rathlin Energy (UK) Limited, to fund and accelerate the permitted, two well work programme at the West Newton project, and to exercise its existing option in Danube Petroleum Limited, providing the required funding for the IM-2 well.

The bookbuild, being conducted by Stifel Nicolaus Europe Limited, is expected to open at 4.45pm on Tuesday, 8 October 2019. Further announcements will be made in due course.