Reabold Resources PLC (AIM:RBD) has confirmed the completion of its transaction to invest in LNEnergy Limited, increasing its interest in the company to 16.2%.
The company, in a short statement, noted that it retains a second option to further increase its stake.
LNEnergy holds an exclusive option for a 90% interest in the onshore Colle Santo gas field in Abruzzo, Italy. The gas field is a significant asset with 65bn cubic feet (Bcf) of 2P reserves.
Reabold previously reported that the development of Colle Santo is advancing, pending necessary approvals and permits. Two production wells have already been drilled, and the aim is to begin gas production by early 2025.