Reabold Resources PLC (AIM:RBD) told investors that its 26.1%-owned associate LNEnergy has now filed an Environmental Impact Study (EIS) for the new small-scale liquefied natural gas (LNG) development plan at the Colle Santo gas field.
The documentation was filed with Italy’s Ministry of Environment and Energy Security. It comes as LNEnergy aims to focus in the coming weeks on efforts to secure approval to carry out a long-term test and monitoring of the field.
"LNEnergy continues to progress the approval process for both the long-term test programme and full field development,” said co-chief executive Stephen Williams.
“This will unlock the considerable value and gas resources available at the Colle Santo gas field."
Williams added: “There is a strong technical team driving the processes forward and we are very pleased with the progress made since our initial investment in May 2023.
“Colle Santo is an important project for Italy, and for Reabold, and we look forward to keeping shareholders up to date with future developments."
The Colle Santo project is seen as a highly material gas resource, with an estimated 65 billion cubic feet of reserves, with two production wells already drilled and tested. It is a ‘field development ready’ opportunity.
LNEnergy believes the project can yield some €11-12 million of gross post-tax free cash flow per year.