Reabold Resources PLC (AIM:RBD) is advancing in its second half of the year with a strong balance sheet and a number of exciting catalysts on the horizon, that’s the message from co-CEOs Sachin Oza and Stephen Williams.
The first half of the year saw an influx of cash, rising 41%, with cash and equivalents reported as £7.6 million at the end of June – it follows the receipt in January of the final payment from the Corallian deal with Shell.
As today’s interim results statement describes, the company subsequently sought to invest and support other projects in its portfolio.
“The company is excited by the potential of the Colle Santo gas project, which holds significant gas reserves, and the regulatory process continues to be encouraging.
"We are pleased LNEnergy has established a strong relationship with Gunvor in the context of a gas offtake partner,” Oza and Williams jointly said in today’s statement.
"The revised work programme for PEDL 183 confirms that significant value can be unlocked at West Newton through the early production plan, which is technically robust and economically attractive due to a low capex requirement, and the JV remains focused on delivering this strategic UK gas project.”
The small-cap oil and gas investor reported a £2 million loss for the first half of the year.