Reabold Resources PLC (AIM:RBD), the investment company focused on the natural resources sector, said its investment portfolio is positioned for a transformational period.
In its full-year results, the company highlighted the investments in the Victory (North Sea) and West Newton (onshore north of Hull) projects as assets that are set to enter a new phase.
READ: Union Jack Oil eyes “considerable upside” at West Newton project
The submission of a draft field development plan for the Victory gas field was described as a significant milestone for Reabold, which has an indirect 49.99% interest in the field.
The updated independent competent person’s report has ascribed recoverable 2C resources of 179bn cubic feet of dry gas to the field.
As for the West Newton project, in March of this year, an East Riding of Yorkshire Council Planning committee approved planning applications for drilling and production at Rathlin's West Newton A site as well as a time extension to allow for further exploratory drilling at the West Newton B site. These approvals pave the way for the next phase of activity at West Newton as the partnership continues to move the project forward towards development, Reabold said.
Revenue in 2021 rose to £1.16mln from £1.04mln in 2020, while the loss before tax remained virtually unchanged at £2.67mln.
The company ended 2021 with £4.9mln of cash and cash equivalents, up from £1.1mln a year earlier after it raised money through a share placing in January 2021.
“The company's current financial position is strong and funding is in place for the key 2022 work programmes to drive what the board expects to be a transformative value-driving year ahead,” the company said.