Conversion of Loan Notes

Reabold Resources plc, the investing company focussed on developing strategic gas projects for European energy security, is pleased to announce that, pursuant to a loan note instrument dated 26 March 2024, and as disclosed in Note 27 of the Company's 2023 Annual Report and Accounts, it has converted £510,236.28 of the convertible loan notes, including accrued interest, into 36 ordinary shares of LNEnergy Limited ("LNEnergy") at a conversion price of £14,173.23 per share. Following this conversion, Reabold will hold approximately 29.2% of LNEnergy's enlarged share capital.

LNEnergy is the manager and owner of a 20% interest in LNEnergy S.R.L. ("LNEnergy SRL"), the Italian company which has applied for the Colle Santo gas field concession (with a 90% interest), and has an option to acquire the remaining 80% interest in LNEnergy SRL on or before 1 February 2025 (the "Option"), with an exercise price of US$11 million.

The Colle Santo gas field is a highly material gas resource with an estimated 65Bcf of 2P reserves1, with two production wells already drilled and flow-tested, making the field development ready. LNEnergy believes that the field has the potential to generate an estimated €11-12m of gross post-tax free cash flow per annum.

1 RPS estimate, September 2022