LNEnergy Option Extension
LNEnergy's option to acquire 80% of Colle Santo gas project extended two months to 1 April 2025.
- Colle Santo 2P reserves 65Bcf
- Option exercise price US$11 million
- Estimated annual gross post-tax free cash flow €11-12m
- LNEnergy interest in Colle Santo operator 20%
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Reabold Resources plc, the investing company focussed on developing strategic gas projects for European energy security, is pleased to announce that, further to the previous announcement of 24 October 2024 regarding its investments into LNEnergy Limited ("LNEnergy"), the option period associated with LNEnergy's acquisition of an additional interest in the Colle Santo gas project has been extended by an additional two months.
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 April 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
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.