Conversion of Loan Notes
Reabold converted £500,000 of loan notes into LNE shares, holding 45.1% of enlarged capital.
- Loan notes converted £500,000
- Shares issued in LNE 374 ordinary shares
- Price per share £1,350
- Reabold ownership of LNE 45.1%
- Colle Santo gas field 2P reserves 65Bcf
- Estimated annual gross post-tax free cash flow €11-12m
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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 it has converted £500,000 of outstanding convertible loan notes into 374 ordinary shares of LNEnergy Limited ("LNE") at an average price of £1,350 per share.
Following this conversion, Reabold holds approximately 45.1% of LNE's enlarged share capital.
Earlier this year, as announced on 26 March 2025, LNE entered into a binding purchase and sale agreement ("PSA") to acquire the entire outstanding issued share capital of LNEnergy S.r.l ("LNE S.r.l"). LNE is the manager and 100% owner of LNE S.r.l., the Italian company that has a 90% interest in, and is seeking regulatory approval for the development of, the Colle Santo gas field in the Abruzzo region of Italy.
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.