Reabold Resources
RBD · AIM · Energy · mcap £9.3m · 60.5p 4 open situations →
- EV
- £8.9m
- EV / EBIT
- –
- Net cash
- £4.0m
- FCF yield
- -31.3%
- Revenue
- –
- Share price 1y
- +21%
- Insiders 12m
- no deals
- Next report
- around 29 Jun
Open · 4
West Newton A-2 recompletion
Follows from Strategic investor fundraise – Completed; £4.3m raised in H1 2026, closed 30 Sep 2026
Permitted in February 2026 and funded by the equity raised in H1 2026, which covers Reabold's and Rathlin's shares. The interims date recompletion and extended well test to Q4 2026, with a licence deadline of 30 June 2027. Warrants could add capital if it succeeds.
- Funding
- Net proceeds of £4.3 million raised in H1 2026 30 Sep 2026 ↗
- Next milestone
- A-2 recompletion and EWT in Q4 2026 30 Sep 2026 ↗
- Follow-on
- Warrants at £1.10 give access to more capital if recompletion succeeds 30 Sep 2026 ↗
- Cost
- Gross c.£2.5 million excluding contingency; c.£2.1 million net for the Group 30 Sep 2026 ↗
- Licence deadline
- Recompletion and EWT on or before 30 June 2027 30 Sep 2026 ↗
Next: A-2 recompletion and extended well test · 31 Dec 2026
- 30 Sep 2026 Funded; recompletion planned Q4 2026
- 30 Jun 2026 Funded; recompletion expected in coming months
- 13 Mar 2026 Permitted; funding being raised
Colle Santo gas field development
Follows from Offer for the company – ended, closed 2 Oct 2026
Reabold agreed in October 2025 to sell its LNEnergy interest to Beacon for shares and a €16m earn out. The first stage completed in March 2026. The interims show the second stage expected in Q4 2026, once the production concession is granted, lifting Reabold to about 28.1% of Beacon.
- Buyer
- Beacon Energy plc 30 Sep 2026 ↗
- Consideration
- New Beacon shares (29% of enlarged capital) plus €16 million earn out
- Earn out
- €16 million: 25% of Reabold's pro rata net cash flow from Colle Santo once on production 30 Sep 2026 ↗
- Status
- First stage completed March 2026
- Next milestone
- Second stage completion, expected Q4 2026 once production concession granted; Beacon holding then about 28.1% 30 Sep 2026 ↗
- Stage one
- Completed March 2026; 9,086,917 Beacon shares received; Reabold holds 22.7% of listed Beacon at 30 June 2026 30 Sep 2026 ↗
Next: Second stage completion once production concession granted
- 30 Sep 2026 Stage one done; second stage expected Q4 2026
- 30 Jun 2026 Sold to Beacon; first stage completed
- 9 Mar 2026 Beacon acquisition completed; offtake and financing agreed
An activist campaign
An activist is pressing Reabold Resources and wants: board seat(s).
- 4 Sep 2026 campaign
Parta licence expiry and invoices
Next: ADX formally disputes the EUR 4.2m invoices with the regulator
- 24 Oct 2025 Phase 1 expired; invoices issued, dispute planned
Closed · 3
Company filings. Not investment advice.