Reabold Resources (RBD) H1 2025 earnings summary

Executive summary

• Increased economic interest in West Newton to 69.9% and consolidated Rathlin as a subsidiary, strengthening UK onshore gas exposure.

• Advanced Colle Santo gas field in Italy, with a positive EIA opinion and progress toward LNG production concession.

• Exploring early monetisation of West Newton gas via on-site electricity generation and crypto mining.

• Loss attributable to shareholders reduced to £1.4 million for H1 2025 from £2.0 million in H1 2024.

Financial highlights

• Group loss for H1 2025 was £1.4 million, down from £2.0 million in H1 2024.

• Administrative expenses rose to £1.2 million (H1 2024: £1.0 million), mainly due to Rathlin consolidation.

• Net cash at 30 June 2025 was £4.0 million.

• Exploration and evaluation assets increased to £29.8 million, driven by the consolidation of Rathlin's West Newton interest.

• Investments in associates decreased to £9.6 million due to Rathlin's reclassification as a subsidiary.

Outlook and guidance

• Anticipates re-entering and recompleting a West Newton well in Q1 2026 to establish sustained gas flow.

• LNEnergy to finalise funding and EPC contract for Colle Santo LNG project, with offtake and prepay agreement in progress.

• Group is actively pursuing additional funding options to support ongoing projects.