Response to Media Reporting

Reabold Resources PLC

03 November 2023

 

3 November 2023

Reabold Resources plc

("Reabold" or the "Company")

Response to Media Reporting

Reabold Resources plc, the oil & gas investing company with a diversified portfolio of exploration, appraisal and development projects, notes the recent media coverage containing details of a purported general meeting requisition notice from Kamran Sattar of Portillion Capital Ltd. ("Portillion"). As a reminder to shareholders, Reabold's board understands that Kamran Sattar was a supporter of, and driving force behind the unsuccessful attempt to gain control of Reabold without paying a premium to shareholders through a general meeting requisition in October 2022, by a group of five shareholders with beneficial interests held through Pershing Nominees Limited. In addition, in March 2023, the Company announced that it received an unsolicited approach from Kamran Sattar on behalf of Portillion SPV O&G in respect of a possible offer for Reabold, and in April 2023, Portillion announced that Portillion SPV O&G did not intend to make a firm offer for Reabold.

Despite the media reporting that another requisition notice has been sent to the Company, Reabold confirms that it has not received any form of communication with regard to a notice requisitioning a general meeting, but will make further announcements, as appropriate, if and when it does.

In the interim, Reabold advises shareholders to take no action.

For further information, contact:

Reabold Resources plc Sachin Oza Stephen Williams	c/o Camarco [phone]
Strand Hanson Limited - Nominated & Financial Adviser James Spinney James Dance Rob Patrick Stifel Nicolaus Europe Limited - Joint Broker Callum Stewart Simon Mensley Ashton Clanfield Cavendish - Joint Broker Barney Hayward	[phone] [phone] [phone]
Camarco Billy Clegg Rebecca Waterworth Sam Morris	[phone]

Notes to Editors

Reabold Resources plc has a diversified portfolio of exploration, appraisal and development oil & gas projects. Reabold's strategy is to invest in low-risk, near-term projects which it considers to have significant valuation uplift potential, with a clear monetisation plan, where receipt of such proceeds will be returned to shareholders and re-invested into further growth projects. This strategy is illustrated by the recent sale of the undeveloped Victory gas field to Shell, the proceeds of which are being returned to shareholders and re-invested.

 

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