Reabold Resources plc
Reabold Resources Plc is an AIM-listed investing company that builds disciplined, diversified positions in pre-cash-flow upstream European gas assets, principally a controlling 79.8% stake in Rathlin Energy (UK), which holds PEDL183/West Newton onshore England, and a 47.6% associate stake in LNEnergy, which holds the Colle Santo gas field in Italy. It also holds minority interests in Danube Petroleum (Romania), Daybreak Oil & Gas (USA, financial asset) and a 10% non-operated North Sea licence, and in 2025 launched KryptoByte Ltd to explore converting stranded well-site gas into power for Bitcoin mining and data centres.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 7 Jun 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Reabold Resources Plc invests in early-stage European gas projects, chiefly the West Newton field in onshore England. It had no revenue in 2025 or 2024, as none of its projects is producing yet. Its loss after tax widened to £7.8m, from £3.4m the year before. The main reason was a one-off write-down of £4.015m on its stake in Danube Petroleum in Romania, where regulatory problems have stalled work. Running costs also rose from £2.0m to £2.7m after Reabold took control of Rathlin Energy, which holds West Newton. Cash fell to £2.1m at the year end, from £6.2m, and the group has no borrowings beyond small lease costs. It paid no dividend. In April 2026, after the year end, it raised £4.2m from shareholders to fund work on a West Newton well. Management called 2025 a year of significant progress and strategic change and said the group is well positioned for 2026. The auditor accepted the accounts but flagged real doubt over whether the company can keep going: the planned well work would significantly reduce cash, and more funding would likely be needed.
From the reportevery line sits on the page it namesWhat drove revenueGroup is pre-production and generated no revenue in 2025 or 2024; value creation is via asset monetisation/farm-downs rather than sales
Consolidated Statement of Income has no revenue line; Rathlin's summarised 2025 financial information shows 'Revenue from contracts with customers: -'
page 41What moved the marginheadwindConsolidation of Rathlin into the Group from Feb 2025 added ~£0.7m to administration expenses, taking Group admin costs from £2.0m (2024) to £2.7m (2025)
Administrative expenses for the year were up from £2.0 million in 2024 to £2.7 million in 2025... Rathlin contributed approximately £0.7 million to the £2.7 million Group administrative expenses
page 11AndtailwindG&A discipline / cost reduction at the newly-acquired Rathlin operating entity
Rathlin's G&A was reduced by 9% in 2025 following Reabold's acquisition and further reductions are expected
page 7What management said2025 was a year of significant progress and strategic transformation; Reabold is evolving from a traditional upstream investment company into a hybrid energy-investment and energy-to-compute technology play
page 4After the year end9 March 2026: first stage of LNEnergy disposal to Beacon Energy plc completed - Reabold disposed of 49% of its LNEnergy holding for 9,086,917 Beacon shares, and invested £750,000 in a Beacon placing, taking its Beacon stake to 22.7% (rising toward ~28.1%/29% as disclosed elsewhere); second stage (remaining LNEnergy stake for up to €16m earn-out) expected Q3 2026
page 80The dividendNo dividend was paid in 2025 (2024: £Nil) and the Directors do not propose a final dividend; no stated formal dividend policy, though capital management notes shareholder distributions (dividends + buybacks) are considered against cumulative surplus cash flow
page 25Going concern and the auditAuditor Forvis Mazars LLP gave an unqualified opinion (true and fair view) but drew attention to a material uncertainty related to going concern: at 31 May 2026 cash was ~£4.4m, sufficient for G&A and committed obligations, but the planned A-2 well recompletion in H2 2026 would materially reduce cash and the Group would likely need further funding thereafter; if the well is unsuccessful or drilling is not undertaken, financing/PEDL183 licence risk could arise. The one Key Audit Matter was the carrying value of exploration & evaluation assets (Group £29,069k; parent £6,951k); auditor concluded carrying values were appropriate with no material misstatements identified.
page 36The risks it names first- Investment Returns: stock market support may erode, lowering investor appetite and obstructing fundraising if the Group fails to scale at pace, makes poor investment choices or fails to develop a high-quality portfoliop.16
- Prices and Markets: volatility in crude oil and gas prices driven by supply/demand, natural disasters, geopolitical conflict and economic conditions could render projects unprofitable, limit the ability to sustain investments and cause impairmentsp.16
- Accessing, progressing and delivering hydrocarbon projects: uncertain geology, technology/engineering/labour availability, transport infrastructure, project delays, licence expiration, permitting delays, cost overruns and fiscal/political/technical conditions could impair ability to realise project valuep.16
- Liquidity, financial capacity and financial exposure: external market conditions could impact financial performance and the funding capacity of the Group and investee companies, restricting work programmes due to lack of capitalp.17
Read from C001074-AR-2025-ch.
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