Reabold, the AIM investing company which focuses on investments in upstream oil and gas projects, is pleased to announce that drilling operations for the B-1 well at West Newton, which will appraise the extent of the West Newton A-2 discovery as well as test the deeper Cadeby formation, have commenced.

Reabold has a 56 per cent. economic interest in West Newton.

Sachin Oza, Co-CEO of Reabold commented: 'We are delighted to have progressed activity at West Newton to the point of drilling this exciting well, despite the inevitable operational challenges as a result of Covid-19. The B-1 well has the dual objective of appraising the Kirkham Abbey formation and evaluating the Cadeby formation which, if successful in achieving one or more of our pre-drill targets, will substantially upgrade the value of West Newton and Reabold.'

Contact:

Stephen Williams

Tel: +44 (0) 20 3757 4980

Notes to Editors

Reabold Resources plc is an investing company investing in the exploration and production ('E&P') sector. The Company's investing policy is to acquire direct and indirect interests in exploration and producing projects and assets in the natural resources sector, and consideration is currently given to investment opportunities anywhere in the world.

As an investor in upstream oil & gas projects, Reabold aims to create value from each project by investing in undervalued, low-risk, near-term upstream oil & gas projects and by identifying a clear exit plan prior to investment.

Reabold's long term strategy is to re-invest capital made through its investments into larger projects in order to grow the Company. Reabold aims to gain exposure to assets with limited downside and high potential upside, capitalising on the value created between the entry stage and exit point of its projects. The Company invests in projects that have limited correlation to the oil price.

Reabold has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company's strategy.

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