A major backer of the West Newton oil and gas project in East Yorkshire has fought off another challenge by a group of shareholders.
A requisitioned general meeting for Reabold Resources failed to pass 11 resolutions to remove existing directors and replace them with Kamran Sattar, Andrea Cattaneo, Francesca Yardle and Dr Jose Ramon Lopez-Portillo Romano.
All the resolutions were rejected by more than 78% of the vote.
Between 3.3 million and 4.3 million votes were withheld and not counted on resolutions to remove Sachin Oza, Stephen Williams, Jeremy Edelman, Michael Craig, Mozetic and Anthony Samaha.
This morning’s meeting was the second time that Reabold shareholders have voted to maintain the company’s board.
In November 2022, voting on 11 resolutions was just over 75% against.
In that vote, shareholders were asked to appoint Mr Sattar, Ms Yardle, Cathal Friel and John McGoldrick.
Since then, the group behind the challenge, known as the requisitioning shareholders, have increased their stake in Reabold from 6.93% to 7.91%.
Between 13 December 2023 and 9 January 2024, Reabold has used a buy back scheme to purchase more than 160 million shares, representing 1.57% of the shares in the company.
West Newton
The requisitioning shareholders had criticised operations and planning at the West Newton operation, in which Reabold has a 65% interest.
They recommended continuing drilling at the field but then farm out operations if wells were successful.
Drilling at one of the pads, West Newton-B, has been delayed at least three times, according to recent company announcements.
One well was spudded (start of drilling) in October 2020 but another was never drilled. This second well was later scheduled for the second half of 2021, then autumn 2023 and is now expected this year (2024).
The West Newton operator, Rathlin Energy, is required by the industry regulator, the North Sea Transition Authority, to drill and test a new appraisal well into the Kirkham Abbey formation by June 2024. Rathlin has also committed to the same deadline to recomplete or drill a sidetrack to one of the existing three wells and carry out testing.
But Rathlin has revealed that it needs more money to drill at West Newton. Company accounts, published in September 2023, reported that Rathlin’s share of the work was likely to cost about £9m. The company reported at the time that it had £3.8m in cash.
Reabold reaction
Reabold’s non-executive chairman, Jeremy Edelman, said:
“Today’s requisitioned General Meeting result represents the resounding support for the existing Board of Directors by its shareholders.
“The results represent an even greater margin of votes against the Requisitioning Shareholders’ resolutions than was the case at the last requisitioned general meeting in November 2022.
“The Requisitioning Shareholders, who own approximately 7.91% of the Company’s currently issued share capital, received average support for the proposed resolutions from shareholders representing approximately a further 5.77% of the Company’s issued share capital.”
He said:
“This process has, once again, been a serious and costly distraction for Reabold, significantly delaying the management team’s ability to execute the Company’s strategy. The Board believes the Company is well positioned with its portfolio of strategic gas assets and strong cash position. The Company’s efforts can now be entirely directed towards unlocking this value for all shareholders.”
Shares in Reabold Resources rose on the news but later fell back. At the time of writing, they were up 3.13% at 0.0825p.
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DRILL OR DROP? 
Reminds me of Tesla where there have been a number of times some shareholders have shown they are not happy. Or the National Trust, where there has been a group actively campaigning against the direction of the management for many years.
Perhaps an extra cup of tea would help? Alternatively, like Man. Utd, I am sure Sir Jim would be welcomed with open arms.
PLEASE NOTE MARTIN’S,
Continued DEEP BITTERNESS towards the National Trust …… For those old timers on DOD , you’ll clearly remember my lengthy debate with him/her about this .
MARTIN’S dislike of the National Trust started when the UK’s second largest landowner gave a firm TWO FINGERS to INEOS and ALL things Fracking on their land 🤣
TESLA has climbed from $1.28 to $233.94 today …… That’s an AMAZING 18,176.56 % “CLIMB ” Although a very successful company , MARTIN has an endless bitterness against the company, because it makes ELECTRIC CARS 🤣
Happy Days 🙂
For those of you who do remember the “lengthy debate” you will note Jack does not remember it accurately.
For those that don’t, I will not repeat, but would just point out the NT had to pay for UNSUCCESSFUL legal defense against INEOS. My deep bitterness is another figment of Jack’s imagination. I have been a visitor to many of their sites, including the one that was being referenced on DoD. I would suggest from previous comments Jack has still to get within a few thousand miles of it. I also know many of the landowners around that site who have had the same sort of work conducted on their land for many years and knew they had no chance of stopping it and no reason to try, as it was not even inconvenient. I also know there are a large group who then and now are active within the NT to get them to focus upon the running of the NT and to stop trying to impose their personal views upon the organization wasting money that could be spent on other things.
Endless bitterness towards Tesla because I point out a few issues with the company? Oh dear Jack, is that your problem with Chesapeake Energy? What I posted about Tesla shareholders was factually correct, whereas your comments regarding CE were not. Why Jack wishes to divert from that must be due to some bitterness?
Oh dear MARTIN , more diversionary Collywaffle….. Do YOU really want JACK to cut and paste for the 150th + time exactly what I said regarding Chesapeake Energy ?????
INEOS , only and I repeat ONLY through legal threats were able to obtain ” non invasive seismic testing on National Trust land and that was it .
The National Trust gave a FIRM TWO FINGERS to ALL other activities 🤣
Ermm, that is what INEOS were requesting BEFORE there was any need to get a legal action underway, Jack. Non invasive seismic testing-just the same that had been done many times before for other purposes in the surrounding area.
I could have directed NT to their neighbours and they could have discovered that it was indeed non invasive, which is exactly what INEOS had applied for. Would have saved some money for the NT and then just maybe some tenants would have got a better deal and not been so unhappy funding happy, but losing lawyers.
Chesapeake Energy? What you said? Would that include your attempt to wriggle out by declaring 2020 was a “normal year”?
Don’t be so BITTER Jack. CE were being declared one of the BUY investments at the time you posted your original nonsense, so maybe cut and paste that? Or, you could cut and paste those juicy dividend announcements since that “normal” year. Trouble is Jack, even the dimmest would realize that 2020 was not a normal year and since then CE have been thriving. Jack, you backed the wrong horse, you can post what you like but every time the horse makes money-every quarter-for it’s punters, you just look BITTER. You were aware of them Jack, you could have been a punter. Maybe you are trying to cover up that much of that money is being made in exporting LNG to Europe, as it is an inconvenient truth? That is often the case with reality Jack, inconvenient to some. Just accept it rather than trying to produce propaganda.
MARTIN ,
Dear, Dear old chap/ old lady age is certainly affecting your ability to remember the truth ..
Anyway , your lapse in memory is another great opportunity for JACK to hammer home some this important information again 🙂 THANKS MARTIN .
I’m aware that your either too FRIGHTENED or UNABLE to supply evidence in the form of LINKS on this page , either because you can’t provide any evidence , or your scared of exposing your IP Address …..
Your old buddy JACK will be delighted to supply his evidence.
Regarding the National Trust.
https://www.energyvoice.com/oilandgas/145316/ineos-threaten-legal-action-national-trust/
DOD READERS , I apologize for having to subject you for the 106th + time , to MARTINS request for the same information AGAIN , AGAIN and AGAIN.
I will though once again , give a BIG THANKS to MARTIN for allowing JACK to hammer home these FACTS .
AGAIN , I’ll try and make this simple for you to understand MARTIN .
Back in 2020 , Chesapeake Energy was just a huge debt ridden , bankrupt , white elephant of a company… Along came the Russia – Ukraine War and the strict Oil and Gas sanctions on Russia ……. Then ” hey presto ” Chesapeake Energy and many other US Fracking companies were able to SELL there expensive Fracked Oil / Gas at a profit…..
But remember this war won’t last for ever … When it finishes it’ll be back to Bankruptcy
Chesapeake Energy files for Bankruptcy protection owing 9 BILLION …… wowwwwww
https://www.theguardian.com/environment/2020/jun/29/chesapeake-energy-fracking-pioneer-files-for-bankruptcy-owing-9bn
MARTIN please remember , if you are going to make a comment , please , PLEASE supply evidence to back up what you say …. Failure to do so will render your comments as just , wild Off-The-Cuff, Collywaffle OPINIONS .
Oh dear Jack. If I supplied the sort of “evidence” you supply it would just be more senseless propaganda.
INEOS wanted to do seismic testing. NT refused, it had to go through the legal route. You admit yourself it was then confirmed INEOS could do so. It never happened as a moratorium followed. It really is simple.
(My memory of our chats at the time include you being unable to access the media focusing-at the same moment in time-about disgruntled tenants and members whilst you were trying to imply that members would all support what NT management decided! Heaven knows what the Man. Utd. members will now support! I gave you a reference, but you couldn’t access the Times apparently. I then informed you that a freelance had contributed an article detailing the issues that you could access, but you “couldn’t” as she had written something on another subject you didn’t agree with! Not sure if there is a cure for anti-myopia Jack, other than the truth.)
I fear to imagine what your memory has constructed Jack, but you have posted that INEOS were confirmed to have the right for seismic testing. That is what they had requested in the first place! You can attempt any amount of waffle as a smoke screen, but you have blown that away by admitting what the outcome was.
As far as CE is concerned there are plenty of references to the history. I have checked it, others can if they want to. Sorry Jack, you saw a reference, you failed to check the details and have ended up with egg on your face-as usual. Adding nonsense, as you have, that 2020 was a normal year when all the references I have reviewed regarding CE state quite clearly IT WAS NOT, which is what caused a problem. Then fabrication about Russia being a replacement supplier to Europe once the war is over, just about sums up your inability to keep any debate factual. That is your choice Jack, but I would expect just about any reader of DoD will have local experience of a business that expanded before 2020, then found they had few customers during the pandemic and suffered-some to the extent they have not recovered. Unlike CE. Yes helped by a war in Ukraine and now conflict in the Middle East, but not helped by a very sluggish world economy still not recovered from the pandemic, with large parts in a recession. Last time I looked, within days Jack not years, CE were performing pretty well financially whilst oil and gas prices were pretty “normal”, although I note comments today the Treasury and others are fearful that “normality” will be short lived.
So much for your OPINIONS/THEORIES.
Good job they are so obviously so far away from the facts. Amateur propaganda always is, so thanks for previously warning the readers about that, Jack.