Targeting value add through appraisal, and development planning Reabold Resources is an investment company focused on upstream oil and gas assets. Projects in this sector have been increasingly starved of capital over recent years, consequently there are opportunities to access appraisal and development projects on attractive terms. Reabold aims to invest in oil and gas discoveries, adding value through the appraisal and development planning stages, monetising the investment prior to heavy development spend. Victory project the most advanced Reabold is targeting submission of the development plan for the UK North Sea Victory gas project by year-end. This could pave the way for monetisation of the project next year. Appraisal program to narrow the range of uncertainty at two key projects Sometimes appraisal wells do not answer all the questions they are designed to answer, which was the case at two of Reabold''s projects (West Newton in the UK, and Parta in Romania). We believe the shares reflect this lack of clarity, leaving opportunity if they can be addressed by future appraisal activity. Experienced management team, backed by capable board Co-CEOs Sachin Oza and Stephen Williams have experience making and managing oil and gas investments at a number of investment institutions. The board includes Repsol''s former Head of Global Exploration (Marcos Mozetic) and Peter Dolan, who has founded numerous African focused oil and gas businesses, is an Advisor. Shares trading at discount to Core NAV; ~170% upside to Discovered Resource NAV The shares trade at 0.48x our 0.36p/sh Core Producing/Development NAV, which excludes West Newton and Romania. Our discovered resource NAV, including risked potential for West Newton and Romania, stands at 0.47p/sh offering ~170% upside. We set a valuation range of 0.36-0.47p/sh. Our unrisked NAV is 1.17p/sh, if the assets prove to be at the top end of our range.