Highlights – LSE:RBD

• Reabold publishes a Stage 1 feasibility study for an integrated gas-to-power and data centre scheme at West Newton.

• The concept pairs about 130 MWe of on-site generation with a data centre carrying roughly 67 MW of IT load.

• Concept Capital Expenditure totals about £1.1bn, split between around £385m of plant and £726m of data centre.

• First power is targeted for the second half of 2030, with gas-to-grid Options still under consideration.

A gas field in East Yorkshire, a power plant on top of it and a data centre next door: that is the picture Reabold Resources (LSE: RBD) painted for the UK stock market on Monday, 9 November 2026. The AIM-quoted company released a Stage 1 feasibility study on co-locating power generation and data centre infrastructure at West Newton, putting the first numbers on an idea it floated two months ago.

What the Stage 1 study proposes

The concept centres on roughly 130 MWe of site generation from twelve 15 MWe engines, with ten running at any one time. That power would feed a data centre of about 67 MW of IT load, with peak site Demand put at around 103 MW.

First power is targeted for the second half of 2030. Concept capital expenditure is estimated at about £1.1bn, made up of roughly £385m for the power plant and about £726m for the data centre itself.

The cost case behind gas-to-compute

The study sets running power costs at £44–58 per MWh. Once capital recovery is included, the all-in figure rises to £107–121 per MWh. The company compares this with a UK grid reference price of £217.8 per MWh for extra-large users.

On annual consumption of about 719 GWh, the study points to illustrative savings of £70–80m a year. By our calculation, the gap between the grid reference and the all-in range works out at roughly £97–111 per MWh, broadly in line with that savings band.

Where the plan came from

Reabold first flagged the data centre study on 9 September 2026, alongside notice that operator Rathlin Energy would begin preparatory work for the recompletion, stimulation and testing of the West Newton A-2 well. That gross programme was costed at about £2.5m, excluding contingency.

Policy has moved in the same direction. After the UK Data Centre Covenant was unveiled in the Government's Budget on 28 October, Co-CEO Stephen Williams said: "We welcome this update from the Government, which is a significant endorsement". The covenant supports on-site generation while qualifying data centres wait for a grid connection.

Reabold holds a c.69.9% economic interest in the PEDL183 licence through its c.79.8% stake in Rathlin, plus a 16.665% direct interest in the licence.

Caveats in the numbers

The cost figures are Class 5 concept estimates, the earliest and least precise tier of project costing. A £1.1bn capital bill also sits far above the roughly £2.5m well programme now funded at the field. The study does not commit the company to the data centre route either, because development will be weighed against gas-to-grid options.

Gas deliverability from West Newton still has to be shown through the A-2 testing programme. Any data centre build would also depend on partners, funding and approvals not covered by a Stage 1 concept.

Milestones ahead for West Newton

Shareholders meet on 17 November 2026 to vote on a capital reorganisation that would cut the nominal value of each share from £1.00 to £0.01. The board says this would allow future share issues, since the shares have at times traded below nominal value. If approved, new ordinary shares are expected to start trading on AIM on or around 18 November.

Beyond the vote, the A-2 well test results and any move to a later study stage are the clearest signposts.

Gas, power and compute on one site

Monday's study turns a September concept into a costed blueprint, but only at an early stage. Among AIM stocks with UK onshore gas exposure, Reabold is now pitching West Newton as a possible power and data hub alongside a conventional gas development.