Reabold Resources - Update on West Newton Activity Programme
("Reabold" or the "Company")
Update on West Newton Activity Programme
Reabold, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, is pleased to announce an update regarding the anticipated work programme at West Newton within the PEDL183 licence area, onshore
PEDL183 covers an area of 176,000 acres and is situated in
PEDL183 contains the West Newton A-1 discovery well and the West Newton A-2 appraisal well, with reservoirs within the Permian Zechstein geological group, in particular in the Kirkham Abbey geological formation.
West Newton A-2 Test
Following the successful drilling of the A-2 well as announced by the Company on
The re-designed test requires that the Operator obtains regulatory approvals prior to the recommencement of the re-calibrated EWT. Rathlin is actively engaged with the relevant regulatory bodies in respect of this process.
The Health and Safety Executive's ("HSE") 21-day Borehole Sites and Operations Regulations notification period has been satisfied with no objections raised by the HSE. Subsequently, Rathlin has now filed a revised operating plan to the
Following EA approval, the Operator will notify the
West Newton B Drilling
The process for the commencement of drilling operations at the West Newton B site is independent of the EWT at West Newton A-2.
The bottom hole drilling location for the West Newton B-1 well has been finalised and preparations are currently underway for the works required prior to the commencement of operations at the B site, which is expected to begin during Q2 2020. Rathlin is fully funded for these operations.
Rathlin currently has permission to drill two wells at the West Newton B site. The first planned well to be drilled, West Newton B-1, is designed to both further appraise the Kirkham Abbey formation and test the deeper Cadeby formation at its optimum location, particularly given the encouraging results retrieved from the West Newton A-1 and A-2 wells.
"We remain extremely excited by the potential of West Newton, which we believe to be a large scale, conventional, onshore oil and gas asset. As we approach the commencement of the test programme at A-2, and more particularly the additional drilling at West Newton B, we expect to see results that will prove up the substantial value inherent in an asset of this nature. Rathlin is fully funded for a substantial work programme through 2020, and we look forward to updating investors with results as they become available."
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information please contact:
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+44 (0) 20 3757 4980
+44 (0)20 7409 3494
+44 (0) 20 7710 7600
Whitman Howard Limited - Joint Broker
+44 (0) 20 7659 1234
+44 (0) 20 3757 4980
Notes to Editors
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.
This information is provided by RNS, the news service of the
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