Reabold Resources PLC Appraisal Drilling Commences at West Newton (9477A)
October 05 2020 - 1:00AM
UK Regulatory
TIDMRBD
RNS Number : 9477A
Reabold Resources PLC
05 October 2020
5 October 2020
Reabold Resources plc
("Reabold" or the "Company")
Appraisal Drilling Commences at West Newton, Onshore UK
Reabold, the AIM investing company which focuses on investments
in upstream oil and gas projects, is pleased to announce that,
further to its announcement of 22 September 2020, the onshore West
Newton B-1 ("WNB-1") well, the next well following the successful
West Newton A-2 ("WNA-2") appraisal well, has now spud. Reabold has
a ca. 56 per cent. economic interest in the conventional West
Newton field onshore UK PEDL 183 and Rathlin Energy (UK) Limited
("Rathlin") is the operator.
The objectives of the WNB-1 well are:
-- To evaluate the extent of the hydrocarbon accumulations found
in the Kirkham Abbey formation by the WNA-2 well in June 2019
-- To test the reservoir properties of the deeper Cadeby
formation which, if found to be hydrocarbon bearing, could add
significantly to the value of the West Newton field
In November 2019, the Operator, provided updated hydrocarbon
initially in-place volumetric estimates in respect of the Kirkham
Abbey formation post drilling of the WNA-2 well:
Base Case
: * Liquids: 146.4 million barrels ("mmbbl") of oil
initially in-place ("OIIP");
* Gas: 211.5 bcf of gas initially in-place ("GIIP")
Upside Case
: * Liquids: 283 mmbbl OIIP
* Gas: 265.9 bcf GIIP
These volumes do not include prospective resources in the Cadeby
formation, from which the West Newton A-1 well recovered oil
saturated core and the WNA-2 well encountered oil shows. The Cadeby
is expected to have better reservoir development at the WNB-1
location.
The West Newton field is situated close to existing
infrastructure and at the heart of the Zero Carbon Humber
project.
The borehole will be drilled to a depth of approximately 2,000
metres, with completion expected to take six to ten weeks. Once
completed, the drilling rig will be demobilised from the site over
a period of approximately one week.
Sachin Oza, Co-CEO of Reabold, commented:
"With the drilling of the West Newton B-1 well having commenced,
we are a key step closer to proving up the significant resource
base we believe we have at West Newton. Reabold's majority interest
in the West Newton field means that success could prove
transformational for the Company and its shareholders. We look
forward to providing an update once drilling has been completed in
six to ten weeks."
Reabold holds its interest in West Newton via its ca. 59 per
cent. shareholding in Rathlin, which, in turn, has a 66.67 per
cent. interest in PEDL183. In addition, Reabold has a 16.665 per
cent. licence interest in PEDL 183.
ENDS
For further information, contact:
Reabold Resources plc c/o Camarco
Sachin Oza +44 (0) 20 3757
Stephen Williams 4980
Strand Hanson Limited - Nomad & Financial +44 (0) 20 7409
Adviser 3494
James Spinney
Rory Murphy
James Dance
Stifel Nicolaus Europe Limited - Joint Broker +44 (0) 20 7710
Callum Stewart 7600
Simon Mensley
Ashton Clanfield
Panmure Gordon - Joint Broker
Hugh Rich +44 (0) 207 886
Nick Lovering 2733
Camarco
James Crothers
Ollie Head +44 (0) 20 3757
Billy Clegg 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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END
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