TIDMRBD
RNS Number : 8751T
Reabold Resources PLC
30 March 2021
30 March 2021
Reabold Resources plc
("Reabold" or the "Company")
West Newton Test Programme Update
Reabold, the investor in upstream oil and gas projects, is
pleased to provide an update on the planned testing programmes at
West Newton.
Reabold holds a ca. 56 per cent. economic interest in West
Newton via its ca. 59 per cent. shareholding in Rathlin Energy (UK)
Limited ("Rathlin"), which, in turn, has a 66.67 per cent. interest
in PEDL183. In addition, Reabold has a 16.665 per cent. direct
licence interest in PEDL 183. The licence contains the conventional
West Newton A-1 ("WNA-1") discovery well and the successful West
Newton A-2 ("WNA-2") appraisal well, along with the recently
drilled West Newton B-1Z ("WNB-1Z") discovery.
Highlights:
-- Draft Environmental Agency permit received for completion,
well clean-up and extended well test ("EWT") at WNB-1Z and
additional well at West Newton B ("WNB")
-- First phase of evaluation, including Cased Hole Logging
Programme and Vertical Seismic Profiling, of WNB-1Z to commence in
April 2021
-- Processing and interpretation of data expected to take two
weeks and will inform completion, well clean-up and EWT operations
for WNB-1Z well
-- Preparations for updated CPR at West Newton in progress
Environmental Agency Permit
The Operator of PEDL183, Rathlin, applied to vary the West
Newton B Wellsite Permit and has recently received a draft of the
varied permit from the Environmental Agency ("EA") which will
accommodate completion, well clean-up and EWT operations. This
permit includes the WNB-1Z well and an additional well planned for
the West Newton B site.
An EA permit is already in place at the West Newton A site which
includes further well clean-up and EWT operations on the WNA-2
well.
Cased Hole Logging Programme ("CHLP") and Vertical Seismic
Profiling ("VSP") Survey
The first phase of the evaluation programme on the WNB-1Z
discovery well is planned to commence in April 2021 and will
initially be comprised of a customised CHLP including a cement bond
log, a Weatherford Raptor evaluation tool to log the Kirkham Abbey
Formation and a VSP survey.
The Raptor tool is a pulsed neutron wireline logging device that
provides quantification and advanced analysis of oil, gas and water
saturations and potential fluid contacts in a cased wellbore.
The cased hole logging activity will be followed by a VSP survey
that will provide a high-resolution calibration of the existing 3D
seismic data and is considered to be a more accurate method of
calibrating previously interpreted formation tops and calculated
time-estimated formation depths.
Following completion of the CHLP and VSP survey, the processing
and interpretation of the data acquired is expected to take
approximately two weeks and will help inform the completion, well
clean-up and EWT operations on the Kirkham Abbey Formation for the
WNB-1Z well.
Competent Person's Report
Data gathered from the completion and EWT programmes will be
incorporated with the existing information to produce a new
Competent Person's Report ("CPR").
Discussions regarding the appointment of a highly respected
global consultancy to produce a CPR on West Newton are at an
advanced stage. The JV expects to be in a position to announce this
appointment in the near future.
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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