TIDMRBD
RNS Number : 8695O
Reabold Resources PLC
13 October 2021
13 October 2021
Reabold Resources plc
("Reabold" or the "Company")
West Newton Well Test Operations Update and Updated Volumetrics
of Oil and Gas In-Place
Reabold, the investor in upstream oil and gas projects, is
pleased to announce an update in respect of the West Newton A-1,
A-2 and B-1z discovery wells as part of the Extended Well Test
("EWT") programme, accompanied by an updated estimate of in-place
oil and gas volumetrics of the Kirkham Abbey reservoir in the
Greater West Newton area of PEDL183.
Highlights
-- As part of the EWT the wells recovered good quality gas to surface
- Methane content +/- 90%, Ethane +/- 4.5% with heavier ends present
- Good correlation of gas samples between WNA-1, WNA-2 (awaiting further analysis) and WNB-1z
-- Liquid hydrocarbons recovered to surface
- WNA-1: sample analysis of oil shows, 41 degree API
- WNA-2: oil/condensate recovered to surface, specific gravity
(SG) 0.804, 44 degree API, analysis pending
- WNB-1z: liquid hydrocarbons recovered to surface, fingerprint
shows similarities to WNA-1 analysis
-- Thick Kirkham Abbey reservoir development
- WNA-1 - 75 metres Measured Depth ("MD")
- WNA-2 - 66.5 metres MD
- WNB-1z - 68 metres MD
The results of the EWT have confirmed that the WNA-1, WNA-2 and
WNB-1z wells are substantial hydrocarbon discoveries.
Gas and light oil/condensate were recovered to surface from the
WNA-2 and WNB-1z wells, although sustained flow rates were not
achieved, and multiple samples have been gathered for geochemical
analysis which is currently underway.
The large suite of data accumulated during the EWT`s including
downhole logs, pressure data, geochemical and core analysis will be
used to progress a reservoir modelling study to determine the
optimum production design for the Kirkham Abbey reservoir.
Over the coming weeks, a number of external studies, utilising
the knowledge of specialist carbonate reservoir modelling energy
consultants will be conducted, encompassing a wide range of
potential reservoir stimulation treatments, the results of which
could be applied to the West Newton series of wells, in order to
achieve optimum flow rates.
The "Greater West Newton" area has been confirmed to contain
material resources. The method by which to produce this known
accumulation of hydrocarbons is still being assessed.
This data will be used to inform the drilling of the next well
on the West Newton field, which will be designed to deliver an
optimal flow rate from the Kirkham Abbey formation.
Revised Volumetric Assessment
The operator, Rathlin Energy (UK) Limited, has conducted a
review of the Most Likely Median Case estimated in-place
hydrocarbons within the Kirkham Abbey formation, over West Newton
discovery and several other material undrilled exploration
prospects on trend with West Newton, within the 176,000 acre
licence area including the Ellerby, Spring Hills and Withernsea
prospects.
Current Estimates Previous Estimates (2019)*
Area Liquids Gas Liquids Gas
-------- ---------------- ---------------- -----------
(mbbl) (bcf) (mbbl) (bcf)
-------- ---------------- ---------------- -----------
West Newton
discovery 113,552 50.6 146,400 211.5
-------- ---------------- ---------------- -----------
Ellerby prospect 115,313 51.3 NA NA
-------- ---------------- ---------------- -----------
Spring Hill
prospect 80,923 36 NA NA
-------- ---------------- ---------------- -----------
Withernsea
prospect 102,521 45.6 NA NA
-------- ---------------- ---------------- -----------
Total 412,309 183.5 NA NA
-------- ---------------- ---------------- -----------
*Volumetric analysis of the exploration prospects has taken
place subsequent to the 2019 West Newton estimate
Sachin Oza, co-CEO of Reabold, commented:
"We are very pleased that the test programme has confirmed
significant discoveries at West Newton at both the A and B sites,
particularly via the recovery of both natural gas and hydrocarbon
liquids to surface. The test programme has provided us with an
abundance of data which will now be used to establish the optimum
drilling and completion techniques for oil and gas production at
West Newton. The B1-Z and A-2 wells are available for stimulation
to achieve near term flow, and we already have permissions in place
to drill the next well on the field.
"Reabold remains in a robust funding position, and we look
forward to providing further updates as the project
progresses."
Qualified Person's Statement
Pursuant to the requirements of the AIM Rules - Note for Mining
and Oil and Gas Companies, the technical information contained in
this announcement has been reviewed by Dr Jeremy Jarvis as a
Qualified Person. Jeremy has more than 35 years' experience as a
petroleum geologist, holds a BSc in Geology from the University of
Dundee and a Ph.D. from Imperial College, University of London. He
is a member of the American Association of Petroleum Geologists and
the Petroleum Exploration Society of Great Britain.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
publication of this announcement via Regulatory Information
Service, this inside information is now considered to be in the
public domain.
For further information, contact:
Reabold Resources plc c/o Camarco
Sachin Oza +44 (0) 20 3757
Stephen Williams 4980
Strand Hanson Limited - Nomad & Financial
Adviser +44 (0) 20 7409
James Spinney 3494
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
Nick Lovering 886 2733
Camarco
James Crothers
Billy Clegg +44 (0) 20 3757
Rebecca Waterworth 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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