Reabold Resources PLC Further update on West Newton A-2 appraisal well

Reabold Resources PLC (LON:RBD), the AIM investing company which focusses on investments in pre-cash flow upstream oil and gas projects, today provided further information in relation to the initial drilling results of the West Newton A-2 appraisal well, announced on 17 June 2019.

The West Newton A-2 well was designed to appraise the discovery identified by the West Newton A-1 well, drilled in 2013/2014 within the onshore UK licence PEDL183, which is expected to be further tested with an extended well test during Q3 2019. A Competent Person’s Report prepared by Deloitte LLP Calgary, as at 1 June 2017, for Connaught Oil and Gas Limited (“Connaught”), confirmed Connaught’s resource assessment for the licence following the drilling of the discovery well, in accordance with the Petroleum Resource Management System 2007 (“PRMS”). The initial assessment of the West Newton discovery was summarised at the time of Reabold’s investment in Rathlin, on 5 November 2018.

Reabold’s interest in West Newton

Connaught was previously the 100 per cent. equity holder in Rathlin Energy (UK) Limited, which was in turn the 100 per cent. holder of the PEDL183 licence.

Rathlin currently has a 66.67 per cent. interest in PEDL183, with both Union Jack Oil plc and Humber Oil & Gas Limited holding 16.665 per cent. of the licence. Reabold has an approximate 24 per cent. economic interest in PEDL183, via its approximate 36 per cent. equity interest in Rathlin, the operator of the West Newton A-2 appraisal well. Connaught currently holds an approximate 35 per cent. equity interest in Rathlin.

Technical terms used within this announcement are as defined in accordance with the PRMS.

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    Reabold Resources plc

    More articles like this

    Reabold Resources plc

    Oil Extends Rally

    Oil rose toward $43 a barrel in London after OPEC and its allies agreed to extend historic output curbs by an extra month. Brent futures added as much as 2.6% and are heading for their longest

    Reabold Resources plc

    Oil Prices Rise Today

    Oil prices rose on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a virtual meeting expected later this week. Brent crude futures rose

    Reabold Resources plc

    Oil Prices Rise As Supply Shrinks

    Oil prices rose early on Tuesday as market participants believed that improving demand and more supply coming off would ease the glut faster than expected. As of 10:37 a.m. EDT on Tuesday, WTI Crude was up 2.44 percent

    Reabold Resources plc

    Reabold Resources acquires a further 16.665% in West Newton

    Reabold Resources PLC (LON:RBD), the AIM investing company which focuses on investments in upstream oil and gas projects, has today announced the conditional acquisition of an additional 16.665 per cent. interest in the onshore UK licence

    Reabold Resources plc

    US oil futures settle higher

    U.S. benchmark oil futures settled higher on Tuesday, getting a lift from global supply cuts and signs of improving demand, following a volatile trading session that ended with the expiration of the June contract. West Texas

    Reabold Resources plc

    Oil Prices Jump On Surprise Crude Inventory Draw

    Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory decline of 700,000 barrels for the week to May 8. This compared with a build of 4.6 million barrels for the previous week. The American

    Reabold Resources plc

    Oil futures rise on Tuesday

    Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as

    Reabold Resources plc

    US oil jumps 30%

    US crude prices shot higher in another day of volatile trading on Wednesday, as traders bet that the gradual reopening of some western economies would ease the most dramatic collapse in oil demand in history. West

    Reabold Resources plc

    Reabold Resources outlines upcoming plans

    Upstream oil and gas investment company Reabold Resources updated the market on the start of preparatory activity ahead of drilling at the West Newton B site in PEDL 183, onshore UK on Wednesday. The AIM-traded firm said that,

    Reabold Resources plc

    Oil prices climb before OPEC+ talks

    Oil prices climbed on Thursday, hours before the world’s largest oil producers are scheduled to meet to discuss output cuts as the coronavirus pandemic ravages demand. Brent crude futures rose 2.5 percent or 81 cents to

    Reabold Resources plc

    Oil rises 3% on hopes for output cut

    Oil prices gained on Tuesday as hopes rose that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper