A huge oil field, which has been called the biggest onshore discovery of its kind in the UK for decades, has been found in Holderness. Drillers looking for gas at West Newton near New Ellerby made the find, which has been dubbed the biggest onshore hydrocarbon discovery since the 1970s.
Just in June, Reabold Resources, an investment firm working with Rathlin and Union Jack Oil at the East Yorkshire site, announced it believed it had discovered the UK’s largest onshore gas field at West Newton, with estimates it held at least 189 billion cubic feet of gas.
However, the latest discovery could prove to change the approach of the company who were initially solely exploring the potential to obtain gas.
Reabold Resources plc (LON:RBD) is an investor in near-term, high growth upstream oil & gas projects where an injection of its capital facilitates near-term activity. Reabold’s assets include West Newton.