Reabold starts activity at West Newton B site onshore UK

Reabold Resources, an investment firm operating in the exploration and production sector, is undertaking preparatory work at the West Newton B site in the UK.

Rathlin Energy is the site operator, which is located in PEDL 183, onshore UK.

The work is being carried out in compliance with landowner and regulatory agreements, and is consistent with the government guidance on the Covid-19 situation.

Reabold will initially complete the access track and site, along with activities that are pre-operational conditions of Rathlin’s environment agency and East Riding of Yorkshire Council permissions.

Reabold Resources co-CEO Stephen Williams said: “During this period of global uncertainty and restrictions related to Covid-19, we are extremely pleased to be able to safely progress activity at the West Newton B site, where drilling will be a key driver of value for Reabold and its shareholders in 2020.

“We are very excited by the potential scale and value of West Newton and look forward to providing further updates as operations move forward in due course.”

Reabold owns about 39% economic interest in West Newton via its 59% equity stake in Rathlin, which is fully funded for activity across both A and B sites.

Union Jack holds a 16.665% interest in the licence, which features the West Newton A-1 discovery well and the West Newton A-2 conventional appraisal well.

Both wells feature reservoirs within the Permian Zechstein geological group, especially the Kirkham Abbey geological formation.

In June 2019, both gas and liquid hydrocarbon volumes have been encountered at West Newton.