Reabold Resources PLC West Newton B-1 - Rig Mobilisation (6273Z)
September 22 2020 - 7:00AM
UK Regulatory
TIDMRBD
RNS Number : 6273Z
Reabold Resources PLC
22 September 2020
22 September 2020
Reabold Resources plc
("Reabold" or the "Company")
West Newton B-1 - Rig Mobilisation
Reabold, the AIM investing company which focuses on investments
in upstream oil and gas projects, notes that Rathlin Energy (UK)
Limited ("Rathlin"), operator of the West Newton B-1 ("WNB-1")
well, onshore UK, has today announced that the main drilling rig
has been mobilised to site. Reabold has a ca. 56 per cent. economic
interest in the West Newton project.
The WNB-1 well is targeting the same conventional reservoirs in
the Kirkham Abbey and Cadeby carbonate formations that were
encountered in the recently drilled West Newton A-2 ("WNA-2") well
and in the West Newton A-1 ("WNA-1") well, drilled by Rathlin in
2014. In November 2019, Rathlin, provided updated hydrocarbon
initially in-place volumetric estimates in respect of the Kirkham
Abbey formation post drilling of the WNA-2 well:
Base Case
: * Liquids: 146.4 million barrels ("mmbbl") of oil
initially in-place ("OIIP");
* Gas: 211.5 bcf of gas initially in-place ("GIIP")
Upside Case
: * Liquids: 283 mmbbl OIIP
* Gas: 265.9 bcf GIIP
The WNA-1 well recovered oil saturated core and the WNA-2 well
encountered oil shows in the Cadeby formation, which is expected to
have better reservoir development at the WNB-1 location.
West Newton Site Update
The drilling and setting of conductor casing are complete and
the conductor rig was demobilised from site in the week commencing
13 September 2020. The steel conductor casing was set at a depth of
74 meters in the Cretaceous chalk and cemented in place, providing
a stable base for the main drilling rig as well as protection for
the surface formations during the main drilling operation.
All permits and permissions are in place to commence the main
drilling operations and any pre-operational conditions have been
satisfied.
As such, the main drilling rig and associated equipment have
commenced mobilisation to site today. The equipment will be
rigged-up over a period of one to two weeks in preparation to drill
the main borehole to a depth of approximately 2,000 metres.
Completion is expected to take six to ten weeks. Once completed,
the drilling rig will be demobilised from the site over a period of
approximately one week.
Sachin Oza, Co-CEO of Reabold, commented:
"We are delighted to see Rathlin progress activity at West
Newton to the point of drilling this exciting and highly
prospective well in spite of the inevitable challenges caused to
operations by Covid-19.
"During this period, we have increased our exposure to West
Newton to approximately 56 per cent., meaning we have a
considerable interest in potentially one of the largest oil and gas
fields onshore UK. We look forward to updating investors on the
result of the well once drilling has been completed."
Reabold holds its interest in West Newton via its ca. 59 per
cent. shareholding in Rathlin, which, in turn, has a 66.67 per
cent. interest in PEDL183. In addition, Reabold has a 16.665 per
cent. licence interest in PEDL 183.
ENDS
For further information please contact:
Reabold Resources plc c/o Camarco
Stephen Williams +44 (0) 20 3757
Sachin Oza 4980
Strand Hanson Limited (Nominated and Financial
Adviser)
James Spinney
Rory Murphy
James Dance +44 (0)20 7409 3494
Stifel Nicolaus Europe Limited - Joint Broker
Callum Stewart
Simon Mensley +44 (0) 20 7710
Ashton Clanfield 7600
Panmure Gordon - Joint Broker
Hugh Rich +44 (0) 20 7659
Nick Lovering 1234
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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END
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