Information  X 
Enter a valid email address

Reabold Resources (RBD)

  Print   

Tuesday 25 May, 2021

Reabold Resources

West Newton Operations Update

RNS Number : 6446Z
Reabold Resources PLC
25 May 2021
 

25 May 2021

 

Reabold Resources plc 

("Reabold" or the "Company") 

West Newton Operations Update

 

Reabold, the investor in upstream oil and gas projects, is pleased to provide an update on the activities at the West Newton B site, operated by Rathlin Energy (UK) Limited ("Rathlin") .

 

Reabold holds a ca. 56 per cent. economic 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. direct licence interest in PEDL183.

 

On 24 May 2021, equipment required to complete and test the West Newton B-1z well commenced mobilisation to the site. This equipment includes a workover rig, well test package, CEB burners (incinerators), a wireline unit and other related materials.

 

The equipment will be rigged-up during the first week of operations, after which completion activities, including perforation and well treatment operations, will commence. The well test will follow these operations. Overall, the duration of the West Newton B-1z completion and testing operations is expected to take approximately six weeks. Following this, the testing of the A-2 well will take place.

 

The West Newton B-1z completion and testing operations are targeting hydrocarbons in the conventional Kirkham Abbey Formation reservoir.

 

Stephen Williams, co-CEO of Reabold, commented:

"We are pleased to see continued progress being made at West Newton, with testing of the B-1z well key for the future development of the licence and, in particular, for indicating the optimal location for the drilling of the horizontal B-2 well. We look forward to keeping shareholders abreast of developments over the next few months, in what could be a transformational period for the Company."

 

For further information, contact:

 

Reabold Resources plc

Sachin Oza

Stephen Williams

 

c/o Camarco

+44 (0) 20 3757 4980

 

 

Strand Hanson Limited - Nomad & Financial Adviser

James Spinney

Rory Murphy

James Dance

 

Stifel Nicolaus Europe Limited - Joint Broker

Callum Stewart

Simon Mensley

Ashton Clanfield

 

Panmure Gordon - Joint Broker

Hugh Rich

Nick Lovering

 

+44 (0) 20 7409 3494

 

 

 

 

+44 (0) 20 7710 7600

 

 

 

 

+44 (0) 207 886 2733

Camarco

James Crothers

Ollie Head

Billy Clegg

+44 (0) 20 3757 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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDBLGDUBDDDGBS

a d v e r t i s e m e n t