Business
Discovery Potentially Largest UK Onshore Gas Field
Discovery Potentially Largest UK Onshore Gas Field.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3930C Reabold Resources PLC 17 June 2019 \n\n17 June 2019\n \nReabold Resources Plc\n(\"Reabold\" or the \"Company\")\n \nDiscovery at West Newton, Potentially Largest UK Onshore Gas Field\n \nHighlights:\n \n· Successful appraisal of onshore UK discovery, with both gas and liquid hydrocarbon volumes encountered\n· Preliminary data suggests West Newton 2C Contingent Resources* is at least the pre-drill estimate of 189 Bcf (Billion Cubic Feet of Gas), the equivalent of 31.3mmbo (million barrels of oil)\n· West Newton is potentially the largest UK onshore gas field and potentially the largest hydrocarbon discovery onshore UK since 1973, subject to further testing\n· West Newton is near Hull where there is an abundance of production infrastructure \n· Permitting in place for Extended Well Test planned for Q3 2019\n· Existing pre-Drill NPV (Net present value) for West Newton of $247 million*\n· Deeper exploration target in the Cadeby formation encountered hydrocarbon shows with an oil saturated core\n*Connaught Oil and Gas Limited (\"Connaught\") management estimate. Connaught has a 35 per cent. interest in Rathlin Energy (UK) Ltd (\"Rathlin\"), operator of the West Newton A-2 appraisal well.\n \nSachin Oza, Co-CEO of Reabold, commented:\n\"We are delighted by today's results confirming that West Newton could potentially be the UK's largest onshore gas field. The results of the well have exceeded our expectations and have also shown a significant liquid hydrocarbon volume which has increased our excitement and the future value of the field materially.\n \n\"From its onshore location near Hull and with nearby infrastructure available, we anticipate that West Newton can provide material volumes of hydrocarbons for the UK's energy needs at low cost and in the near term. \n \n\"Success in a project of this scale would undoubtedly be transformational for Reabold and its investors. We look forward to the well test in the coming weeks and potentially generating early cash flow from the testing programme.\"\n \n \nReabold, the investor in pre-cash flow upstream oil and gas projects, is ...