Business
Update on West Newton Activity Programme
Update on West Newton Activity Programme.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 5358D\n Reabold Resources PLC\n 20 February 2020\n \n \n \n \n 20 February 2020\n \n Reabold Resources Plc\n (\"Reabold\" or the \"Company\")\n Update on West Newton Activity Programme\n \n \n Reabold, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, is pleased to announce an update regarding the anticipated work programme at West Newton within the PEDL183 licence area, onshore UK. \n \n \n \n \n \n PEDL183 covers an area of 176,000 acres and is situated in East Yorkshire within the onshore UK part of the Southern Permian Basin. Rathlin Energy (UK) Limited (\"Rathlin\" or the \"Operator\"), in which Reabold has a 59 per cent. equity interest, holds a 66.67 per cent. interest in PEDL183. Reabold, therefore, holds an approximate 39 per cent. effective interest in the licence.\n \n \n \n \n \n PEDL183 contains the West Newton A-1 discovery well and the West Newton A-2 appraisal well, with reservoirs within the Permian Zechstein geological group, in particular in the Kirkham Abbey geological formation. \n \n \n \n \n West Newton A-2 Test\n \n \n Following the successful drilling of the A-2 well as announced by the Company on 17 June 2019, the Extended Well Test (\"EWT\") operations were paused in late August 2019, in order to design a test that was better suited to evaluate the significant oil column encountered in the A-2 well, as opposed to the original intention, which was to test what was expected to be predominantly gas. This alternative test has been designed by the Operator and all necessary equipment has been identified to recommence the EWT. \n \n \n \n \n \n The re-designed test requires that the Operator obtains regulatory approvals prior to the recommencement of the re-calibrated EWT. Rathlin is actively engaged with the relevant regulatory bodies in respect of this process. \n \n \n \n \n \n The Health and Safety Executive's (\"HSE\") 21-day Borehole Sites and Operations Regulations notification period has been satisfied with no objections raised by the HSE. Subsequently, Rathlin has now filed a revised operating plan to the Environment Agency (\"EA\"). A further announcement regarding the EA's determination will be made in due course, as and when appropriate.\n \n \n ...