Business
West Newton Project Update
West Newton Project Update.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2394X Reabold Resources PLC 18 December 2019 \n\nMarket Abuse Regulation (MAR) Disclosure\nCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement\n \n18 December 2019\n \nReabold Resources Plc\n(\"Reabold\" or the \"Company\")\nWest Newton Project Update\n \nReabold, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, is pleased to announce an update in respect of the Extended Well Test (\"EWT\") on the West Newton A-2 appraisal well, of the West Newton area contained within onshore UK licence PEDL183.\n \nReabold has an approximate 39 per cent. indirect interest in the West Newton licence via its 59 per cent. equity interest Rathlin Energy (UK) Limited (\"Rathlin\"). Rathlin holds a 66.67 per cent. direct interest in licence and is the operator.\n \nHighlights\n· EWT operations, suspended in August 2019 in order to review and revise the well test design, to be recommenced following receipt of required regulatory approvals\n· Following the EWT, the well will be monitored for inflow, shut in and suspended\n· Estimated cost of work is well within original well test budget\n· Planning permissions in place for two additional wells, to test Kirkham Abbey formation and Cadeby formation respectively\n \nEWT operations on the Kirkham Abbey formation at the West Newton A-2 well were temporarily suspended in August 2019, as modifications to handle to the newly recognized liquid content of the originally approved gas testing programme were limited by equipment availability at the time. Gas flow to surface was achieved and flared during operations, but reservoir fluids were not recovered.\n \nFollowing the discovery of a reservoir containing a 45 metre liquid hydrocarbon column underlying a 20 metre gas column, the EWT was suspended in order to review and revise the well test design to seek to deliver and validate this identification of liquid hydrocarbons. The oil zone was not fully evaluated during the initial phase of testing.\n \nPumping, surface separation, fluid storage tanks and other testing equipment ha...