24 September 2024
Reabold Resources
plc
("Reabold" or the
"Company")
West Newton
Update
Reabold Resources plc, the investing
company focussed on developing strategic gas projects for European
energy security, is pleased to provide the following update on the
West Newton gas development, located within PEDL183 (the "Licence")
onshore UK in East Yorkshire.
Rathlin Energy (UK) Limited
("Rathlin"), operator of the Licence, has been informed by the
Environment Agency, that its application on behalf of the Joint
Venture partnership for the recompletion of the West Newton A-2
well has been 'Duly Made'.
Highlights:
· The
recompletion is designed to overcome well bore damaged that was
sustained during drilling and earlier testing operations
· This is a low
cost means of further derisking the subsurface element of the West
Newton project, and gathering additional data to input into the
design of horizontal production well
· The West Newton
domestic gas development opportunity will form part of the UK's
transition to a low carbon footprint for the domestic energy
sector
For the recompletion of the West
Newton A-2 well to proceed, Rathlin is required to obtain the
NSTA's consent and receive a permit from the Environment Agency.
The JV for the Licence is fully funded for the proposed
recompletion.
Rathlin's full announcement can be
viewed here:
https://www.rathlin-energy.co.uk/latest-update/
Reabold holds a ca. 56% economic
interest in the Licence, including West Newton, via its ca. 59.5%
shareholding in Rathlin, which, in turn, has a 66.67% interest in
the Licence. In addition, Reabold has a 16.665% direct interest in
the Licence.
For further information,
contact:
|
Reabold Resources plc
Sachin Oza
Stephen Williams
|
c/o Camarco
+44 (0) 20 3757 4980
|
|
Strand Hanson Limited - Nominated
& Financial Adviser
James Spinney
James Dance
Rob Patrick
Cavendish - Broker
Neil McDonald
Pearl Kellie
|
+44 (0) 20 7409 3494
+44 (0) 20 7220
0500
|
|
Camarco
Billy Clegg
Rebecca Waterworth
Sam Morris
|
+44 (0) 20 3757 4980
|
Notes to Editors
Reabold Resources plc has a
diversified portfolio of exploration, appraisal and development oil
& gas projects. Reabold's strategy is to invest in low-risk,
near-term projects which it considers to have significant valuation
uplift potential, with a clear monetisation plan, where receipt of
such proceeds will be returned to shareholders and re-invested into
further growth projects. This strategy is illustrated by the recent
sale of the undeveloped Victory gas field to Shell, the proceeds of
which are being returned to shareholders and
re-invested.