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(Alliance News) - Reabold Resources PLC said on Tuesday it has completed the Rathlin Energy UK Ltd cash investment.
Following the completion, the oil and gas focused investment firm now has 59% stake in the Rathlin, the operator of the West Newton field near Hull, England.
Reabold Co-Chief Executive Officer Stephen Williams said the investment would increase the company's look through interest in West Newton field to around 39%.
Williams also said that Rathlin is now fully funded for an "exciting" two well programme at the West Newton B site, which is planned to commence in the first quarter of 2020.
"The first of these wells will further appraise the Kirkham Abbey formation, but also test the deeper Cadeby formation at a location prognosed to have good reservoir development. We look forward to the results of this near term drilling campaign," Williams said.
In October Reabold said it raised GBP24 million through share placing to help it increase its interest in Rathlin to up to 75% from 24% and to accelerate two well work programme at the West Newton project.
Reabold Resources shares were down 0.1% in London at 0.93 pence each on Tuesday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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