Reabold Resources Share News (RBD)

(Sharecast News) - Upstream oil and gas investment company Reabold Resources updated the market on the initial drilling results of the West Newton A-2 appraisal well on Wednesday.The AIM-traded firm said the A-2 well was designed to appraise the discovery identified by the West Newton A-1 well, drilled in 2013 and 2014 within the onshore UK licence PEDL183.It said it was expected to be further tested with an extended well test during the third quarter of 2019.Reabold explained that a competent person's report prepared by Deloitte LLP Calgary for Connaught Oil and Gas as at 1 June 2017 confirmed Connaught's resource assessment for the licence following the drilling of the discovery well, in accordance with the Petroleum Resource Management System 2007."The initial assessment of the West Newton discovery was summarised at the time of Reabold's investment in Rathlin, on 5 November 2018." the board said in its statement.Connaught was previously the 100% equity holder in Rathlin Energy UK, which was in turn the 100% holder of the PEDL183 licence."Rathlin currently has a 66.67% interest in PEDL183, with both Union Jack Oil and Humber Oil & Gas holding 16.665% of the licence."Reabold has an approximate 24% economic interest in PEDL183, via its approximate 36% equity interest in Rathlin, the operator of the West Newton A-2 appraisal well."Connaught currently holds an approximate 35% equity interest in Rathlin."