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(Alliance News) - Union Jack Oil PLC and Reabold Resources PLC on Tuesday reported "positive conclusions" from an independent carbon study at the onshore West Newton project in Yorkshire.
A report by petroleum consultants GaffneyCline & Associates Ltd showed the hydrocarbon product had an AA rating for carbon intensity, meaning it has a low carbon footprint. The AA rating is "significantly lower than the UK average", Reabold and Union Jack explained.
The consultants estimate that West Newton could produce just five grammes of carbon dioxide per megajoule of energy it creates.
Union Jack, which has just shy of a 17% share in project, hailed "positive conclusions" from GaffneyCline's report. Reabold holds just under 40% interest in West Newton, and will soon boost this to 56% after it in May agreed to acquire a further stake Humber Oil & Gas Ltd.
Union Jack Executive Chair David Bramhill said: "This study is an excellent overview of the green credentials for any future development decision at West Newton. The AA rating achieved indicates the efforts made by the Operator, Rathlin Energy (UK) Ltd, to ensure that projects under its stewardship comply with best practice. Union Jack and Reabold Resources support Rathlin's strategy to negate the effects and threat of climate change."
Union Jack shares climbed 4.6% to 0.21 pence each on Tuesday morning in London. Reabold was trading 3.3% higher at 0.59p.
By Eric Cunha; ericcunha@alliancenews.com
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