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(Alliance News) - Reabold Resources PLC and Union Jack Oil PLC on Monday announced potentially the biggest onshore find in the UK since 1973.
The gas discovery has been made on the West Newton A-2 well in Humberside in the north-east of England, an area with "an abundance" of production infrastructure, Reabold said.
Reabold owns 24% of the PEDL183 licence on which the well is situated, with Union Jack owning just shy of 17%. The licence is operated by Rathlin Energy UK Ltd.
The well was drilled to a depth of 2,061 metres, finding a net 65-metre hydrocarbon interval within the Kirkham Abbey formation, which indicates a "substantial" accumulation, Reabold said.
Overall, the field could include "at least" 189 billion cubic feet of gas, equivalent to around 31.3 million barrels of oil.
Drilling is finished, and planning has already been received for testing of the well. This will start in the third quarter of the year, Reabold added.
The well also found hydrocarbon shows in the secondary Cadeby formation target, Reabold added, a "highly encouraging" result.
Reabold Co-Chief Executive Sachin Oza said: "We are delighted by today's results confirming West Newton could potentially be the UK's largest onshore gas field. The results of the well have exceeded our expectations and have also shown a significant liquid hydrocarbon volume which has increased our excitement and the future value of the field materially.
"From its onshore location near Hull and with nearby infrastructure available, we anticipate West Newton can provide material volumes of hydrocarbons for the UK's energy needs at low cost and in the near term."
"Success in a project of this scale would undoubtedly be transformational for Reabold and its investors. We look forward to the well test in the coming weeks and potentially generating early cash flow from the testing programme," Oza added.
Union Jack's Executive Chair David Bramhill said: "The initial results of the West Newton A-2 appraisal well exceed our expectations. The most important aspect of this drilling exercise is that the operation was undertaken in a safe and competent manner by the operator.
"We rank the West Newton project very highly and look forward to the results of testing during the third quarter of 2019".
"These encouraging results suggest to us the West Newton project has the potential to achieve our goal of transforming Union Jack from a junior exploration and production company into a self-sustaining mid-tier hydrocarbon produce," added Bramhill.
Reabold shares were 25% higher on Monday morning at 1.03 pence each, with Union Jack shares up 28% at 0.22p.
