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(Alliance News) - Onshore hydrocarbon production company Union Jack Oil PLC and investor in upstream oil and gas projects Reabold Resources PLC noted that Rathlin Energy UK Ltd, the operator of PEDL183, has received a positive planning update.
Rathlin said it has received a opinion from the East Riding of Yorkshire Council in response to its screening request for the proposed West Newton A site extension.
The proposed extension of the existing West Newton A well site and associated work programme would provide for testing, appraisal and production from the two existing wells and the potential for drilling, testing, appraisal and production from up to six new wells on the site over a 25 year period.
"It is encouraging that activity continues behind the scenes at West Newton, with progress being made ahead of testing and eventual production on the licence," said Reabold Co-Chief Executive Stephen Williams.
"With each step taking West Newton closer to development and potentially unlocking further value, we look forward to keeping shareholders updated as the project progresses," added Williams.
Reabold shares were trading 4.3% lower in London on Friday at 0.56 pence each, while Union Jack Oil shares were up 0.8% at 0.19p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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