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(Alliance News) - Union Jack Oil PLC and Reabold Resources PLC on Monday said drilling of the next well at the onshore West Newton project has commenced.
Hydrocarbon producer Union Jack has just under a 17% stake in the asset and oil and gas focused investor Reabold has about a 56% interest.
"The onshore West Newton B-1 well, the next well following the successful West Newton A-2 appraisal well, has now spud," the companies said.
The next step will aim assess the level of hydrocarbon accumulations in the Kirkham Abbey section of the project and to "test the reservoir properties of the deeper Cadeby formation", the companies said.
The Cadeby portion "could add significantly to the value of the West Newton field", West Newton and Reabold added.
Union Jack shares were down 5.5% at 0.16 pence each in London on Monday afternoon. Reabold's stock was down 2.8% at 0.58p.
By Eric Cunha; ericcunha@alliancenews.com
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