(Alliance News) - Reabold Resources PLC and Union Jack Oil PLC on Tuesday said a drilling rig has been mobilised on site at the West Newton B-1 gas discovery.
The duo noted an announcement from Rathlin Energy UK Ltd, the operator of the asset.
Reabold Co-Chief Executive Officer Sachin Oza said: "We are delighted to see Rathlin progress activity at West Newton to the point of drilling this exciting and highly prospective well in spite of the inevitable challenges caused to operations by Covid-19."
Reabold has a 59% interest in Rathlin, which holds a 67% stake in the project. Union Jack Oil holds a 17% stake.
Reabold shares closed 1.7% higher at 0.56 pence each in London on Tuesday. Union Jack shares ended the day 3.2% higher at 0.16p.
By Eric Cunha; ericcunha@alliancenews.com
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Reabold Resources (RBD)
Union Jack (UJO)