(Alliance News) - The partners on the West Newton field are to soon restart well testing operations, they said on Wednesday.
Reabold Resources PLC has a 39% stake in West Newton, via its 59% holding in operator and 67% shareholder Rathlin Energy UK Ltd. Union Jack Oil PLC holds a direct 17% stake in West Newton.
Extended well testing operations were suspended in August to review the well testing design, and this has now been completed. Work will restart following regulatory approval.
The design was reviewed following the discovery the Kirkham Abbey formation also contained liquid hydrocarbons, having previously been anticipated to be a "major" gas discovery.
Reabold co-Chief Executive Stephen Williams said: "Reabold is delighted with the progress that continues at the West Newton A-2 well to further our understanding of the discovery and welcomes the near-term resumption of the well test.
"Reabold's recently increased interest in Rathlin provides us further exposure to what continues to develop into a very exciting, large-scale asset. Once the test is complete, we look forward to drilling the additional two wells to test the Kirkham Abbey formation and the potential of the Cadeby formation, which is considered a highly important and valued target."
David Bramhill, executive chair of Union Jack, added: "We are pleased to report the progress that has been made to understand better the significance of the West Newton discoveries, to plan the resumption of the A-2 extended well test and design of the drilling programme for 2020 following extensive and painstaking technical work executed by both Rathlin and Union Jack's technical teams.
"West Newton remains one of Union Jack's flagship projects which will be evaluated in further detail during 2020."
Reabold shares were 3.4% lower in London on Wednesday at 0.74 pence each, with Union Jack also down 3.4% at 0.16p.
By George Collard; georgecollard@alliancenews.com
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Reabold Resources (RBD)
Union Jack (UJO)