(Alliance News) - Both Union Jack Oil PLC and Reabold Resources PLC on Monday noted that Rathlin Energy UK Ltd, the operator of PEDL183 and the West Newton Field in Yorkshire, has today launched an online consultation event on a proposed hydrocarbon development of the West Newton A site.
The consultation is part of a public planning consultation process, and is the next step in the proposed development.
UK onshore oil producer and explorer Union Jack holds a 17% interest in PEDL183. Upstream oil & gas investor Reabold holds an interest in West Newton via its 59% shareholding in Rathlin, which, in turn, has a 67% interest in PEDL183.
The consultation process will be held virtually to communicate with the West Newton Community Liaison Group, landowners, local community, councils, regulators and other stakeholders.
Rathlin believes the West Newton Field has the potential to provide local feedstock to a Humber net zero project replacing the need for imported hydrocarbons while at the same time developing indigenous energy sources, contributing to the economic welfare of the Humber region and enhancing local job prospects.
Humber is a region in Yorkshire.
Union Jack shares were down 0.7% at 36.73 pence each in London on Monday, while Reabold was up 4.0% at 0.71p each.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Reabold Resources (RBD)
Union Jack (UJO)