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RNS Reabold Resources PLC - RBD
Update on West Newton Activity Programme
Released 07:00 20-Feb-2020
RNS Number : 5358D
Reabold Resources PLC
20 February 2020
20 February 2020
Reabold Resources Plc
("Reabold" or the "Company")
Update on West Newton Activity Programme
Reabold, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, is pleased to announce an update regarding the anticipated work programme at West Newton within the PEDL183 licence area, onshore UK.
PEDL183 covers an area of 176,000 acres and is situated in East Yorkshire within the onshore UK part of the Southern Permian Basin. Rathlin Energy (UK) Limited ("Rathlin" or the "Operator"), in which Reabold has a 59 per cent. equity interest, holds a 66.67 per cent. interest in PEDL183. Reabold, therefore, holds an approximate 39 per cent. effective interest in the licence.
PEDL183 contains the West Newton A-1 discovery well and the West Newton A-2 appraisal well, with reservoirs within the Permian Zechstein geological group, in particular in the Kirkham Abbey geological formation.
West Newton A-2 Test
Following the successful drilling of the A-2 well as announced by the Company on 17 June 2019, the Extended Well Test ("EWT") operations were paused in late August 2019, in order to design a test that was better suited to evaluate the significant oil column encountered in the A-2 well, as opposed to the original intention, which was to test what was expected to be predominantly gas. This alternative test has been designed by the Operator and all necessary equipment has been identified to recommence the EWT.
The re-designed test requires that the Operator obtains regulatory approvals prior to the recommencement of the re-calibrated EWT. Rathlin is actively engaged with the relevant regulatory bodies in respect of this process.
The Health and Safety Executive's ("HSE") 21-day Borehole Sites and Operations Regulations notification period has been satisfied with no objections raised by the HSE. Subsequently, Rathlin has now filed a revised operating plan to the Environment Agency ("EA"). A further announcement regarding the EA's determination will be made in due course, as and when appropriate.
Following EA approval, the Operator will notify the Oil and Gas Authority in respect of the recommencement of the EWT.
West Newton B Drilling
The process for the commencement of drilling operations at the West Newton B site is independent of the EWT at West Newton A-2.
The bottom hole drilling location for the West Newton B-1 well has been finalised and preparations are currently underway for the works required prior to the commencement of operations at the B site, which is expected to begin during Q2 2020. Rathlin is fully funded for these operations.
Rathli
Last I heard he's in a stunningly beautiful part of Greece ,2 beers and half a litre of wine to the better/worse today already ,trying to forget this ridiculously undervalued company and its ludicrously low sp . Yamas !
" Brave or the stupid " ......... sadly the longer I stick around in AIM the more certain I become which category I fall into !
Hi cebo , always held your thoughts and opinions in high regard.Difficult for me as a non oily to make sense of the techy stuff but talk on here of boats collecting fluids did encourage me but have no clue of real significance other than WD didn't have the losses ......maybe I'll just toss a coin ! ATB
Hi WW . Yes it really is a tough one .....if I sell a chunk through apprehension and it's a resounding success I'll kick myself but if I stay all in and its a flop I'll kick myself as well .....it's called a " gamble " I guess. As you say the talk of big losses is encouraging but .............Im not sure what to do and will refrain from telling as it's not really right to influence people .....having said that if you just do the opposite to me you'll probably be right !
" Mud " is the new. " rope "
dow just gone up sharply , brent not far behind . There's always a short delay ......I know JK.....Ill be glad when Im out of AIM and can get half my life back......
Hi Jaykay. Brent fell off a cliff then recovered ....edging down a little again though. Just an observation....
I take it you had been to the casino as 4.00 am time stamp on your post is 5.00am to us ! That's pretty late even for you .....Hopefully a sign you were raking it in ? Snail.
Sorry AD just been on Google translate for your translation but sadly there isn't an option for complete ****** to English .
aqua ........agreed , bit of a disconnect from poo today ,although from 8.00am Brent only up 0.8% . Bit of a lacklustre day all round really , my 3 stocks are all down and HUR doing the best...summer vacation malaise .gla
agreed WW .......there is a connect between Dow and Poo .......Poo and HUR . If I want to get a " flavour" of our sp performance over the next hour I look at Dow futures or obviously more accurate if in market hours . Just gives a hint unless trumped by news .....pun intended.
Hang on I've passed into a parallel universe where everyone's being nice to each other !! Put the whisky down snail .....you've overdone it this time
cheers Amaja !
couple that with mammoth trumps and Bob's your uncle .....a km of ice over my house .
climate change is an industry , yes a lot of people are making money from it , a lot of tax being raised in the name of it. All I can say is them there cave men must have had some eff off campfires to bring on the last ice age .
Hi WW. Its not a case of " getting it " ....it's just that stating the bleedin obvious isnt profound or genius . We all " get it " that a cleaner planet is better for our children and grandchildren but there is also the matter of pragmatism. Anyone can bang on about green this and environment that BUT not to actually tell us the answer to getting there is pointless. If all oil stopped flowing tomorrow there would be no food in the shops , the lights would go out and in under a week neighbour would be killing neighbour for food. We can only go at a certain pace that the infrastructure allows . Wind power etc is just not enough and with the depletion of fossil fuels Im sure there are some fabulous minds working on " actual " solutions . The likes of prince Harry and Decaprio preaching to us and then jumping on their gas guzzling planes and super yachts just gets up people's noses and problably has an adverse effect. Anyway that's my last word on it....I haven't fallen out with you over the past 4 or 5 years so will not start now . We do " get it " but lets have solitions not self promoting, empty grandstanding
Thank goodness for that !!!
It's nearer 5 months AD !