RNS18 Aug 2020 08:07
18 August 2020
Reabold Resources plc
("Reabold" or the "Company")
Commencement of West Newton Drilling Operations
Reabold, the AIM investing company which focuses on investments in upstream oil and gas projects, is pleased to announce that drilling operations for the B-1 well at West Newton, which will appraise the extent of the West Newton A-2 discovery as well as test the deeper Cadeby formation, have commenced. Reabold has a 56 per cent. economic interest in West Newton.
The B-1 well follows the A-2 well on the West Newton field. In November 2019, the operator, Rathlin Energy (UK) Limited ("Rathlin"), provided updated hydrocarbon initially in-place volumetric estimates in respect of the shallower Kirkham Abbey formation post drilling of the A-2 well:
Base Case: - Liquids: 146.4 million barrels ("mmbbl") of oil initially in-place ("OIIP");
- Gas: 211.5 bcf of gas initially in-place ("GIIP")
Upside Case: - Liquids: 283 mmbbl OIIP
- Gas: 265.9 bcf GIIP
A conductor drilling rig has been successfully mobilised to the B-1 site and is beginning operations, with a main drilling rig following shortly to appraise the Kirkham Abbey formation and test the Cadeby formation.
The conductor rig will drill to a depth of approximately 80 metres into the Cretaceous chalk where steel casing will be installed and cemented to surface.
The main drilling rig will then be mobilised to the site in preparation to drill the main borehole to a depth of approximately 2,000 metres.
The drilling operations are expected to continue for six to ten weeks.
The information gathered during the drilling of West Newton B-1 will inform a subsequent programme of well testing to establish productive capability and any future drilling operations.
Sachin Oza, Co-CEO of Reabold commented:
"We are delighted to have progressed activity at West Newton to the point of drilling this exciting well, despite the inevitable operational challenges as a result of Covid-19. The B-1 well has the dual objective of appraising the Kirkham Abbey formation and evaluating the Cadeby formation which, if successful in achieving one or more of our pre-drill targets, will substantially upgrade the value of West Newton and Reabold."
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