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Sorry Simonlee40, but that's not far from rubbing the LTH's nose in it. Well done you. I'm sure we can all appreciate your brilliance.
the onshore West Newton B-1 ("WNB-1") well, the next well following the successful West Newton A-2 ("WNA-2") appraisal well, has now spud. Reabold has a ca. 56 per cent. economic interest in the conventional West Newton field onshore UK PEDL 183 and Rathlin Energy (UK) Limited ("Rathlin") is the operator.
The objectives of the WNB-1 well are:
· To evaluate the extent of the hydrocarbon accumulations found in the Kirkham Abbey formation by the WNA-2 well in June 2019
· To test the reservoir properties of the deeper Cadeby formation which, if found to be hydrocarbon bearing, could add significantly to the value of the West Newton field
In November 2019, the Operator, provided updated hydrocarbon initially in-place volumetric estimates in respect of the Kirkham Abbey formation post drilling of the WNA-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
These volumes do not include prospective resources in the Cadeby formation, from which the West Newton A-1 well recovered oil saturated core and the WNA-2 well encountered oil shows. The Cadeby is expected to have better reservoir development at the WNB-1 location.
The West Newton field is situated close to existing infrastructure and at the heart of the Zero Carbon Humber project.
The borehole will be drilled to a depth of approximately 2,000 metres, with completion expected to take six to ten weeks. Once completed, the drilling rig will be demobilised from the site over a period of approximately one week.
yet
If S&S pull this off over the next year, then I really wont care about the delays.
Like most here, selling is not a realistic option, so its onwards and upwards as we head into news on multiple fronts.
A special dividend coming perhaps? Bring it on!