Reabold Resources PLC West Newton Operations Update (8993F)
21 July 2021 - 4:00PM
UK Regulatory
TIDMRBD
RNS Number : 8993F
Reabold Resources PLC
21 July 2021
21 July 2021
Reabold Resources plc
("Reabold" or the "Company")
West Newton Operations Update
Reabold, the investor in upstream oil and gas projects, is
pleased to provide an update on activities at the West Newton B
site, operated by Rathlin Energy (UK) Limited ("Rathlin").
Highlights:
-- Commencement of well testing operations on 7 June 2021, with
an initial focus on the lower portion of the Kirkham Abbey pay
zone
-- Significant inflow of completion fluids into and subsequently
out of the reservoir, indicative of a functioning permeability
system
-- Liquids and gas recovered to surface
-- Operation now focussed on clean-up of the well ahead of further flow testing
-- Gas analyses exhibit a strong similarity to analyses obtained
from the West Newton A site wells with samples showing
approximately 90% methane content and no native H (2) S
-- Analyses of the recovered liquids are pending
-- Additional 19 metre zone in the upper Kirkham Abbey Formation
identified for perforation and flow testing
Reabold holds a ca. 56 per cent. economic interest in West
Newton via its ca. 59 per cent. shareholding in Rathlin, which, in
turn, has a 66.67 per cent. interest in PEDL183. In addition,
Reabold has a 16.665 per cent. direct licence interest in
PEDL183.
Stephen Williams, co-CEO of Reabold, commented:
"We are very encouraged by the indications of permeability
within the system, and of course by the initial recovery of
hydrocarbons to surface. We look forward to continued clean up of
completion fluids from the well, putting us in a position to assess
hydrocarbon flow potential.
"Along with planned testing of additional zones and of the A-2
well, the test will provide key data inputs into the ultimate
development plans at West Newton, including the drilling of the
deviated well at B-2."
Qualified Person's Statement
Pursuant to the requirements of the AIM Rules - Note for Mining
and Oil and Gas Companies, the technical information contained in
this announcement has been reviewed by Dr Jeremy Jarvis as a
Qualified Person. Jeremy has more than 35 years' experience as a
petroleum geologist, holds a BSc in Geology from the University of
Dundee and a Ph.D. from Imperial College, University of London. He
is a member of the American Association of Petroleum Geologists and
the Petroleum Exploration Society of Great Britain.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations 2019.
For further information, contact:
Reabold Resources plc c/o Camarco
Sachin Oza +44 (0) 20 3757
Stephen Williams 4980
Strand Hanson Limited - Nomad & Financial
Adviser +44 (0) 20 7409
James Spinney 3494
Rory Murphy
James Dance
Stifel Nicolaus Europe Limited - Joint
Broker +44 (0) 20 7710
Callum Stewart 7600
Simon Mensley
Ashton Clanfield
Panmure Gordon - Joint Broker
Hugh Rich +44 (0) 207 886
Nick Lovering 2733
Camarco
James Crothers
Billy Clegg +44 (0) 20 3757
Rebecca Waterworth 4980
Notes to Editors
Reabold Resources plc is an investing company investing in the
exploration and production ("E&P") sector. The Company's
investing policy is to acquire direct and indirect interests in
exploration and producing projects and assets in the natural
resources sector, and consideration is currently given to
investment opportunities anywhere in the world.
As an investor in upstream oil & gas projects, Reabold aims
to create value from each project by investing in undervalued,
low-risk, near-term upstream oil & gas projects and by
identifying a clear exit plan prior to investment.
Reabold's long term strategy is to re-invest capital made
through its investments into larger projects in order to grow the
Company. Reabold aims to gain exposure to assets with limited
downside and high potential upside, capitalising on the value
created between the entry stage and exit point of its projects. The
Company invests in projects that have limited correlation to the
oil price.
Reabold has a highly-experienced management team, who possess
the necessary background, knowledge and contacts to carry out the
Company's strategy.
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