TIDMRBD
RNS Number : 1414I
Reabold Resources PLC
10 December 2020
10 December 2020
Reabold Resources plc
("Reabold" or the "Company")
Further Significant Hydrocarbon Discovery at West Newton
Reabold, the investor in upstream oil and gas projects, is
delighted to announce the results of the West Newton B drilling
operations, which have exceeded pre-drill expectations, further
suggesting that the West Newton discovery would be the largest UK
onshore discovery since 1973. Drilling operations have been
completed safely.
Highlights :
-- B-1Z well encountered a gross 62 metre hydrocarbon bearing
reservoir interval in the primary Kirkham Abbey target
formation
-- Overall Kirkham Abbey estimated hydrocarbon column is at
least 118 metres, significantly exceeding previous observations
-- The oil-water contact is yet to be encountered at West Newton
-- Enhanced porosities of over 14 per cent. observed on wireline
logs, comparing favourably to previous A-2 well
-- The Kirkham Abbey formation is materially de-risked with
evidence of good reservoir continuity
-- West Newton B-1Z is approximately 2.5 kilometres from the A-1
and A-2 discoveries, confirming an areally extensive
accumulation
-- Production casing is being run in preparation for well testing
Following the announcement on 23 November 2020, the West Newton
B-1Z side-track well reached a Total Depth of 2,114 metres (MD), in
the Carboniferous interval. 18 metres of core has been successfully
extracted from the primary target, the Kirkham Abbey Formation, and
all planned logging operations have been completed.
Wireline logs indicate that a gross 62 metre hydrocarbon
saturated interval has been encountered within the Kirkham Abbey
Formation. In conjunction with the results of the B1 well, the
overall hydrocarbon column in the accumulation is estimated to be
at least 118 metres.
Furthermore, with the B-1Z sidetrack located approximately 2.5
kilometres south of the West Newton A-1 and A-2 wells, the results
indicate a particularly extensive accumulation with good reservoir
continuity.
Favourable reservoir characteristics were observed in the
Kirkham Abbey, with porosities measuring over 14 per cent. from log
data across sections of the interval.
Drilling operations are being concluded, and production casing
is being run in preparation for testing of this extended
interval.
The initial petrophysical data obtained from the West Newton
B-1Z well correlates positively with the results from the West
Newton A-1 conventional discovery well and A-2 appraisal well.
The secondary Cadeby objective was unsuccessful at this
location, but the data gathered from this well will be used to
inform its potential prospectivity elsewhere in the block.
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 PEDL
183.
Stephen Williams, Co-CEO of Reabold, commented:
"We are delighted to be able to announce another significant
discovery at the West Newton field.
"The B-1Z well has indicated substantial areal extent by
discovering the Kirkham Abbey, located 2.5km from the previous A-2
discovery. With better-than-expected porosity and a positive
comparison versus the A-2 well, the B-1 well has significantly
increased the size of the observed hydrocarbon column, and we are
yet to encounter an oil water contact demonstrating the potential
for further upside."
Sachin Oza, Co-CEO of Reabold, commented:
"West Newton continues to surpass expectations and we are
confident that it will be the largest onshore UK discovery since
1973.
"With more analysis to be done, we believe that these
indications augur extremely well for the future of the West Newton
project, which has the potential to be a meaningful and crucially
local source of hydrocarbons for the Humber region."
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.
For further information, contact:
Reabold Resources plc c/o Camarco
Sachin Oza +44 (0) 20 3757
Stephen Williams 4980
Strand Hanson Limited - Nomad & Financial +44 (0) 20 7409
Adviser 3494
James Spinney
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
Ollie Head +44 (0) 20 3757
Billy Clegg 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLBCBDDUBGDGGC
(END) Dow Jones Newswires
December 10, 2020 02:00 ET (07:00 GMT)
Reabold Resources (LSE:RBD)
Historical Stock Chart
From Apr 2024 to May 2024
Reabold Resources (LSE:RBD)
Historical Stock Chart
From May 2023 to May 2024