Reabold Resources PLC West Newton A Site Planning Update (5331M)
January 22 2021 - 2:00AM
UK Regulatory
TIDMRBD
RNS Number : 5331M
Reabold Resources PLC
22 January 2021
22 January 2021
Reabold Resources plc
("Reabold" or the "Company")
West Newton A Site Planning Update
Reabold, the investor in upstream oil and gas projects, notes
that the Operator of PEDL183, Rathlin Energy (UK) Limited
("Rathlin") has provided the following update to local residents
and the West Newton Community Liaison Group regarding the West
Newton A site.
Receipt of Screening Opinion
"Rathlin Energy (UK) Limited has received a Screening Opinion
from the East Riding of Yorkshire Council in response to the
company's screening request for the proposed West Newton A site
extension.
The proposed extension of the existing West Newton A (WNA)
wellsite and associated work programme would provide for testing,
appraisal and production from the two existing wells (WN-A1 and
WN-A2) and the potential for drilling, testing, appraisal and
production from up to six (6) new wells on the WNA site over a 25
year period.
The East Riding of Yorkshire Council's Screening Opinion
considers that the proposed development would not comprise EIA
(Environmental Impact Assessment) development.
Rathlin Energy (UK) Limited will be undertaking public
consultation on the West Newton A site development plan over the
coming months and ahead of the submission of any formal planning
application.
Information regarding the screening request is available on the
East Riding of Yorkshire Council's planning portal."
Stephen Williams, Co-CEO of Reabold, commented:
"It is encouraging that activity continues behind the scenes at
West Newton, with progress being made ahead of testing and eventual
production on the licence. With each step taking West Newton closer
to development and potentially unlocking further value, we look
forward to keeping shareholders updated as the project
progresses."
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.
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END
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