Reabold Resources - Commencement of Activity at West Newton B Site
("Reabold" or the "Company")
Commencement of Activity at West Newton B Site
Reabold, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, is pleased to provide an update regarding the start of preparatory activity ahead of drilling at the West Newton B site in PEDL 183, onshore
Following the oil and gas discovery made at the West Newton A-2 well in 2019, the focus of activity on the license will be on appraising the potentially significant resources that have been discovered as well as testing further potential in the identified exploration targets. Key to this programme is the drilling at the West Newton B site, which will both further appraise the discovery made in the Kirkham Abbey formation, as well as target the deeper Cadeby formation, where oil shows were encountered from the drilling at West Newton A. The 2020 programme also includes the planned testing at the A-2 well.
At West Newton B, Rathlin Energy (UK) Ltd ("Rathlin"), the Operator of the project, is now conducting preparatory work at the site in compliance with landowner and regulatory agreements, and consistent with government guidance on COVID-19. Initial operations involve the completion of the access track and site along with activities that are pre-operational conditions of Rathlin's
Such activities are consistent with the works envisaged to be carried out at West Newton B site during Q2 2020 announced by the Company on
"During this period of global uncertainty and restrictions related to COVID-19, we are extremely pleased to be able to safely progress activity at the West Newton B site, where drilling will be a key driver of value for Reabold and its shareholders in 2020. We are very excited by the potential scale and value of West Newton and look forward to providing further updates as operations move forward in due course."
For further information please contact:
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+44 (0) 20 3757 4980
+44 (0)20 7409 3494
Stifel Nicolaus Europe Limited - Joint Broker
+44 (0) 20 7710 7600
+44 (0) 20 7659 1234
+44 (0) 20 3757 4980
Notes to Editors
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
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