Reabold Resources - Positive Decision for EWT at West Newton
("Reabold" or the "Company")
Positive Decision for Extended Well Test at West Newton
Reabold, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, is pleased to announce that a positive decision document in respect of the testing of the West Newton A-2 well ("
This variation will allow Rathlin to use mechanical methods (pumpjack/nodding donkey) for lifting wellbore fluids and for the utilisation of a smaller incineration unit during the testing of the
During drilling and early testing operations of the
Testing operations at West Newton will recommence once government guidance pertaining to COVID-19 permits, the required personnel and equipment become available, and the continued health and safety of Rathlin employees, contract personnel and the community can be ensured. Reabold holds an approximate 39 per cent. effective economic interest in West Newton via its 59 per cent. equity interest in Rathlin, which is fully funded for activity across both A and B sites.
"We are extremely pleased to now have all key permits in place for the testing at West Newton A-2. The focus now is to prepare as much as possible in order to execute the test as soon as Covid-19 related restrictions allow. We are also seeing good progress with regards initial work at the West Newton B site and look forward to an active programme at both locations over the coming months."
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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