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, notes that
"We hope you and your families are safe, healthy and managing under the current circumstances.
This update is to let you know that we are moving our programme of works forward, in line with the latest government and public health guidance on Covid-19. We continue to follow the advice closely.
West Newton A
We secured a permit variation from the
West Newton B
Pre-construction works started during the week commencing
In due course, site construction works will commence on the West Newton B drilling site. This work will include a full archeological strip, map and record study, following which, site construction will begin. The site construction works are anticipated to take between five and six weeks.
Drilling of the West Newton B-1 well will commence following the completion of the access track and site construction activities and the conductor setting operations.
During the course of these operations, we will keep our community neighbours informed of our activities through website updates, the West Newton Liaison Committee and other periodic notices. We are, of course, available to address any questions or concerns."
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
Quick facts: Reabold Resources
Market Cap: £41.16 m
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