REG - Reabold Resources - West Newton awarded AA rating for Carbon Intensity

Reabold ResourcesAnnouncement

24/05/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240524:nRSX7518Pa&default-theme=true

RNS Number : 7518P  Reabold Resources PLC  24 May 2024

24 May 2024

 

Reabold Resources plc

 

("Reabold" or the "Company")

 

West Newton awarded AA rating for Carbon Intensity

 

Reabold Resources plc, the investing company focussed on developing strategic
gas projects for European energy security, is pleased to publish the positive
conclusions of a Carbon Intensity Study on the West Newton gas development,
located within PEDL183 onshore UK in East Yorkshire, undertaken on behalf of
Reabold and Union Jack Oil plc by GaffneyCline & Associates Limited
("GaffneyCline"), an international petroleum and energy consultancy. The
report on the Carbon Intensity of the West Newton Field can be found at the
following link: https://reabold.com/investors/reports-presentations/
(https://reabold.com/investors/reports-presentations/)

Reabold holds a ca. 56% economic interest in West Newton and PEDL183 via its
16.665% licence interest in PEDL183 and a 59% shareholding in Rathlin Energy
(UK) Limited ("Rathlin"), the operator of the Joint Venture, which, in turn,
has a 66.67% interest in PEDL183.

The GaffneyCline study highlighted the following:

·    The West Newton project has an AA rating for Carbon Intensity for
its potential upstream gas and condensate production, the lowest possible
carbon intensity rating category on GaffneyCline's scale

·    The West Newton field has a Carbon Intensity significantly lower
than the UK average and onshore and offshore analogues. It is also
significantly lower than the average imported liquified natural gas (LNG),
based on the NSTA Natural Carbon Footprint Analysis published in July 2023

·    Based on the study, GaffneyCline estimates that West Newton could
produce the equivalent of just 2.87 grams of CO(2) per megajoule of energy
developed (gCO(2)eq./MJ)

·     As the development proceeds and project knowledge increases, there
is potential to improve the Carbon Intensity by further reducing fugitive,
flaring and venting emissions and by gas-to-grid development, reducing on site
gas and condensate processing, and using the shortest possible route to the
National Grid

Carbon Intensity Rating for West Newton Gas Development Concept

Source: GaffneyCline

Reabold is focused on minimising carbon emissions and the environmental
footprint of the projects it invests in, whilst continuing to develop
strategic gas assets to secure domestic gas supply and energy security.

The demand for energy is increasing and the challenge to meet the world's
energy needs sustainably and efficiently requires managing and reducing
harmful emissions. Hydrocarbons will continue to play an ongoing part in
ensuring a secure and affordable supply of energy in the UK, while building
the clean energy system of the future.

Reabold believes that domestically produced gas is significantly cleaner and
supports the drive to net zero greenhouse gas emissions more than imported
hydrocarbons.

Sachin Oza, Co-CEO of Reabold, commented:

"Reabold takes its commitment to responsible hydrocarbon production very
seriously and we are therefore pleased to publish the excellent results of the
West Newton Carbon Intensity study. The AA rating demonstrates the low carbon
credentials of the West Newton project and is an example of the opportunities
available in the UK to power the country through lower carbon, home grown
energy, rather than relying on expensive and more carbon intensive imports.

"We believe West Newton is an important strategic asset to the UK as the
country looks to secure domestic energy supply for secure and affordable
energy, at a time when the country is exposed to potentially significant gas
supply disruptions. The study proves that the operator, Rathlin, is a
responsible hydrocarbon producer complying with best environmental practice to
produce much needed UK hydrocarbons in the most efficient and environmentally
friendly way possible.

"Reabold is committed to the highest standards of environmental processes and
we incorporate these responsibilities into our operational decision-making and
investments."

The Carbon Intensity study

The Carbon Intensity study on the West Newton gas development project was
calculated by GaffneyCline, using a tool called the Oil Production Greenhouse
Gas Emissions Estimator ("OPGEE"), developed at Stanford University with
support from GaffneyCline. This tool is used, amongst other applications, by
the California Air Resources Board for regulation of transport fuel related
Green House Gas ("GHG") emissions.

The OPGEE tool selects parameters from a range of 'smart' defaults, however,
these are not always optimal for specific fields.

GaffneyCline was then able to harness appropriate parameters available from
its proprietary Global database of Carbon Intensity evaluations for over 9,000
gas and oil fields, categorised with metadata for analogue field
identification, and a classification system for recovery mechanism.

Analysis of the results of this GaffneyCline study concludes that a West
Newton gas development will have carbon intensities significantly lower than
the UK average and compared to other onshore analogues. It is also
significantly lower than the average imported LNG, based on the NSTA Natural
Carbon Footprint Analysis published in July 2023. As recommended by the study,
the gas and condensate development of West Newton will seek to further reduce
the project's Carbon Intensity through the utilisation of the best available
techniques, including Gas-to-Grid technologies and stringent engineering
specifications to minimise any venting, flaring or fugitive emissions.

 

 

 

 

 

West Newton Field Carbon Intensity versus All UK Fields & UK Gas and
Condensate Fields (where the Base Case represents West Newton)

Source: GaffneyCline

 

ENDS

 

This announcement contains inside information for the purposes of the UK
version of the market abuse regulation (EU No. 596/2014) as it forms part of
United Kingdom domestic law by virtue of the European Union (Withdrawal) Act
2018, as amended.

 

For further information, contact:

 

 Reabold Resources plc                                        c/o Camarco

 Sachin Oza                                                   +44 (0) 20 3757 4980

 Stephen Williams

 Strand Hanson Limited - Nominated & Financial Adviser        +44 (0) 20 7409 3494

 James Spinney

 James Dance

 Rob Patrick

 Cavendish - Broker

 Neil McDonald                                                +44 (0) 20 7220 0500

 Pearl Kellie

 Camarco                                                      +44 (0) 20 3757 4980

 Billy Clegg

 Rebecca Waterworth

 Sam Morris

 

Notes to Editors

 

GaffneyCline

GaffneyCline is an international petroleum consultancy, which has been
operating worldwide since 1962.  GaffneyCline focuses solely on the petroleum
and energy industries, and specialises in the provision of policy, strategy,
technical and commercial assistance, to governments, financial institutions,
and national and international oil, gas and energy companies worldwide.  A
Carbon Management Practice that provides Carbon Intensity Assessments is a
core component of GaffneyCline's international business

 

Reabold

Reabold Resources plc has a diversified portfolio of exploration, appraisal
and development oil & gas projects. Reabold's strategy is to invest in
low-risk, near-term projects which it considers to have significant valuation
uplift potential, with a clear monetisation plan, where receipt of such
proceeds will be returned to shareholders and re-invested into further growth
projects. This strategy is illustrated by the recent sale of the undeveloped
Victory gas field to Shell, the proceeds of which are being returned to
shareholders and re-invested.

 

 

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCDZGZKMFLGDZZ