REG - Reabold Resources - West Newton Update

Reabold ResourcesAnnouncement

24/09/2024 07:00

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RNS Number : 3073F  Reabold Resources PLC  24 September 2024

 

24 September 2024

Reabold Resources plc

("Reabold" or the "Company")

West Newton Update

 

Reabold Resources plc, the investing company focussed on developing strategic
gas projects for European energy security, is pleased to provide the following
update on the West Newton gas development, located within PEDL183 (the
"Licence") onshore UK in East Yorkshire.

Rathlin Energy (UK) Limited ("Rathlin"), operator of the Licence, has been
informed by the Environment Agency, that its application on behalf of the
Joint Venture partnership for the recompletion of the West Newton A-2 well has
been 'Duly Made'.

Highlights:

·    The recompletion is designed to overcome well bore damaged that was
sustained during drilling and earlier testing operations

 

·    This is a low cost means of further derisking the subsurface element
of the West Newton project, and gathering additional data to input into the
design of horizontal production well

 

·   The West Newton domestic gas development opportunity will form part of
the UK's transition to a low carbon footprint for the domestic energy sector

For the recompletion of the West Newton A-2 well to proceed, Rathlin is
required to obtain the NSTA's consent and receive a permit from the
Environment Agency. The JV for the Licence is fully funded for the proposed
recompletion.

Rathlin's full announcement can be viewed here:
https://www.rathlin-energy.co.uk/latest-update/
(https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.rathlin-energy.co.uk%2Flatest-update%2F&data=05%7C02%7Csam.morris%40camarco.co.uk%7C5d493916bf244d26cb1d08dcdbe3d215%7C77a5f6209d7747dba0cd64c70948d532%7C1%7C0%7C638627018753049313%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=FB1UMWO29OIjzr0kq986koBdA7pxy2sIiAklydF1fLo%3D&reserved=0)

Reabold holds a ca. 56% economic interest in the Licence, including West
Newton, via its ca. 59.5% shareholding in Rathlin, which, in turn, has a
66.67% interest in the Licence. In addition, Reabold has a 16.665% direct
interest in the Licence.

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                                          +44 (0) 20 7220 0500

 Neil McDonald

 Pearl Kellie

 Camarco                                                    +44 (0) 20 3757 4980

 Billy Clegg

 Rebecca Waterworth

 Sam Morris

 

Notes to Editors

 

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.

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