Further information in relation to the West Newton A-2 appraisal well
Reabold, the AIM investing company which focusses on investments in pre-cash flow upstream oil and gas projects, is pleased to provide further information in relation to the initial drilling results of the West Newton A-2 appraisal well, announced on 17 June 2019.
The West Newton A-2 well was designed to appraise the discovery identified by the West Newton A-1 well, drilled in 2013/2014 within the onshore UK licence PEDL183, which is expected to be further tested with an extended well test during Q3 2019.
A Competent Person’s Report prepared by Deloitte LLP Calgary, as at 1 June 2017, for Connaught Oil and Gas Limited (“Connaught”), confirmed Connaught’s resource assessment for the licence following the drilling of the discovery well, in accordance with the Petroleum Resource Management System 2007 (“PRMS”). The initial assessment of the West Newton discovery was summarised at the time of Reabold’s investment in Rathlin, on 5 November 2018.
Reabold’s interest in West Newton
Connaught was previously the 100 per cent. equity holder in Rathlin Energy (UK) Limited (“Rathlin”), which was in turn the 100 per cent. holder of the PEDL183 licence.
Rathlin currently has a 66.67 per cent. interest in PEDL183, with both Union Jack Oil plc and Humber Oil & Gas Limited holding 16.665 per cent. of the licence. Reabold has an approximate 24 per cent. economic interest in PEDL183, via its approximate 36 per cent. equity interest in Rathlin, the operator of the West Newton A-2 appraisal well. Connaught currently holds an approximate 35 per cent. equity interest in Rathlin.
Technical terms used within this announcement are as defined in accordance with the PRMS.
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