Reabold Resources plc (LON:RBD), the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, today announced that a positive decision document in respect of the testing of the West Newton A-2 well on PEDL183 has been received from the Environment Agency by Rathlin Energy (UK) Limited, the Operator.
Rathlin, on April 24, 2020, received a decision document from the EA, granting a variation to the permit for the West Newton “A” Site and associated WNA-2 testing operations.
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 WNA-2 well.
During drilling and early testing operations of the WNA-2 well, additional information was gathered that improved the understanding of the targeted Kirkham Abbey (KA) reservoir leading to the identification of a potential oil leg overlain by an associated gas cap within the reservoir interval pursuant to the RNS issued on 29 August 2019. Accordingly, this redesigned test programme has been optimised to evaluate the identified oil column.
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.
Stephen Williams, co-CEO of Reabold, commented:
“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.”
