West Newton JV announces Cost Savings and Cash Flow Plans for PEDL183

The West Newton joint venture said it would save costs and generate early cash flow under revised plans for PEDL183 in East Yorkshire.

The licence contains the West Newton A1, A2 and WNB-1z discoveries.

The new plan is to drill the proposed well WN-A3, twinned with the untested WN A-1 discovery well, during late 2024.

Partners include operator Rathlin Energy (UK) Ltd which owns 66.67%, Reabold Resources plc holding a 56% economic interest via its 59% share in Rathlin and a 16.665% direct licence interest, and Union Jack Oil plc (UJO) with a 16.665% economic interest.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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