Reabold, the AIM investing company which focuses on investments in upstream oil and gas projects, is pleased to announce that, further to its announcement of
Reabold has a ca. 56 per cent. economic interest in the conventional West Newton field onshore
The objectives of the
To evaluate the extent of the hydrocarbon accumulations found in the Kirkham Abbey formation by the
To test the reservoir properties of the deeper Cadeby formation which, if found to be hydrocarbon bearing, could add significantly to the value of the West Newton field
The West Newton field is situated close to existing infrastructure and at the heart of the Zero Carbon Humber project.
The borehole will be drilled to a depth of approximately 2,000 metres, with completion expected to take six to ten weeks. Once completed, the drilling rig will be demobilised from the site over a period of approximately one week.
Reabold holds its interest in West Newton via its ca. 59 per cent. shareholding in Rathlin, which, in turn, has a 66.67 per cent. interest in PEDL183. In addition, Reabold has a 16.665 per cent. licence interest in PEDL 183.
Contact:
Tel: +44 (0) 20 3757 4980
Notes to Editors
As an investor in upstream oil & gas projects, Reabold aims to create value from each project by investing in undervalued, low-risk, near-term upstream oil & gas projects and by identifying a clear exit plan prior to investment.
Reabold's long term strategy is to re-invest capital made through its investments into larger projects in order to grow the Company. Reabold aims to gain exposure to assets with limited downside and high potential upside, capitalising on the value created between the entry stage and exit point of its projects. The Company invests in projects that have limited correlation to the oil price.
Reabold has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company's strategy.
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