1st Oct 2021 09:24
(Alliance News) - Planning permission has been refused to enlarge an oil and gas drilling site in Yorkshire, stakeholders Reabold Resources PLC and Union Jack Oil PLC said Friday.
The duo noted the decision by the East Riding of Yorkshire Council Planning Committee to reject an application for the West Newton A well site expansion, which was refused by a narrow margin.
Reabold holds a majority interest in Rathlin Energy UK Ltd, the operator of the asset and majority shareholder in the project. Union Jack Oil also holds a minority stake.
Rathlin said it was confident that there was a "strong basis for a successful appeal".
Testing at the A-2 well continues and initial results are expected in the coming weeks.
Shares in Reabold were 4.1% higher at 0.17 pence each in London on Friday morning. Union Jack shares were 2.5% lower at 20.23p.
By Will Paige; [email protected]
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