23rd Nov 2020 15:12
(Alliance News) - Union Jack Oil PLC and Reabold Resources PLC on Monday said a side-track drilling operation on the West Newton B-1 well in North Yorkshire, known as WNB-1Z, has begun.
Operator Rathlin Engergy UK Ltd has drilled the well on the PEDL183 license to a depth of 2,295 meters, encountering both primary and secondary objectives, the Kirkham Abbey and Cadeby formations. Now, a side-track drilling operation will begin during the next few days.
The object of the side-track hole is to further appraise the Kirkham Abbey formation at a structurally higher location, targeting enhanced reservoir quality with characteristics thought to be similar to that at the West Newton A-2 location. The two companies believe that the WNB-1Z location is suitable for a subsequent flow test.
Information received from the operation will further inform the companies about optimal locations of future development wells at the West Newton project. It also will provide an additional penetration into the Cadeby formation, which Reabold Resources believes remains a valid target in this location.
Union Jack holds a 17% interest in West Newton and Reabold Resources holds its interest via its 59% shareholding in Rathlin, which has a 67% interest in the site. Additionally, Reabold Resources has a 17% direct interest in West Newton.
Union Jack said that "drilling activities at the West Newton B site are ongoing and shareholders and the market will be updated following completion of drilling operations and evaluation in due course".
Shares in Union Jack were down 20% at 0.12 pence, while shares in Reabold Resources were down 25% at 0.41 pence in London on Monday.
By Zoe Wickens; [email protected]
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