12th Aug 2019 11:36
(Alliance News) - Reabold Resources PLC and Union Jack Oil PLC, partners on the West Newton well in Yorkshire, England, on Monday said a rig has now been mobilised ahead of drilling.
Union Jack holds 17% of the PEDL 183 licence, which contains the West Newton A-1 well. Reabold owns 24%, via its 36% stake in operator Rathlin Energy UK Ltd.
Over the next few days, the site will be prepared for drilling into the Kirkham Abbey reservoir, with well testing to last around four to eight weeks.
Reabold co-Chief Executive Sachin Oza said: "We are excited by the progress being made at West Newton, which clearly has significant potential and could be transformative for Reabold. We are also delighted to see permits in place for follow-on wells, which we believe are integral to realising the full potential of West Newton."
Reabold shares were 4.4% higher on Monday at 1.20 pence each, with Union Jack shares flat at 0.29p.
Related Shares:
Reabold ResourcesUnion Jack