Reabold Signs Rig Contract for West Newton Well

Laxman Pai
Tuesday, March 26, 2019

UK-based Reabold Resources said Rathlin Energy UK Ltd has signed a rig contract for the onshore UK West Newton appraisal well.

The appraisal well at West Newton will have two objectives. The first objective is to appraise the Kirkham Abbey Formation gas discovery which has a 72 per cent. chance of success and an NPV of $185m.

The second objective of the well is to test a deeper Cadeby Formation reef flank oil prospect, considered by Rathlin to have an NPV of $850m and a 24 per cent. chance of success.

In line with Reabold's investment strategy, West Newton, in a success case, offers a fast pathway to monetisation through its proximity to existing gas pipelines and infrastructure.

In 2017, Deloitte LLP prepared a CPR for Connaught Oil & Gas Limited incorporating both the data from the West Newton discovery well and subsequently acquired 3D seismic data over the field. The Deloitte CPR assigns Contingent Resource to the Kirkham Abbey gas formation and is the source of management volumetric assessments.
 

Sachin Oza, Co-CEO of Reabold, commented: "Reabold is delighted that the appraisal drilling of West Newton has progressed so quickly since we made our investment to fund the well. Both the scale and location of the resource in East Yorkshire make it a highly strategic asset. We look forward to the drilling and testing of this well in the coming weeks."

Categories: Energy Drilling Contract Rig

Related Stories

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

Velesto’s Jack-Up Rig Up for Drilling Job Offshore Vietnam

Turkey Discovers New Black Sea Gas Reserve

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

Eneos Scoops Jack-Up Drilling Contract Offshore Vietnam

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Current News

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com