Reabold Resources plc said it had identified a significant potential discovery of Crawberry Hill in the Zechstein play region on PEDL183, in east Yorkshire.
MATERIAL ADDITION
The company added its priority was to develop plans to make the site, originally drilled by operator Rathlin Energy (UK) Ltd, a drill-ready appraisal opportunity.
“This could add materially to the already significant resource within PEDL183 offered from the West Newton trend.
“The Crawberry Hill-1 well, drilled in 2013, intersected 141m of Kirkham Abbey formation with good indications of gas shows and porosity.
“The well was originally drilled to test a deeper target and does not have a full suite of logs over the Kirkham Abbey interval.”
ANALYSIS
ERC Equipoise Ltd (ERCE) has undertaken a petrophysical analysis of the conventional reservoir of the Kirkham Abbey formation in the Crawberry Hill and Risby-1 wells.
Results interpreted average porosities greater than 15% in the top 20m of the Kirkham Abbey formation in Crawberry Hill-1.
ERCE also interprets probable gas saturations in the top 6m of the Kirkham Abbey formation in the Crawberry Hill-1 well.
Detailed seismic mapping is underway to define the extent of the Crawberry Hill accumulation, which could add to the resource within PEDL183 offered from the West Newton trend.
“In conclusion, Reabold believes the apparent discovery at Crawberry Hill to be an exciting appraisal opportunity potentially significantly enhancing the already strategic asset that is PEDL183,” added the company.
LICENCE INTERESTS
Reabold also noted that Rathlin had decided to reduce its working interest in PEDL183 following the amount of work completed to date, culminating in the agreed well path for WN B-2 and the Crawberry Hill opportunity.
The operator is also considering inviting an industry partner to participate in drilling on PEDL183.
Reabold currently holds a 56% economic interest via its 59% share in Rathlin, which has a 66.67% in PEDL183.
In addition, Reabold has a 16.665% direct licence interest and Union Jack Oil plc owns a 16.665% economic interest.