Reabold Resources plc and its joint venture (JV) partners have committed to a well path for the West Newton B-2 (WN B-2) well in the East Riding of Yorkshire.
JOINT VENTURE
The company holds a 56% economic interest via its 59% share in operator Rathlin Energy (UK) Ltd, 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.
WEST NEWTON B-2 WELL
Since the concept plan published in June 2022, the JV has been analysing geophysical, petrophysical and test data from the West Newton A and B wells in preparation for drilling targeted for H2 2023, subject to approvals.
Reabold said that the analysis confirmed the likelihood of intersecting “good reservoir quality” which is expected to deliver “good well productivity” from a horizontal well from WN B-2.
“As such, the JV partnership has committed to the specific, optimised well path for WN B-2.
“It is envisaged that WNB-2 will be followed by a multi-well development programme based on a 50 Mscf/d gas facility.”
The company could also provide additional funding for Rathlin, which is trying to reduce its working interest, once it has received the second tranche of net proceeds from the sale of the Victory gas field.