West Newton Update
Reabold Resources plc has announced a significant regulatory milestone for the West Newton gas field, as England's environmental regulator has issued a permit variation allowing for recompletion works at the West Newton A-2 well. This development, considered low risk and low cost, is expected to further de-risk the project and provide crucial information for optimizing future production. Reabold holds a substantial economic interest in West Newton, with approximately 69.9% through its shareholding in Rathlin Energy (UK) Limited, which operates the licence. The company views West Newton as a strategic asset for the UK's domestic energy security and affordable energy supply.
Select text to share a quote on X · sign in to keep highlights & notes in your RBD notes
Reabold Resources plc, the investing company focused on developing strategic gas projects for European energy security, confirms the following update on the West Newton gas field, located within PEDL183 (the "Licence"), onshore UK in East Yorkshire.
England's environmental regulator, the Environment Agency ("EA"), has issued Rathlin Energy (UK) Limited ("Rathlin"), operator of the Licence, the variation to the permit for the West Newton 'A' Well Site allowing for the recompletion works to be carried out at the West Newton A-2 ("WNA-2") well subject to certain pre-operational conditions. This is a key regulatory milestone on the path toward development and eventual production of the West Newton gas field.
The Company believes that the planned recompletion of the WNA-2 well is a low risk and low cost activity that will further derisk the project and provide important information in optimising future production wells.
The Company is confident that West Newton will prove to be an important strategic asset to the UK as the country looks to secure domestic energy supply and affordable energy.
Reabold holds a c.69.9% economic interest in West Newton and PEDL 183 via its c.79.8% shareholding in Rathlin, which, in turn, has a 66.67% interest in PEDL 183. In addition, Reabold has a 16.665% direct licence interest in PEDL 183.
Rathlin's full announcement can be viewed here: https://www.rathlin-energy.co.uk/latest-update/
Sachin Oza, Co-CEO of Reabold commented:
"We are delighted to announce this important regulatory milestone, which represents a major step forward in unlocking the full value of West Newton that we believe is a significant and strategic natural gas resource. The EA's approval underscores the diligent and careful work undertaken for the planned recompletion works. We look forward to providing further updates as the project progresses toward development and production, which would see it contribute meaningfully to the UK's domestic energy security."
Engage with the Reabold management team directly by asking questions, watching video summaries and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here: https://reabold.com/s/2b4e66
| Reabold Resources Plc Stephen Williams Sachin Oza | Via our Investor Hub https://reabold.com/ |
| Cavendish - Nominated & Financial Adviser and Broker Neil McDonald Pearl Kellie | +44 (0) 20 7220 0500 |
| Camarco Billy Clegg Rebecca Waterworth Sam Morris | +44 (0) 20 3757 4980 |
Subscribe to our news alert service: https://reabold.com/auth/signup
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.