Gulf Oil and Gas accountACCOUNT

Rathlin Energy Signs Rig Contract for West Newton Well

Source: www.gulfoilandgas.com 3/25/2019, Location: Europe

Reabold has announced that Rathlin Energy (UK) Limited, operator of the PEDL 183 license onshore UK, has signed a rig contract for the drilling of the West Newton appraisal well, expected to spud in April 2019. Reabold has a 37 per cent. equity interest in Rathlin, which has a 67 per cent. interest in PEDL 183 and the West Newton project.

Project Highlights:

· Well spud expected in April 2019, designed to test two high-impact targets

· Gross Contingent Resource of 189Bcf (31.5Mboe) assigned to the West Newton A-1 gas discovery

· Gas appraisal target with a 72% chance of success and gross NPV (10) of $247M*

· Additional upside from the testing of the reef flank Cadeby formation oil prospect, with gross Prospective Resource of 79.1Mboe

· Cadeby oil exploration target which has a 24% chance of success and gross NPV (10) of $850m*

· Planning permission for the appraisal well is in place and the target is drill ready

· Management estimates supported by a 2017 CPR

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.

*Connaught Oil & Gas Limited management estimate. Connaught has a 35 per cent. interest in Rathlin and is operator.

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."

Rigs >>

Rigs News in United Kingdom >>

Saudi Arabia >>  1/21/2020 - Valaris has announced that ARO Drilling, its 50/50 joint venture with Saudi Aramco, has ordered two newbuild jackup rigs from International Maritime I...
Norway >>  1/20/2020 - Maersk Drilling has secured a two-well contract extension from Aker BP for the ultra-harsh environment, low-emission jack-up rig Maersk Integrator. In...

Russia >>  1/15/2020 - Gazprom Neft and Sberbank Leasing have entered into a series Cooperation Agreements as part of a joint project on providing drilling services. Pursuan...
Singapore >>  1/15/2020 - Keppel Offshore & Marine Ltd (Keppel O&M) has, through its wholly-owned subsidiary Keppel FELS Ltd (Keppel FELS), made its first rig delivery in 2020 ...

Angola >>  1/14/2020 - Based on the Conditional Letter of Award previously announced in connection with Maersk Drilling’s Q3 2019 Trading Statement, Maersk Drilling has been...
Thailand >>  1/14/2020 - Shelf Drilling has secured a contract for its recently acquired high-specification jack-up rig, Shelf Drilling Enterprise, with Chevron Thailand Explo...

Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 


United Kingdom Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.