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 >>

Ivory Coast (Cote D'Ivoire) >>  9/17/2020 - Sapura Energy Berhad, a leading global integrated oil and gas services and solutions provider, has announced two major project wins in South America, ...
China >>  9/14/2020 - Reference is made to the announcement by Shelf Drilling, Ltd., and together with its direct and indirect subsidiaries the "Group") on 21 February 2019...

United Kingdom >>  9/14/2020 - Well-Safe Solutions is delighted to announce the acquisition of the West Epsilon jack-up rig from Seadrill sparking another job boost for the company....
Australia >>  9/10/2020 - Empire Energy Group Limited is pleased to announce that Schlumberger Land Rigs 183 rig has commenced mobilisation to the Carpentaria-1 well site in NT...

Japan >>  9/10/2020 - Japan Drilling Co., Ltd. has entered into a drilling contract with Mitsui Oil Exploration Co., Ltd. for the provision of a jack-up drilling rig "HAKUR...
Norway >>  9/8/2020 - Noble Corporation plc has announced that its report of drilling rig status and contract information has been updated as of September 8, 2020. The rep...

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 | 35 | 36 | 37 | 38 | 39 |

More News

Related Links

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