Reabold's West Newton field 'potentially' UK's biggest gas discovery in 46 years
By Iain Gilbert
Date: Monday 17 Jun 2019
(Sharecast News) - AIM-listed investment firm Reabold Resources saw its shares surge on Monday after saying that its newest discovery at West Newton has the potential to be the UK's largest onshore gas field.
A successful appraisal of the company's onshore UK discovery, which saw both gas and liquid hydrocarbon volumes being encountered, suggested that West Newton was potentially the largest UK onshore gas field and the largest hydrocarbon discovery onshore UK since 1973.
Preliminary data suggested that West Newton held 2C contingent resources of at least 189bn cubic feet of gas, the equivalent of 31.3m barrels of oil.
Co-chief executive Sachin Oza said: "The results of the well have exceeded our expectations and have also shown a significant liquid hydrocarbon volume which has increased our excitement and the future value of the field materially.
"Success in a project of this scale would undoubtedly be transformational for Reabold and its investors. We look forward to the well test in the coming weeks and potentially generating early cash flow from the testing programme."
Reabold also said that permitting was in place for its extended well testing at West Newton planned for the third quarter of its current trading year.
As of 0855 BST, Reabold shares had shot up 26.79% to 1.05p.
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