Rathlin, Partners Prepare to Appraise UK's West Newton Find
UK explorer Rathlin Energy is due to start appraisal drilling at the West Newton oil and gas discovery in Yorkshire in "the next few weeks," its partner Union Jack Oil said on August 4.
Rathlin and its partners plan to test both the new appraisal well, WNB-1, and the 2019 discovery well WNA-2, Union Jack said in a London stock exchange filing.
West Newton is thought to be one of the UK's largest ever onshore discovery, with Union Jack's advisor SP Angel describing the field as having "company maker potential." It is operated by Rathlin with a 66.7% stake, while Union Jack and Humber Oil and Union Jack each have 16.7% shares.
Base-case estimates place the project's initially in-place resources at 146.4mn barrels of oil and 211.5bn ft3 of gas, with an upside of up to 283mn barrels and 265.9bn ft3 respectively.
Union Jack chairman David Bramhill said the new well would appraise the Kirkham Abbey formation at West Newton while also targeting the deeper and "potentially significant" Cadeby prospect. It noted that the project group was fully funded for its planned drilling and testing activities.
West Newton has "highly favourable" economics, he said.