Reobald Resources plc announced on the 26 May 2020 that is has signed a Sale and Purchase Agreement with Humber Oil and Gas to acquire Humber's 16.665% interest in PEDL 183 which contains the West Newton field. Consideration for the deal comprises GBP 1.4 million and the issue of 350,000,000 ordinary shares of 0.01p in the capital of Reobald. The acquirer's effective economic interest in the licence will increase from 39% to 56% where the interest will comprise a 16.665% direct interest and a 39.66% indirect interest via the company's 59.48% shareholding in operator of West Newton, Rathlin Energy which holds 66.67% interest in the licence. The deal is subject to regulatory approval.  Rathlin is planning on drilling two wells at its West Newton B site in PEDL 183 in 2020. Operations are planned to appraise the Kirkham Abbey Formation and also test the deeper Cadeby Formation. One well is planned to be vertical whilst the other will be a horizontal well. On 15 April 2020 it was reported that Rathlin has commenced preparatory work at its site in compliance with the landowner and regulatory agreements, and keeping with the government guidance regarding COVID-19. Operations involve the completion of the access track and site along with tasks in line with the pre-operational conditions set out by Rathlin's Environment Agency and East Riding of Yorkshire Council permissions. On 4 May 2020 it was confirmed that construction of the access track has begun and will five to six weeks to complete.   In April 2019 Rathlin drilled appraisal well L46/05-4 (West Newton A-2). The well was successful encountering hydrocarbons (including a significant liquids component) across a 65 m (net) interval in the Kirkham Abbey Formation along with shows in the Cadeby Reef Formation. Drilling operations were concluded after reaching a TD of 2,061 m and a total of 28 m of core was cut and recovered from the Kirkham Abbey reservoir. In an update on 29 August 2019 it was confirmed that testing operations which had kicked-off had been suspended in order to review the well test to investigate an oil column that has been identified through petrophysical evaluations. It is understood that a gross oil column of 45 m had been encountered underlying a 20 m gross gas column in the Kirkham Abbey interval. The Petrophysical studies on core and information from the logs indicates encouraging porosities seen in the oil zone, the core also exhibited natural fracturing. The Extended Well Test was paused to allow for the equipment to be reconfigured to implement a revised production test which will better reflect the oil zone.   In 2013 Rathlin drilled with West Newton 1 (A) well. The well was drilled to a TD of 3,150 m into the Dinantian Carbonate section in the Carboniferous and was tested. It was located north of West Newton and east of Marton in the parish of Aldbrough, East Riding Yorkshire. It had a primary target based from 2D mapping and is a Permian aged Cadeby Carbonate reef. The source rock potential is present within the Permian basinal sediments, the Westphalian coal measures and the Bowland shale sequence. PEDL 183 was awarded in the 13th Onshore Licensing Round and covers an area of 913 sq km.  Following completion of the deal interest in the licence will be held by Rathlin Energy (UK) Limited (66.67% + operator), Reobald Resources plc (16.665%) and Union Jack Oil Plc (16.665%).
United Kingdom (Gainsborough Trough (Anglo-Dutch B.)) Cadeby Humber Oil & Gas Ltd Reobald Resources - PEDL 183 - Deal agreed