Rathlin Energy, the operator of the West Newton project, re-evaluated data and released an upgrade in the estimated in-place oil and gas volumetrics on Monday.

The revised estimates now provide for a base case of 146.4 mm bbl STOIIP, with an upside of 283 million mm bbl, and a base case of 211.5 bcf of gas, with an upside of 265.9 bcf of gas.

A 2017 CPR done by Deloitte previously estimated the license to have a best estimate of 189 bcf of gas.

The well was previously thought to be predominantly gas, but now has been found to have large liquid volumes, a significant development for the owners of the license.

Reabold Resources (RBD) , who has a 59% interest in Rathlin Energy, the operator of the well, shared the findings of the operator to investors on Monday.

Sachin Oza, Co-CEO of Reabold, commented: "The updated analysis of the West Newton asset not only confirms the likelihood that the dominant phase of the Kirkham Abbey hydrocarbon in place is oil rather than gas, but also that the volumes contained within the Kirkham Abbey are indicated to be significantly greater than those assumed by the existing CPR which was produced prior to the drilling of the A-2 appraisal well.”

Rathlin holds a 66.67% interest in the project located within license PEDL183, an area of 176,000 acres in East Yorkshire.

Mr. Oza said: “We remain extremely excited by the potential of what is emerging as a large scale, conventional, onshore oil and gas asset.”

The revaluation of the data included drilling results from the West Newton A-2 well, identification of the oil leg and important sedimentological and depositional data and core analysis from a 28 metre core sample.

David Bramhill, Executive Chairman of Union Jack Oil (UJO), who hold a 16.665% interest in the license said: "The results of the Operator's analysis confirm that the estimated in-place hydrocarbon volumes at West Newton comprise a significant proportion of liquids, which represent a material increase over and above those figures provided by the existing CPR.”

"We are looking at an onshore project with potential offshore resources, and to date, West Newton is demonstrating the elements required to become a significant conventional hydrocarbon development project in the future."

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