UK Onshore Find Gets Resource Boost
UK explorer Rathlin Energy has upgraded its resource estimate for the West Newton oil and gas discovery in Yorkshire to a base case of 146.4mn barrels of oil and 211.5bn ft3 of gas initially in place, its project partner Union Jack Oil said on November 11.
In an upside case, the field could hold up to 283mn barrels of oil and 265.9bn ft3 of gas, with Union Jack’s advisor SP Angel describing West Newton in a note as “one of the of UK’s largest ever onshore discoveries” with “company maker potential.”
West Newton is operated by Rathlin with a 66.67% stake, with Union Jack and Humber Oil and Gas each having a 16.66% interest.
The resource revision follows an evaluation of results at the West Newton A-2 well, drilled earlier this year. Two more appraisal wells are planned in 2020.
“The preliminary success at the A-2 well suggests that Union Jack has the potential to transition from a junior E&P company into a self-sustaining mid-tier hydrocarbon producer,” SP Angel said.