An onshore gas field has been discovered at West Newton near Hull which Reabold Resources claim could potentially be the largest in the UK.
Subject to further testing, the newly discovered has field is the largest hydrocarbon onshore discovery onshore in the UK since 1973.
According to preliminary data, West Newton 2C Contingent Resources is at least the pre-drill estimate of 189 billion cubic feet of gas – the equivalent of 31.3 million barrels of oil.
Permitting is now in place for an extended well test of the site slated for Q3 2019.
“We are delighted by today’s results confirming that West Newton could potentially be the UK’s largest onshore gas field,” said Sachin Oza, Co-CEO of Reabold.
“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.
“From its onshore location near Hull and with nearby infrastructure available, we anticipate that West Newton can provide material volumes of hydrocarbons for the UK’s energy needs at low cost and in the near term.
“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, the investor in pre-cash flow upstream oil and gas projects, holds a 24% economic interest in this licence via its 36% holding in Rathlin, operator of the well.