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Reabold Resources, Union Jack Oil confirm disappointing well results
StockMarketWire.com
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Shares in Reabold Resources and Union Jack Oil both fell sharply after the companies announced disappointing drilling results from the West Newton venture in England.
The WNB-1 well, drilled to a total depth of 2,295 metres, had encountered both the primary and secondary objectives, the Kirkham Abbey and Cadeby formations, respectively.
The Kirkham Abbey formation indicated a hydrocarbon charge based on wireline logs, cuttings and mud gas readings.
The Cadeby formation contained insufficient reservoir development.
Reabold and Union Jack said the operator of the venture, Raithlin Energy, had commenced a planned side-track drilling operation from the WNB-1 well.
Following preparatory engineering exercises, the West Newton B-1Z well would be drilling ahead during the next few days.
The objective of the side-track well was to further appraise the Kirkham Abbey formation at a structurally higher location, targeting reservoir with characteristics anticipated to be similar to that at the West Newton A-2 location.
The sidetrack would also provide an additional penetration into the Cadeby, which Reabold said it believed remained a valid target.
At 9:39am:
(LON:RBD) Reabold Resources Plc share price was 0p at 0.58p
(LON:UJO) Union Jack Oil Plc share price was 0p at 0.15p
Story provided by StockMarketWire.com
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