Looking at Reabold Resources, I feel more confident that West Newton will be drilled this year.
Their Colle Santo project will not be as easy to finalise all the permissions and move to mobilisation as it will be to commence drilling at the UK’s biggest onshore gas discovery in over half a century.
I note also that their presentation on the 27th was all about West Newton with only a cursory comment on their Italian asset in comparison.
It makes complete sense to drill and develop West Newton first whilst they have the funding and can assist Rathlin if necessary.
The Company expects that gas production could be brought to market within months of drilling and testing with a materially reduced capital investment, something that cannot be said for Colle Santo.
I am of the opinion the ‘re-evaluation’ of the downhole logs of the WN-A1 well by the Joint Venture’s technical teams indicate a possible seven metre gas column in the Rotliegend, the main reservoir for the prolific UK Southern North Sea Gas Basin gas fields is likely down to Union Jack’s Graham Bull as this is more his line of experience in UK geology than Rathlin’s and if true, one must have a lot more confidence as he certainly knows his onions.
So I personally look forward to seeing some mobilisation updates in the near future as Reabold put revenues and reality before the ‘Italian Job’ and David Bramhill is vindicated regarding his comments in a recent interview.
