Reabold Resources Plc, (AIM: RBD) has updated about the initial testing at the West Newton A-2 appraisal well, located within the PEDL 183 licence in Humberside, onshore UK, in which the company holds a 24 per cent economic interest, that the project represents a significant oil and gas discovery rather than the gas discovery as originally anticipated. The initial analysis indicates that the overall hydrocarbon column of 65 metres comprises a gross oil column of approximately 45 metres underlying a gross gas column of approximately 20 metres.
On 29th August 2019, at the time of writing, GMT 09:27 AM, RBD shares were trading at GBX 1.48, up by 0.23 points or 18.00% against the previous day closing price.
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