London-listed Reabold Resources said today that new drilling operations “further suggested” the West Newton field in east Yorkshire is the largest UK onshore oil and gas discovery since the 1970s.
This week, BP projected that global demand for oil may have peaked in 2019 and that we shouldn’t ever expect demand to recover to pre-COVID-19 levels. On the face of it, BP’s analysis is stark, with global demand for oil reducing in all three of its scenarios over the next thirty years.
Deltic Energy, formerly Cluff Natural Resources, has “unequivocally rejected” a £12.3million bid from Reabold Resources to acquire a controlling stake in the business.
Our client Humber Oil & Gas’ divestment of its interest in one of the largest UK onshore hydrocarbon discoveries may have been our second oil and gas deal of 2020, but it was the first we conducted wholly remotely, thanks to UK lockdown rules.
The resources of a major onshore oil find have been upgraded, with analysts saying it could become the “largest” of its kind in the UK.
Reabold Resources will invest £3 million Rathlin Energy in exchange for a 37.08% equity interest in the firm.