The owners of a drillsite in East Yorkshire have admitted they’ve encountered difficulties but claim they’ll be able to meet the gas demands of more than 380,000 UK homes “for many years to come'.
However shares in Reabold Resources PLC and Union Jack Oil PLC, which own a 56 per cent and a 17 per cent interest respectively in the West Newton site, dipped after the update, which concluded that the formation was “very sensitive to aqueous fluids”. It said the use of water-based mud had caused “near wellbore damage” in the Kirkham Abbey reservoir.It said securing a local supply of gas is a “much-needed part of the energy mix as the UK seeks to reduce its reliance on foreign gas”.
It said commercial production could start as early as 2026 – as long as regulatory approvals are “expedited and supply chain delays can be managed”. A statement added: “From a local resident perspective, a development with more gas production and less oil production will significantly reduce the volume of truck traffic associated with production and allow for the installation of a pipeline to deliver natural gas directly to the National Grid.
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