UK News: Britain's largest onshore gas field found by trio of mining companies near Hull - PressFrom - United Kingdom
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UK NewsBritain's largest onshore gas field found by trio of mining companies near Hull

04:30  18 june  2019
04:30  18 june  2019 Source:   dailymail.co.uk

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Britain's largest onshore gas field found by trio of mining companies near Hull © Chris Rogers Gas field valve

Britain's largest onshore gas field has been discovered by a trio of mining companies near Hull.

The site, which is subject to testing, could contain 189bn cubic feet of gas, enough to power around 3.2m households for a year, bringing in sales worth £947million at today's prices. The previous largest discovery was Saltfleetby in Lincolnshire which had 76bn cubic feet of gas.

The three firms involved are oil and gas investor Reabold Resources, Rathlin Energy and Union Jack Oil.

Britain's largest onshore gas field found by trio of mining companies near Hull Oil and Gas Drilling Rig onshore dessert with dramatic cloudscape. Oil drilling rig operation on the oil platform in oil and gas industry

Shares in Reabold Resources rose 24.2 per cent, or 0.2p, to 1.02p, and Union Jack gained 17.7 per cent, or 0.03p, to 0.2p.

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Analysts at Cantor Fitz-gerald said: 'This looks like a cracking result for the partners which should have their share prices flying.'

Reabold invested £3m in Rathlin, giving it a 35 per cent stake in the privately-held miner.

Britain's largest onshore gas field found by trio of mining companies near Hull © FotoCuisinette Blue flames on gas stove burner.

The extra funding allowed Rathlin to expand its exploration of the West Newton site, where testing began in 2014.

Sachin Oza, joint chief executive of Reabold, said: 'Success in a project of this scale would undoubtedly be transformational for Reabold and its investors.'

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