Significant' oil discovery in Yorkshire boosts hopes of minnow explorers

Reabold Resources, Union Jack Oil and Rathlin Energy said a recent testing shows their West Newton jointly-owned field  is now thought the be made up of mostly oil, which is more valuable than gas and easier to extract and transport. If correct this would be  the biggest onshore hydrocarbon discovery since the 1970s. On starting drilling, the field was expected  to be gas. Analysis has now shown this is essentially an oil field with a gas cap; oil is typically higher in value than gas and is easier to develop. The plan is to start drilling two more wells as soon as possible, most likely early next year and then to begin developing the field prior to production.  Accordingly, gas exploration will now be put on hold, as the companies pursue oil instead.