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Reabold Resources (RBD)

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Thursday 03 January, 2019

Reabold Resources

Successful Result at VG-4 Well, West Brentwood

RNS Number : 0121M
Reabold Resources PLC
03 January 2019
 

3 January 2019

 

Reabold Resources Plc

"Reabold" or "the Company"

 

Successful Result at VG-4 Well, West Brentwood Licence

 

Reabold is pleased to announce that, further to its announcement of 19 December 2018, Integrity Management Solutions ("IMS"), contract operator of the West Brentwood field, onshore California, in which Reabold has earned a 50 per cent. interest, has informed the Company of a successful drilling result at the VG-4 well. 

 

The well was drilled safely and within budget to a total depth of 4,700ft and had significant oil and gas shows in the targeted Second Massive formation. Halliburton wireline logging has confirmed the presence of pay.

 

Reabold and IMS now plan to complete and put the well onto production.

 

The drilling of VG-4 follows the successful VG-3 well, which was drilled and put onto production on the West Brentwood field last year. 

 

The next well in the Company's California drilling campaign is expected to be on Monroe Swell which the Company will update the market on in due course.

 

Stephen Williams, Co-CEO of Reabold, commented:

"Success at VG-4 is a great result, both in terms of the substantial increase in cash flow that we can generate from West Brentwood, and in proving that we have significant running room within our California portfolio. We are looking forward to drilling additional wells in California this year, as well as to the results of multiple drilling events across our other projects in the coming weeks."

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

ENDS

 

For further information please contact:

 

Reabold Resources plc

Stephen Williams

Sachin Oza

c/o Camarco

+44 (0) 20 3781 8331

 

Strand Hanson Limited (Nominated and Financial Advisor)

Rory Murphy

James Spinney

James Dance

 

+44 (0)20 7409 3494

 

 

 

Camarco

James Crothers

Ollie Head

Billy Clegg

 

+44 (0) 20 3781 8331

Whitman Howard Limited - Joint Broker

Nick Lovering

Grant Barker

 

+44 (0) 20 7659 1234 

Turner Pope Investments (TPI) Ltd - Joint Broker

Andy Thacker

+44 (0) 20 3621 4120

 

 

Notes to Editors

  
Reabold Resources plc is an investing company investing in the exploration and production ("E&P") sector. The Company's investing policy is to acquire direct and indirect interests in exploration and producing projects and assets in the natural resources sector, and consideration is currently given to investment opportunities anywhere in the world. 

 

As an investor in upstream oil & gas projects, Reabold aims to create value from each project by investing in undervalued, low-risk, near-term upstream oil & gas projects and by identifying a clear exit plan prior to investment.

 

Reabold's long term strategy is to re-invest capital made through its investments into larger projects in order to grow the Company. Reabold aims to gain exposure to assets with limited downside and high potential upside, capitalising on the value created between the entry stage and exit point of its projects. The Company invests in projects that have limited correlation to the oil price.

 

Reabold has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company's strategy.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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