29th Jul 2019 12:59
(Alliance News) - Reabold Resources PLC is to begin drilling in Romania imminently, it said Monday, while it has also secured three more permits in California.
Reabold has finished access road construction at Romania's Parta well, it said, and drill pad site works have started. Drilling should start once the rig has arrived, with mobilisation to start "imminently".
At West Brentwood in California, Reabold has secured three well permits to drill, and the company is exploring whether to prioritise these wells due to "prolific" production at Brentwood so far.
Elsewhere in California, the Monroe Swell producing wells have not yet stabilised, so the operator is to re-enter and clean out the perforated zones to get production back to where it was previously indicated.
Co-Chief Executive Sachin Oza said: "We are very pleased with the progress being made across the Reabold portfolio. In particular, the increased cash flow generated from California is highly complementary to the larger-scale assets in the UK and Romania.
"We look forward to results from both the West Newton test programme and the IM-1 well in Romania during the third quarter, both of which have the potential to deliver material returns in a success case."
Reabold shares were 1.2% lower on Monday at a price of 1.14 pence each in London.
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