27th Jun 2019 12:06
(Alliance News) - Reabold Resources PLC on Thursday said it is confident on further progress in 2019 after a "highly encouraging" performance in 2018.
Reabold has interests at West Newton and Colter in the UK, Parta in Romania, and West Brentwood in California. None are yet producing.
Highlights in 2018 include a GBP12.6 million fundraise, a successful drilling and workover programme in California, as well as two commercial oil discoveries at West Brentwood.
Since the start of 2019, there has been an oil discovery at the Colter project, and the operator at Parta is soon to spud the first of two appraisal wells.
Last week, Reabold reported possibly the biggest onshore gas find in the UK since 1973 at West Newton.
Chair Jeremy Edelman said: "We are highly encouraged by the success we have had so far in the implementation of our strategy to invest in low-risk, high impact, upstream oil and gas projects.
"With a portfolio that contains interests in the Danube, Corallian and Rathlin prospects, all of which had appraisal campaign drilling in 2019, and the further drilling programmes in California following the success in the US to date, together with a number of other projects currently under review, the board is confident its shareholders can look forward to an exciting 2019 and beyond."
On the financial front, Reabold's pretax loss in 2018 was GBP2.0 million, from GBP1.2 million the year prior. Revenue was minimal, with no assets yet producing.
Reabold shares were 14% lower on Thursday at midday at 1.12 pence each. However, they are 65% up from where they were 12 months ago.
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