13th Aug 2018 13:13
LONDON (Alliance News) - Oil and gas investing company Reabold Resources PLC said Monday its expects to spud the Venturini-Ginochio #3 well on the West Brentwood licence this week.
The company said this is the first of a planned multi-well campaign on its California assets, which Reabold has the right to earn a 50% interest.
The drilling is expected to be completed within around two weeks of spud. The well is then expected to be put into production as soon as possible.
Reabold's workover programme at 50%-owned Monroe Swell has seen all four wells "indicating production of good oil". The company expects to put the wells into production in the coming days.
Co-Chief Executive Officer Stephen Williams said: "We are very pleased with the preparation for the first well in California, and keenly anticipate first the spud and then the result of VG-3. Fast drilling times and the ability to put these wells onto production very efficiently mean that shareholders will not have long to wait for drilling results and valuable production and cash flow in the event of success."
Co-Chief Executive Officer Sachin Oza said: "A successful Monroe Swell workover programme demonstrates extremely impressive financial return metrics, and delivers very quick cash flow. We are very pleased with the progress of the workover programme, and excited to be moving into the more substantial, higher impact drilling phase of the California campaign."
Shares in Reabold Resources were flat at 0.90 pence each Monday.
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