30th Aug 2018 14:37
LONDON (Alliance News) - Oil & gas investment company Reabold Resources PLC said on Thursday it has been notified of a commercial hydrocarbon discovery at the Venturini-Ginochio #3 well in the West Brentwood license, offshore California.
The well was drilled to the planned target depth of 4,600 feet and will be completed as a producer.
Halliburton wireline logging confirmed the presence of around 60 feet of pay, in line with Reabold's drilling targets, with surface cutting samples taken. Contract operator Integrity Management Solutions Ltd will start installing production casing and completing the well as a producer.
With VG-3's success, Reabold and Integrity have started work on assessing wither here is potential to add a second well at West Brentwood to enhance the licence's value.
"We are delighted that the first well in the current six-well programme has been such a success. Reabold California is progressing as well as we could have hoped, with the workover programme already in production and now the first activity with the drill bit leading to a commercial discovery," said Co-Chief Executive Officer Stephen Williams.
Shares in Reabold Resources were up 2.9% at 0.90 pence on Thursday.
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