27th Aug 2019 13:48
(Alliance News) - Reabold Resources PLC on Tuesday reported "very encouraging" initial results from an appraisal well drilled in western Romania.
Drilling at Iecea Mica, to a depth of 2,335 metres, intersected "a number" of potential Pannonian period reservoirs.
Hydrocarbon shows include a two-metre sandstone at 1,863 metres, a five-metre sandstone at 2,033 metres, and a stratified sandstone and siltstone section from 2,140 metres to 2,163 metres.
Reabold said a preliminary petrophysical analysis will be carried out, and reported "in the coming days".
Co-Chief Executive Stephen Williams said: "These initial results are very encouraging and indicative of a gas and oil discovery at the IM-1 well. The Parta licence is a key asset for Reabold and we are delighted to be seeing potential success with the first well.
"We now look forward to petrophysical analysis of the hydrocarbon shows whilst the well continues to evaluate deeper targets."
Reabold shares were 4.9% lower on Tuesday afternoon in London at 1.24 pence each.
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