22nd Nov 2018 13:00
LONDON (Alliance News) - Reabold Resources PLC on Thursday said it made "good progress" ahead of drilling at the Monroe Swell and West Brentwood areas, onshore California.
The oil & gas investment company added that it expects to deliver the second and third wells in its California campaign over the coming weeks.
Co-Chief Executive Officer Stephen Williams said: "Very good progress has been made at our California projects on both the regulatory and operational fronts, and we are very pleased to be in a position to deliver our second and third wells in the California campaign over the coming weeks."
At Monroe Swell, the drilling location and access road have been successfully graded, and a workover rig is onsite and conducting operations to prepare drilling rig.
The company will earn into a 50% interest in Monroe Swell on completion of a two-well programme.
Meanwhile, at West Brentwood the site has already been upgraded to allow for the next well, Ginochio-2, to be drilled from the existing VG-3 pad.
The drilling rig is expected to be mobilised to the area following completion of its operations at Monroe Swell.
Reabold shares were trading up 3.7% at 0.70 pence each, on Thursday afternoon.
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