29th Apr 2019 14:23
LONDON (Alliance News) - Reabold Resources PLC said on Monday that it has started testing at the Burnett 3B well on the Monroe Swell field in California, US.
Well testing will involve perforating multiple zones logged as pay before conducting swabbing runs to start oil flow for production. The Burnett 2A well will be tested immediately after the 2B well testing is completed, which is expected to be completed within three weeks.
Currently Reabold has an agreement with Senset Exploration Inc, for the payment of the full drilling and completion of two wells within the Monroe Swell licence areas to earn a 50% working interest in the licence areas.
Meanwhile, at the West Brentwood field in California, in which Reabold has a 50% interest, work has started to complete a tie in to the nearby gas pipeline. This will allow the VG-4 well to produce oil at a much higher rate, and allow the same of gas produced from the well.
Integrity Management Solutions, Reabold's contract operator for its California interest is expected to install the required system to the connection point later in the week.
"We are very pleased to have moved quickly to the testing phase at Monroe Swell following the completion of drilling earlier this month, whilst simultaneously bringing VG-4 into production. We continue to deliver consistently high levels of activity with six wells now drilled across the portfolio in quick succession, West Newton currently drilling, and wells at Parta and Grizzly Island planned for later this year,"said Co-Chief Executive Officer Sachin Oza.
Shares in Reabold Resources were up 3.9% at 0.68 pence on Monday.
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