6th Jan 2020 12:09
(Alliance News) - Reabold Resources PLC on Monday said the VG-6 well, located in US state of California, encountered oil and gas shows at the target interval, consistent with pre-drill expectations.
The AIM-listed investment firm said the VG-6 well, which forms a part of West Brentwood licence, was drilled by Integrity Management Solutions to a depth of 1,455 metres.
Reabold has a 50% interest in the West Brentwood licence and is paying 50% of the cost of drilling the VG-6 well.
Upon completion, the company said the drilling rig has been released and a workover rig is being contracted by Integrity Management Solutions to begin the testing programme.
Reabold said it will make further announcements "in due course" as to the results of the test and the commerciality of the well for production.
The stock was trading 0.3% higher in London on Monday at 0.75 pence a share.
By Evelina Grecenko; [email protected]
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