16th Oct 2018 12:42
LONDON (Alliance News) - Reabold Resources PLC said Tuesday work is "progressing as planned" at its Venturini-Ginochio number 3 well in California, US.
The AIM-listed upstream oil & gas investment company said it intends to put the well into production "shortly".
Reabold said the test oil produced has been sold and the pad at the well is currently being enlarged to accommodate both production and drilling equipment as the company assesses the location and timing of the follow-up well at West Brentwood.
Reabold acquired Gaelic Resources Ltd in June for GBP3.1 million in shares, giving it a 50% interest across three licences in California, West Brentwood, Monroe Swell and Grizzly Island.
Shares in Reabold Resources were up 6.4% Tuesday at 0.82 pence each.
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