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(Alliance News) - Reabold Resources PLC announced on Monday that it had received "extremely exciting" results from analysis carried out by RPS Group for its West Newton extended well test programme.
Shares in Reabold were up 16% at 0.20 pence on Monday in London.
The London-based oil and gas company with projects across the UK, the US and Romania said that the study indicates initial production rates of 35.6 million cubic feet of gas per day.
Reabold said that study also indicates initial production rates of 1,000 barrels of oil per day.
The RPS review concluded that the Kirkham Abbey reservoir is likely to deliver substantially higher production rates from horizontal wells compared to vertical wells.
Reabold explained that the analysis was based on data provided from operations to date at West Newton, including logs, core data, petrophysical analyses, drilling and completion information, stock tank oil analysis, and other existing third-party reports.
Co-Chief Executive Stephen Williams said: "Following this analysis, we have no doubt that we have a significant resource in place, and crucially the recovery of what we can now confirm to be high quality light oil in addition to good quality gas has further de-risked the project significantly. The data garnered from the operation has allowed the modelling of potential flow rates, independently assessed, for the first time, and the results are extremely exciting."
By Heather Rydings; heatherrydings@alliancenews.com
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