Reabold Resources Share News (RBD)

(Sharecast News) - Upstream oil and gas investor Reabold Resources updated the market on well flow testing at the Iecea Mica-1 (IMIC-1) well in Romania on Thursday, reporting some issues with mud build-up.
The AIM-traded firm said the testing was part of the 2020 work programme, which was being carried out by Danube Petroleum.

Danube has a 100% interest in the Parta Sole Risk Area which will, upon completion of the farmout to Tamaska Oil & Gas, fall to 50%.

Reabold holds a 50.8% equity interest in Danube, while ADX Energy is the operator of IMIC-1.

The company reported that well production equipment had been run into the IMIC-1 well, which was perforated to initiate flow from the Lower Pannonian Pa IV gas reservoir.

It noted that the PaV and Pa III potential gas reservoirs were not perforated during the operations.

Mud filtrate build-up around the well bore had potentially occurred, the board said, explaining that following further diagnostic work, acidisation of the well could be implemented to enhance flow.

It said reservoir acidisation might be required to break down mud filter cake, which built up around the wellbore, with acidisation being "relatively common practice" in the region.

Cuttings from IMIC-1 drilling analysis, together with modern petrophysical analysis of the newly-acquired IMIC-1 logs, indicated "good" Pa IV gas reservoir permeability.

"The programme will be ongoing over the coming weeks including down hole pressure measurement, fluid sampling and future stimulation or further testing programmes," the board said in its statement.

"Further down hole pressure measurement and sampling of reservoir fluids work will be undertaken utilising low-cost wire line equipment following rig demobilisation."

At 1336 BST, shares in Reabold Resources were down 1.76% at 0.61p.