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LONDON (Alliance News) - Natural resources-focused investment firm Reabold Resources PLC said Tuesday its investee projects continued to make progress, despite heavy rain hampering operations in California.
Corallian Energy - in which Reabold holds a 33% stake - is expected to begin its drill campaign later in December. The jack-up rig will initially work on the offshore Wick prospect in the North Sea off Scotland. It will then move to the south of England to work on the offshore Colter prospect.
Reabold added that Corallian had made "considerable progress" with its other UK prospects. It has, for instance, secured a farm-in deal at its offshore North Sea Curlew-A prospect which it plans to drill in the second half of 2019.
In order to fund the Curlew project, Corallian has raised GBP912,300 through a share subscription. Reabold is participating in this in order to retain its 33% stake.
Danube Petroleum - in which Reabold also holds a 33% stake - has also made "further progress" in its onshore Parta appraisal drilling operations in Romania.
"The manufacturing of key long lead items, including casing, tubing and wellheads, which are due for completion in mid February 2019, has commenced," Reabold explained in a statement. "In addition, efficient progress is being made with permitting for the drilling of the two wells both at a ministerial and local government level. Progress to date provides a high level of confidence that all relevant permits and authorisations will be granted during the first quarter of 2019."
Reabold has agreed to invest further in Danube in order to help fund the drilling. Should all funding options through share subscriptions be complete, Reabold would hold a 45% stake in Danube with ADX Energy Ltd holding the remainder.
"We are very pleased to increase our stake in both Corallian and Danube where significant operational progress continues to be made," Reabold Chief Executive Officer Sachin Oza said. "The considerable optionality that we have negotiated for additional investment into Danube is reflective of the type of deals that Reabold seeks in order to create shareholder value."
In California, the contract operator Integrity Management Solutions - in which Reabold has an unspecified stake - is set to mobilise a rig to the West Brentwood site first where it will drill a follow up to the VG-3 well. This is expected to occur in the next few weeks.
IMS will then return to the Monroe Swell drilling site which has been hindered by "severe rainfall."
"While disappointing that exceptionally high rainfall has delayed the drilling of Monroe Swell we look forward to the drilling of the next West Brentwood well and our other near-term, high-value drilling projects", Oza added.
Shares in Reabold were trading flat at 0.70 pence on Tuesday.