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LONDON (Alliance News) - Reabold Resources PLC has made another oil discovery at one of its onshore Californian wells, the company said on Monday.
Drilling at the Burnett 2B well encountered an estimated net pay of 90 metres, ahead of pre-drill expectations. The well was drilled to a depth of 894 metres, within budget, targeting the Burnett and Lower Burnett sands.
This comes just over a week after Reabold announced an oil find at the Burnett 2A well, which it completed at the start of March.
Reabold is to now start production testing at both wells.
Co-Chief Executive Stephen Williams said: "Success with the Burnett 2B well, following on from Burnett 2A, is highly encouraging. The decision to accelerate the Burnett 2B well and the speed with which the programme was executed is indicative of the pace of activity we can achieve on the licence.
"With low drilling and completion costs, short drilling times and extensive running room, Monroe Swell has the potential to deliver substantial production growth, coupled with highly attractive returns."
"We now look forward to testing these two wells and evaluating further drilling locations on Monroe Swell and will update the market accordingly," Williams added.
Reabold shares were 4.4% higher on Monday at a price of 0.60 pence each.