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LONDON (Alliance News) - Reabold Resources PLC on Monday reported successful results from a test at the VG-4 well in California, ahead of pre-drilling expectations.
The well produced at a choked level of 480 barrels of oil per day and averaged 742,000 cubic feet of gas per day, the company reported.
VG-4 well will now be prepared for production.
"VG-4 flow tested above our highest expectations and fully supports our strategy of accelerating cash flow from the West Brentwood field. The high productivity of oil and gas from VG-4 will deliver exceptional returns for our shareholders," Stephen Williams, co-chief executive of Reabold, said.
The company also added its next well to be drilled in its California prospects will be located on the Monroe Swell.
Reabold Resources shares were trading up 4.8% at 0.68 pence each on Monday.