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LONDON (Alliance News) - Reabold Resources PLC on Thursday said it expects the first well on the Parta project in Romania to be drilled following the completion of construction of the access road.
Reabold holds 37.5% in the Parta via its shareholding in Danube Petroleum Ltd.
The company, which invests in oil & gas projects, said Danube has received all the required permits from the relevant bodies and secured all the key services and materials required to enable the drilling of the Iecea Mica 1 well.
The construction of the well site and access road is expected to be completed within 6 to 8 weeks, following which, the IM-1 well will be drilled immediately.
The upper 2,350 metres of the IM-1 well will be a re-drill of the original discovery well and will evaluate multiple gas zones mapped on 3D seismic data
The well will then be deepened by a further 200 metres to evaluate a larger exploration target, the company said, which has been proven to contain hydrocarbons in other fields within the basin.
Reabold also noted that all approvals and permits have already been secured for the Iecea Mica 2 well, the second planned well in the Parta appraisal programme.
"The IM-1 well is not only highly prospective, it also has the benefit of being close to infrastructure for gas, oil and electricity, thereby enabling the future potential for low cost, highly profitable commercialisation," said Co-Chief Executive Stephen Williams.
"With low well costs and approvals already secured for the second well in the appraisal campaign, we see significant value and running room in our Romanian investment and look forward to updating the market on further news in the coming months," added Williams.
Reabold shares were trading 2.6% lower on Thursday at 0.76 pence each.