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LONDON (Alliance News) - Reabold Resources PLC said Thursday it has had another success on the West Brentwood licence after drilling work.
Reabold, alongside operator Integrity Management Solutions, has found "significant" oil and gas shows on its VG-4 well at West Brentwood, which is onshore California.
The two, Reabold said, now plan to complete the well and put it into production. This success follows a similar result at the VG-3 well in 2018.
Co-Chief Executive of Reabold Stephen Williams said: "Success at VG-4 is a great result, both in terms of the substantial increase in cash flow we can generate from West Brentwood, and in proving that we have significant running room within our California portfolio.
"We are looking forward to drilling additional wells in California this year, as well as to the results of multiple drilling events across our other projects in the coming weeks."
Reabold shares were up 1.0% on Thursday morning at 0.74 pence each.