RE: Broker target 261% 2.6p30 Jul 2018 10:16
Headline: DJ Reabold Resources Shares Rise as Well Program Shows Signs of Success
Date/Time: 30/07/2018 9:14:15 ▼
By Oliver Griffin
Shares in Reabold Resources PLC (RBD.LN) rose Monday after it said work on four wells in the Monroe Swell area, California, is underway and showing initial signs of success.
The oil-and-gas company said that the four-well workover program, which includes the Doud A-1, A-2, A-3 and A-7 wells, has started, with pumping units installed at all four locations.
The company holds a 50% equity interest in the wells, following its acquisition of Gaelic Resources Ltd. in June.
Well intervention work has taken place on the A-3 and A-1 wells with significant oil shows at both wells, Reabold Resources said.
The company said that the A-3 well has been put on production, soon to be followed by the A-1 well, after which intervention work will begin on the A-2 and A-7 wells.
Shares at 0806 GMT were up 10% at 0.80 pence.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
July 30, 2018 04:14 ET (08:14 GMT)