RE: Chart.12 Feb 2020 07:44
Tick tock...
Gold Ridge worth £20m
Romanian O&G ???
Mkt cap £2m...
Can see 2.5p to 5p this year with a favourable wind. Priced as a cash shell currently.
Talk on Twitter about RBD Reobold as the company in Romania. They are an investment style company just like MNRG.....
Parta – Romania
Reabold has a 41.6% interest in Danube Petroleum*, a 50% owner and operator of the Parta exploration license and 100% of the defined 19.4km2 Sole Risk Area, which includes the Iecea Mare Production licence, onshore Western Romania. ADX Energy Ltd, the operator of the license, holds the remaining 58.4%*. Reabold has the option to invest a further £2,000,000 at a fixed price, which has the potential to increase the Company’s equity position significantly.
On 9 September 2019, drilling of the Iecea Mica-1 (IM-1) appraisal well was completed and we were pleased to announce that successful discoveries were made over a 14.5 metre section of net pay, including at the primary target of the well, the PA IV interval. Volumes have substantially exceeded pre-drill estimates with operator volumetrics increasing across IM-1 intervals to 20 Bcf of Contingent Resources. The IM-1 well is now being prepared for production testing and the primary target, the PA IV interval, has shown a high-quality reservoir, providing confidence of good production rates.
The PA III and PA V exploration intervals were also shown to be hydrocarbon bearing with the PA V interval being assessed to be a gas condensate discovery. The PA V interval has previously been tested at a rate of 126 barrels of oil per day by the IM-30 well, 2.5 km north of IM-1 and approximately 70 meters deeper.
The discoveries across the three intervals will be confirmed by the testing programme. This programme will also be complemented by the drilling of a second appraisal well, IM-2.
The combination of being a proven and stable hydrocarbon region and having significant existing infrastructure means the Parta licence benefits from low drilling and operating costs. This provides the potential to create significant shareholder value for little economic risk to the company.
Danube management attributed a pre-drill NPV (10) in the success case of up to $128 million gross for a multi-well development across the two appraisal projects, and $45 million of NPV gross for just the 20 bcf gas discovery at IM-1
A seismic programme is also planned on Danube’s separate Parta Exploration Licence, which will be funded by Parta Energy Pty Ltd. Parta Energy will fund the first $1.5 million of expenditure for the acquisition of approximately 100 km2 of 3D seismic to earn a 50% participating interest in the Licence. It is expected that all Farm-In funding conditions will be met by the end of June 2019 and that planning of the seismic programme will commence during Q3 2019, with a view to seismic acquisition occurring during Q4 2019.
Interesting times...
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