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Regulatory Story
Company Reabold Resources PLC
TIDM RBD
Headline Successful Result at VG-4 Well, West Brentwood
Released 07:00 03-Jan-2019
Number 0121M07

RNS Number : 0121M
Reabold Resources PLC
03 January 2019

3 January 2019



Reabold Resources Plc

"Reabold" or "the Company"



Successful Result at VG-4 Well, West Brentwood Licence



Reabold is pleased to announce that, further to its announcement of 19 December 2018, Integrity Management Solutions ("IMS"), contract operator of the West Brentwood field, onshore California, in which Reabold has earned a 50 per cent. interest, has informed the Company of a successful drilling result at the VG-4 well.



The well was drilled safely and within budget to a total depth of 4,700ft and had significant oil and gas shows in the targeted Second Massive formation. Halliburton wireline logging has confirmed the presence of pay.



Reabold and IMS now plan to complete and put the well onto production.



The drilling of VG-4 follows the successful VG-3 well, which was drilled and put onto production on the West Brentwood field last year.



The next well in the Company's California drilling campaign is expected to be on Monroe Swell which the Company will update the market on in due course.



Stephen Williams, Co-CEO of Reabold, commented:

"Success at VG-4 is a great result, both in terms of the substantial increase in cash flow that 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."



This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.



ENDS



For further information please contact:



Reabold Resources plc

Stephen Williams

Sachin Oza

c/o Camarco

+44 (0) 20 3781 8331



Strand Hanson Limited (Nominated and Financial Advisor)

Rory Murphy

James Spinney

James Dance



+44 (0)20 7409 3494







Camarco

James Crothers

Ollie Head

Billy Clegg



+44 (0) 20 3781 8331

Whitman Howard Limited - Joint Broker

Nick Lovering

Grant Barker



+44 (0) 20 7659 1234

Turner Pope Investments (TPI) Ltd - Joint Broker

Andy Thacker

+44 (0) 20 3621 4120





Notes to Editors


Reabold Resources plc is an investing company investing in the exploration and production ("E&P") sector. The Company's investing policy is to acquire direct and indirect interests in exploration and producing projects and assets in the natural resources sector, and consideration is currently given to investment opportunities anywhere in the world.



As an investor in upstream oil & gas projects, Reabold aims

This was TE-9 RNS
The TE-9 well was drilled to a total measured depth of 2925m and penetrated both the TAGI primary target and the Paleozoic secondary target. Interpretation of the wireline logs has not established the presence of producible gas, and hence the well will be plugged and abandoned, and not tested.

The well encountered 60m of dolomitized silty sandstone, interpreted as an age equivalent to the primary target TAGI sandstone. The petrophysical analysis of the wireline data indicates the interval is of low porosity and therefore poor reservoir quality.

Can you see the difference between TE-9 and TE-10 RNS.
TE-10 looks so encouraging to say the least. imo

I expect an RNS regarding VG-4 results this week.

It will be a week tomorrow since our last RNS so i would expect an update by Friday.
If no news forthcoming then i assume they have done mechanical stimulation prior to testing which is a good sign.

SP down 7% which could just be profit takers.
After all we were up nearly 100%
As far s i am concerned TE-10 still looks good odds at this price.

If TE-10 is a success then i will buy more.
This will be what a lot of investors here are thinking. imo
But at what price ?

I think JP has already knows that TE-10 is looking good and thats why he released an early RNS.
The question is how good?

Any flow above 3 mmscf pd would certainly be commercial as it could easily be tied into planned pipeline and exported.
However it would also greatly prove up other targets in the area as well
So lots of value could be added instantly.

chrishutch

I agree with that.
We should get an RNS this week regarding VG-4 followed by RNS next week regarding wick so plenty of action to keep us going.
Could also get news regarding West Newton progress as well.

Yes i agree with that theory.
Mechanical stimulation will give us a better well test result as well.
All good so far.imo

I thought we would have had an RNS today regarding VG-4 results

Taken from last RNS

Based on cuttings and the results of preliminary wireline interpretation, there is a potential gross reservoir interval from 1,899m MD to 2,009m MD. Gas shows greater than background levels were observed from 1,908m to approximately 2,030m MD and included a range of C1 to C5 hydrocarbons. Preliminary interpretation of the intermediate wireline log data currently acquired indicates thinly bedded gas bearing intervals within the gross section, with initial estimates of net pay (based on various conservative assumptions) of up to 10.5m and an average porosity of 8% (a similar porosity to previous productive wells in the Company's existing discovery). Wireline logging is ongoing, including the planned acquisition of side wall cores and the use of a modular formation dynamics tester system (MDT) to gather samples (rock and fluid) and pressure data which will assist in potentially increasing the net pay estimate.

After completion of the intermediate logging programme, the Company plans to drill the remaining TAGI section to total depth just beneath the Hercynian Unconformity and then perform a well test, including possible mechanical stimulation.

Hopefully less than 12 Months now till LQ.
If TE-10 is successfull then we might even start negotiations sooner.
Now that would be something to get excited about.

chrishutch

Have a happy new year and a prosperous 2019.
Wish all other RBD holders a great 2019 as well.

Last Chance.
8 min to go

Only took 10 days from spud to discovery.
So i expect VG-4 RNS discovery on Wednesday. imo

I expect the SP to rise from 12pm onwards.
Got to take your position now folks.
Believer or Not

People can't wait to tell you good news and thats why JP was eager to release an earl RNS.
If he thinks its good enough to release the last RNS early then that fills me full of confidence that TE-10 results will be good for us..
We could easily open up in the 30p+range on Wednesday if a positive RNS is released.
Lets get this SP back up where she belongs.

I guess the next bit of news will be we are going to mechanical stimulate and Test TE-10.
Then a week after the results i presume.

Will be interesting to see where we close today.
Blue or Red?