Last checked at 19 Dec 2018 07:00
19 December 2018
Reabold Resources Plc
"Reabold" or "the Company"
Reabold California - Commencement of VG-4 Well, West Brentwood Licence
Reabold is pleased to announce that Integrity Management Solutions ("IMS") has commenced drilling operations at the VG-4 well within the West Brentwood Licence area, onshore California, in which Reabold owns a 50 per cent. equity interest.
The drilling of VG-4 follows the successful VG-3 well drilled on the West Brentwood field.
The drilling derrick for the well will be erected by IMS and will remain for the duration of the drilling and logging of the well.
Sachin Oza, Co-CEO of Reabold, commented:
"The success of VG-3 was a significant moment for Reabold, providing the company with cash flow from the West Brentwood field. We are delighted that IMS has commenced drilling operations at the follow up well, VG-4, which we hope will prove to be just as successful."
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 3757 4980 |
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 3757 4980 |
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 to create value from each project by investing in undervalued, low-risk, near-term upstream oil & gas projects and by identifying a clear exit plan prior to investment.
Reabold's long term strategy is to re-invest capital made through its investments into larger projects in order to grow the Company. Reabold aims to gain exposure to assets with limited downside and high potential upside, capitalising on the value created between the entry stage and exit point of its projects. The Company invests in projects that have limited correlation to the oil price.
Reabold has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company's strategy.