Last checked at 22 Nov 2018 12:00
22 November 2018
Reabold Resources Plc
("Reabold" or "the Company")
Update on Upcoming Drilling at Reabold California
Reabold, the oil and gas investing company, is pleased to announce that good progress has been made ahead of drilling at both the Monroe Swell and West Brentwood areas, onshore California.
At Monroe Swell, the first well will initially utilise the existing Burnett-2 well bore, before focusing on a new target in a previously untapped portion of the oil field. The drilling location and access road have been successfully graded, and a workover rig is onsite and conducting operations to prepare the Burnett-2 re-drill well for the drilling rig. Following the Thanksgiving holidays this weekend, the drilling rig is expected to be on site within 7-10 days. The Company will earn into a 50% interest in Monroe Swell on completion of a two well programme.
At West Brentwood, where the Company has earned a 50% interest, as previously announced, the site has already been upgraded to allow for the next well, Ginochio-2 ("G-2"), to be drilled from the existing VG-3 pad. Work has now commenced on installing the G-2 cellar and preparing the site to receive the drilling rig. The drilling rig is expected to be mobilised to G-2 immediately following completion of its operations at Monroe Swell.
Stephen Williams, co-CEO, commented:
"Very good progress has been made at our California projects on both the regulatory and operational fronts, and we are very pleased to be in a position to deliver our second and third wells in the California campaign over the coming weeks."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
ENDS
The information contained in this release has been reviewed by Mr Dero Parker, President of Integrity Management Solutions. Mr Parker is a consultant and past owner operator of both oil and gas assets as well as hundreds of square miles of 3 dimensional seismic data and has 42 years of technical, operational, commercial and management experience in appraisal, development and production of oil and gas resources. Mr. Parker has reviewed the data contained in this release and considers the information to be fairly represented. Mr. Parker has consented to the inclusion of this information in the form and context in which it appears.
For further information please contact:
Reabold Resources Plc Sachin Oza / Stephen Williams | c/o Camarco Tel. +44 (0)20 3757 4980 |
Strand Hanson Limited (Nominated and Financial Advisor) Rory Murphy / James Spinney / James Dance |
Tel. +44 (0)20 7409 3494 |
Camarco (PR) James Crothers / Oliver Head / Billy Clegg |
Tel. +44 (0)20 3757 4980 |
Whitman Howard Limited (Joint Broker) Hugh Rich / Grant Barker |
Tel. +44 (0)20 7659 1234 |
Turner Pope Investment (TPI) Ltd (Joint Broker) Andy Thacker |
|
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.