Reabold Resources PLC Update on Reabold California (0814W)
30 July 2018 - 4:01PM
UK Regulatory
TIDMRBD
RNS Number : 0814W
Reabold Resources PLC
30 July 2018
30th July 2018
Reabold Resources Plc
("Reabold" or "the Company")
Update on Reabold California
Reabold is pleased to announce that workover activity at the
Monroe Swell area, in which Reabold holds a 50% equity interest
following its recent acquisition of Gaelic resources, is underway
and showing initial signs of success.
Contract operator Integrity Management Solutions is undertaking
a four well workover programme, consisiting of the Doud A-1, A-2,
A-3 and A-7 wells. Pumping units have been installed at all four
locations, and well intervention work has taken place on the A-3
and A-1 wells, with significant oil shows evident in both
wells.
The A-3 well has now been put onto production. The majority of
fluids recovered to date consist of the load water pumped into the
well as part of the workover programme; Integrity expect the rate
of oil production to increase as this is recovered over the coming
days.
The A-1 well will be put onto production shortly, with well
intervention work on A-2 and A-7 to follow.
Stephen Williams, co-CEO commented:
"In addition to the early cash flow and impressive financial
return metrics, a successful workover programme also provides much
encouragement for the subsequent drilling activity that will take
place on the California assets in the coming weeks and months."
Construction of the West Brentwood dilling location will take
place this week. West Brentwood will be the first well to be
drilled on Reabold's California assets, and we expect the well to
spud in August.
Sachin Oza, co-CEO commented:
"We are delighted that California has already gone into
production, and look forward to an extremely exciting next few
months, with multiple drilling events taking place across our
diversified portfolio of investments."
ENDS
For further information please contact:
Reabold Resources plc c/o Camarco
Stephen Williams +44 (0) 20 3757 4980
Sachin Oza
Beaumont Cornish Limited
Roland Cornish
James Biddle
Felicity Geidt +44 (0) 20 7628 3396
Camarco
James Crothers
Billy Clegg
Ollie Head +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
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END
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