Reabold Resources PLC Romania -- IMIC-1 Well Flow Test Update (8804Y)
14 September 2020 - 5:15PM
UK Regulatory
TIDMRBD
RNS Number : 8804Y
Reabold Resources PLC
14 September 2020
14 September 2020
Reabold Resources plc
("Reabold" or the "Company")
Romania - IMIC-1 Well Flow Test Update
Reabold, the AIM investing company which focuses on investments
in upstream oil and gas projects, notes an update from ADX Energy
Ltd ("ADX"), operator of the IMIC-1 well, onshore Romania, in which
Reabold has an interest via its 51% shareholding in Danube
Petroleum Limited, on the IMIC-1 well test.
IMIC-1 was successfully acidised utilising coiled tubing for
pumping the acid to the bottom of the well and then circulating the
acid and brine in the well to surface utilising nitrogen to enable
lifting liquids. The recovered liquids included a sludge material
likely to be a combination of dissolved reservoir material and fine
reservoir sediments from the reservoir.
Gas flow was observed after approximately 12 hours with a
combination of methane and nitrogen coming to surface.
The well will now be shut in to observe pressure build up as the
reservoir continues to clean up following the acidisation.
Further details can be viewed at:
https://adx-energy.com/en/investors/asx-announcements.php .
ENDS
For further information please contact:
Reabold Resources plc c/o Camarco
Stephen Williams +44 (0) 20 3757
Sachin Oza 4980
Strand Hanson Limited (Nominated and Financial
Adviser)
James Spinney
Rory Murphy
James Dance +44 (0)20 7409 3494
Stifel Nicolaus Europe Limited - Joint Broker
Callum Stewart
Simon Mensley +44 (0) 20 7710
Ashton Clanfield 7600
Panmure Gordon - Joint Broker
Hugh Rich +44 (0) 20 7659
Nick Lovering 1234
Camarco
James Crothers
Ollie Head +44 (0) 20 3757
Billy Clegg 4980
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.
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END
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