This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Reabold has invested a total of £5 million in Danube Petroleum Limited (“Danube”) to date, for a 50.8% equity interest.
Danube has a 100% interest in the Parta exploration licence and Iecea Mare production licence in Western Romania, which includes the IMIC-1 discovery and the IMIC-2 prospect.
As announced on 9 September 2019, the IMIC-1 well was successfully drilled and evaluated, encountering gas across three zones with a 20 BCF 2C contingent resources estimate.
Danube continues to seek further industry funding through farmout discussions with third parties for both the exploration area (Parta) and the production licence (Iecea Mare) for infill opportunities. A number of very low risk oil and gas infill and side-track opportunities have been identified within the licence area. The operator has also commenced investigating geothermal opportunities within its Parta Exploration and Iecea Mare licences. The very high geothermal gradient (6 degrees/100 meters) in several parts of the Parta licence could make electric power generation from geothermal energy feasible and given the very high trends in electricity prices highly economic. The operator has been approached by several local communities in relation to geothermal projects mainly for district heating, given its drilling experience and extensive 2D and 3D seismic database in the area. This energy source is expected to receive increasing investment funding in Romania from the EU.
