Reabold Resources - Spudding of Second Well at Monroe Swell
Released
Released
Announcement PDF
RNS Number : 6577T
Reabold Resources PLC
22 March 2019
22 March 2019
Reabold Resources Plc
("Reabold" or "the Company")
Spudding of Second Well at Monroe Swell
Reabold is pleased to announce that Integrity Management Solutions ("IMS")
has commenced drilling operations at the Burnett 2B well within the Monroe
Swell field, onshore California, in which Reabold expects to earn a 50 per
cent. equity interest.
The drilling of Burnett 2B follows the successful Burnett 2A well drilled on the
Monroe Swell field, as announced on 11 March 2019. Following the Burnett
2A drilling results, Reabold and IMS, made the decision to seek accelerated
permitting for the Burnett 2B well, which was successful. The drilling rig was
retained at Monroe Swell and, accordingly, is now drilling the 2B well.
Assuming success at Burnett 2B, both wells at Monroe Swell will be tested
following the completion of drilling activities and put onto production shortly
after.
Following the drilling and completion of Burnett 2B, Reabold will have
completed its earn-in to the Monroe Swell licence area and will be assigned a
50 per cent. equity interest. Future activity at the Monroe Swell field will be
undertaken at a 50 per cent. paying interest to Reabold.
Stephen Williams, Co-CEO of Reabold, commented:
"The success of Burnett 2A was a significant milestone for Reabold, as we
unlocked the potential across the Monroe Swell asset which has considerable
further upside. The secret to optimising potential value at Monroe Swell will be
to drill multiple wells, and we are very pleased to have been able to spud our
second well so soon after the first discovery. Burnett 2B represents our fourth
California well and the sixth well within the Reabold portfolio since we started
drilling at VG-3 seven months ago. We are delighted to be able to continue to
offer consistent drilling activity for our investors, and in addition to Monroe
Swell, are keenly anticipating drilling at West Newton, Parta and Grizzly Island."
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
Camarco
James Crothers
Ollie Head
Billy Clegg
+44 (0)20 7409 3494
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
+44 (0) 20 3757 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the
Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions
relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com or visit www.rns.com.
END
DRLDDGDXXDDBGCB
Share your feedback
Discover