Parta – Romania

Reabold has a 29% interest in Danube Petroleum, a 50% owner and operator of the Parta license, onshore Western Romania.

Parta, has the potential to create significant shareholder value for little economic risk to the company. Situated within a proven and stable hydrocarbon region with significant existing infrastructure, the Parta licence benefits from low drilling and operating costs.

A two well appraisal campaign is planned by Danube Petroleum on the license; aiming to test 49.9 BCF of prospective and contingent resource commencing in Q1 2019. Each of the wells in the program will intersect proven as well as prospective gas reservoirs, thereby offering low risk appraisal and exploration potential and a fast track to early cash flow from gas production. Robust at substantially lower gas prices, Danube management has attributed an NPV (10) in the success case of up to $128 million gross for a multi-well development across the two appraisal projects.

Recently acquired 3D seismic data has delineated considerable untapped gas resources of 33 BCF in the primary reservoir targets, with additional exploration and appraisal upside on the block being considered. Danube Petroleum Limited consider further potential on the Parta block to total approximately 300 BCF of un-risked gross prospective resources of gas and 45 MMbbl of oil using existing 2D seismic data.

Parta Appraisal Program Economic Summary
(Carpinas and Icea Mare Proposed Drilling Program @ 100% Equity Interest)

All Costs, Cashflows and NPVs are in US$ 000

Drilling & Devt Scenario Well Cost Development cost Target Zone Evidence of Occurrence GIIP (BSCF) Rec Gas (BSCF) (Single well) Rec Gas (BSCF) (full field) Resource Classification Post Tax NPV (10) (unrisked) Return on Investment Risc Cover Ratio
Carpinis Appraisal
Carp A $2,200 $2,600 PsB 4.3 Logs & DHI 11.0 3.3 Prospective $7,036 2.50 4.2
30%
Carp B $2,500 $2,600 PsB 4.3 Logs & DHI 31.0 7.3 Contingent $19,247 4.77 8.7
& Pa IV Gas Flows & DHI 24% & Prospective
Carp C $2,500 $13,300 PsB 4.3 Logs & DHI 31.0 25.40 Contingent $64,344 5.34 26.7
& Pa IV Gas Flows & DHI 82.00% & Prospective
Iecea Mare Appraisal
IM A $2,400 $2,600 Pa IV Gas Flows & DHI 8.0 3.2 Contingent $6,373 2.27 3.7
40%
IM B $3,200 $2,600 Pa IV Gas Flows & DHI 18.0 8.0 Contingent $22,392 4.86 8.0
PA VIII Gas Flows & DHI 44%
       
  

 
Multi Case Full Field NPV
33.4 $86,736
Low Case Single Zone NPV
6.5 $13,409
Single well Multi Zone NPV
15.3   $41,639