Reabold Resources PLC Spudding of Second Well at Monroe Swell (6577T)
March 22 2019 - 3:01AM
UK Regulatory
TIDMRBD
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 c/o Camarco
Stephen Williams +44 (0) 20 3757 4980
Sachin Oza
Strand Hanson Limited (Nominated and Financial
Advisor)
Rory Murphy / James Spinney / James Dance +44 (0)20 7409 3494
Camarco
James Crothers
Ollie Head
Billy Clegg +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
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
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