Reabold Resources PLC Parta Well Appraisal Operations Update (5797A)
May 30 2019 - 1:01AM
UK Regulatory
TIDMRBD
RNS Number : 5797A
Reabold Resources PLC
30 May 2019
30 May 2019
Reabold Resources Plc
("Reabold" or "the Company")
Parta Well, Onshore Romania, Appraisal Operations Update
Reabold, the investor in pre-cash flow upstream oil and gas
projects, is pleased to provide an update in relation to the Parta
appraisal programme in Romania, in which the Company has a 37.5 per
cent. interest via its shareholding in Danube Petroleum Limited
("Danube").
Following the announcement of 19 March 2019, Danube has received
all the required permits from the relevant bodies and secured all
the key services and materials required to enable the drilling of
the Iecea Mica 1 ("IM-1") well. The construction of the well site
and access road is expected to be completed within 6-8 weeks,
following which, the IM-1 well will be drilled immediately.
The upper 2,350 metres of the IM-1 well will be a re-drill of
the original discovery well and will evaluate multiple gas zones
mapped on 3D seismic data including a gas zone which was flow
tested. The well will then be deepened by a further 200 metres to
evaluate a larger exploration target, which has been proven to
contain hydrocarbons in other fields within the basin.
It should be noted that all approvals and permits have already
been secured for the Iecea Mica 2 well, the second planned well in
the Parta appraisal programme.
Stephen Williams, Co-CEO of Reabold, commented:
"The IM-1 well is not only highly prospective, it also has the
benefit of being close to infrastructure for gas, oil and
electricity, thereby enabling the future potential for low cost,
highly profitable commercialisation. With low well costs and
approvals already secured for the second well in the appraisal
campaign, we see significant value and running room in our Romanian
investment and look forward to updating the market on further news
in the coming months."
Further details of the Parta appraisal update can be found via
ADX's ASX release dated 30 May 2019, titled 'Final Drilling
Approvals Received For Iecea Mica-1':
http://adx-energy.com/documents/final-drilling-approvals-received-for-iecea-mica-1.pdf
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 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)
James Spinney
Rory Murphy
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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