AIM-listed oil and gas project investment company Reabold Resources PLC (LON: RBD) today issued operational updates on its projects in Romania, California and the UK.
The Company said that in Romania, rig mobilisation and drilling was expected to occur imminently for the Parta Well. Danube Petroleum (a Company within which it holds a considerable interest) is set to mobilise a rig at the Iecea Mare well and commence spudding eight days later.
In California, both the VG-3 and VG-4 wells are now in production, with the Company adding that permits for an additional three wells at West Brentwood had been secured. At the Burnett 2A and 2B wells, contractor IMS plan to re-enter and clean out the perforated zones in order to restore the commercial oil flow rates indicated during testing.
Regarding Reabold Resource activities in the UK offshore, its rig site survey has commenced at the Curlew-A site, with completion forecast to be before the week’s end. Schlumberger Oilfield UK issued a best resource estimate of 38.8 mmboe for Curlew-A.
Reabold Resources comments
Co-CEO of the Company, Sachin Oza, stated,
“We are very pleased with the progress being made across the Reabold portfolio. In particular, the increased cash flow generated from California is highly complementary to the larger scale assets in the UK and Romania.”
“We look forward to results from both the West Newton test programme and the IM-1 well in Romania during Q3, both of which have the potential to deliver material returns in a success case.”
Following the update, the Group’s shares have dipped marginally by 0.087% or 0.001p to 1.15p a share 29/07/19 13:22 BST. The Company’s p/e ratio and dividend yield are unavailable, their market cap is £46.74 million.
Elsewhere in the oil and gas sector, there have been updates from; Trinity Exploration and Production PLC (LON: TRIN), Union Jack Oil PLC (LON: UJO), Nu-Oil and Gas PLC (LON: NUOG) and PetroTal Corp (CVE: TAL).