REG - Reabold Resources - Reabold California - VG-6 Update

Reabold ResourcesAnnouncement

06/01/2020 07:05

RNS Number : 7638Y
Reabold Resources PLC
06 January 2020
 


6 January 2020
Reabold Resources plc
("Reabold" or the "Company")
Reabold California - VG-6 Update
 
Reabold, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, is pleased to provide an update on the drilling activity at the VG-6 well located in its West Brentwood licence in California, in which the Company has a 50 per cent. interest.
 
Further to the announcement of 10 December 2019, the VG-6 well was drilled by Integrity Management Solutions ("IMS") to a measured depth of approximately 1,455 meters and encountered oil and gas shows at the target interval, consistent with pre-drill expectations.
 
As per the planned work programme, the drilling rig has now been released and a workover rig is being contracted by IMS to commence the testing programme. Further announcements will be made in due course as to the results of the test and the commerciality of the well for production.
 
 
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 Adviser)
James Spinney
Rory Murphy
James Dance


 
+44 (0)20 7409 3494
  




Stifel Nicolaus Europe Limited - Joint Broker
Callum Stewart 
Nicholas Rhodes
Ashton Clanfield


+44 (0) 20 7710 7600
 
 
 




Whitman Howard Limited - Joint Broker
Nick Lovering
Grant Barker


+44 (0) 20 7659 1234 




Turner Pope Investments (TPI) Ltd - Joint Broker
Andy Thacker
Zoe Alexander


+44 (0) 20 3657 0050




Camarco
James Crothers
Ollie Head
Billy Clegg


+44 (0) 20 3757 4980



 
 
 
This announcement contains inside information.
 
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
 
 
UPDEANFSESPEEFA