REG - Reabold Resources - Update on Reabold California

Reabold ResourcesAnnouncement

28/08/2018 11:05

RNS Number : 0055Z
Reabold Resources PLC
28 August 2018
 


28th August 2018
Reabold Resources Plc
("Reabold" or "the Company")
 
Update on Reabold California - Workover Programme at Monroe Swell
 
Reabold is pleased to announce that Integrity Management Solutions ("Integrity"), contract operator of the Company's California investments, has informed the Company that the four wells that were successfully worked over at Monroe Swell, in which Reabold has a 50% equity interest, have now all been put onto production.  Integrity estimates a gross production rate of 70 barrels of oil per day, in line with previous expectations.
 
Sachin Oza, co-CEO, commented:
"We are delighted with the success we have had with the Monroe Swell workover programme.  Given the limited capital required to deliver this first production, these should prove to be extremely profitable barrels, delivering immediate cashflow."
 
Stephen Williams, co-CEO, commented:
"As well as expecting the workover programme to deliver extremely attractive economics in its own right, we are also very pleased that the subsequent drilling programme at Monroe Swell, targeting more substantial volumes and production rates, has been notably de-risked by this early success.  In the meantime, drilling of VG-3 at West Brentwood is on track and we look forward to updating the market on its results shortly."
 
ENDS
 
 




 
For further information please contact:
 



Reabold Resources plc
Stephen Williams
Sachin Oza
 


c/o Camarco
+44 (0) 20 3757 4980




Beaumont Cornish Limited
Roland Cornish
James Biddle
Felicity Geidt
 


+44 (0) 20 7628 3396




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



 
                                                                                                                       




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