Business
Investment in Danube Petroleum Limited
Investment in Danube Petroleum Limited.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2164Y Reabold Resources PLC 04 December 2017 \n\n4 December 2017\nREABOLD RESOURCES PLC\n\"Reabold\" or the \"Company\"\n \nInvestment in Danube Petroleum Limited\n \nReabold Resources Plc (LSE AIM:RBD) is delighted to announce that it has signed an agreement with Danube Petroleum Limited, a wholly owned subsidiary of ASX listed ADX Energy Ltd, (ASX:ADX) to invest a total of £1.5 million for a 29 per cent. interest (\"the investment\") in Danube Petroleum Limited (\"Danube\"). Danube is a newly-formed UK private oil and gas company, which upon completion of the transaction, will hold a 50 per cent. interest in the high impact Parta licence (\"Parta\"), onshore Romania, and a 100% interest in a low-risk appraisal campaign within Parta, comprising of two wells planned in H2 2018 to test 33 BCF prospective and contingent resources. \n \nHighlights - Danube Petroleum Limited's \"Parta\" Project:\n \n· Parta licence is situated onshore, within a proven and stable hydrocarbon region that benefits from low drilling and operating costs\n· The two well Parta appraisal programme will redrill 1980s gas discoveries, including one that flowed gas to surface\n· Recently acquired 3D seismic data has delineated considerable untapped gas resources of 33 BCF gross in the primary reservoir targets, with additional upside in other horizons\n· Onshore Romania requires very low capital expenditure with nearby infrastructure, which will ensure fast payback following first gas\n· Economics are highly attractive based on current gas prices of $6.2/mbtu and the Parta licence is considered profitable at substantially lower gas prices \n· The Parta licence includes additional exploration and appraisal upside on the block with the potential for further total un-risked gross prospective resources of approximately 300 BCF of gas and 45 MMbbl of oil respectively identified on existing 2D seismic\n· Danube Petroleum Limited gives Reabold a foothold in Eastern Europe, providing the Company the opportunity to consolidate other licences in the area \n \nThe investment, which includes the right for Reabold to appoint a director to the Board of Da...