Business
Oil Discovery at Monroe Swell
Oil Discovery at Monroe Swell.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3823S Reabold Resources PLC 11 March 2019 \n\n11 March 2019\n \nReabold Resources Plc\n\"Reabold\" or \"the Company\"\n \nOil Discovery at Monroe Swell\n \nReabold is pleased to announce that Integrity Management Solutions (\"IMS\"), contract operator of the Monroe Swell field in which Reabold will earn a 50% interest, has informed the company of a successful drilling result and oil discovery at the Burnett 2A well in California. \n \nThe well was safely drilled and within budget, despite severe weather conditions, to a total depth of 922 metres, encountering the targeted Burnett and Lower Burnett sands. Significant oil and gas shows were seen within these formations and Halliburton wireline logging has confirmed the presence of pay estimated in excess of 60 metres, ahead of pre-drill expectations.\n \nReabold and IMS now plan to test the well. \n \nReabold has an agreement with Sunset Exploration to pay the full drilling and completion costs of two wells within its Monroe Swell license areas in order to earn a 50% net working interest in these licenses. Additional activity beyond the initial two wells will be funded by Reabold on a 50% working interest basis.\n \nStephen Williams, Co-CEO of Reabold, commented:\n\"Success with the Burnett 2A well is highly encouraging. With low drilling and completion costs, short drilling times and substantial running room, Monroe Swell can deliver substantial production growth coupled with highly attractive returns.\"\n \nSachin Oza, Co-CEO of Reabold, commented:\n\"Following our success at West Brentwood, we are delighted to have made a significant discovery at Monroe Swell, which we have always considered the core asset within the US portfolio. Monroe Swell Is expected to be a multi-well project which can unlock significant NPV potential.\"\n \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\n \nENDS\n\n\n \n \n \nFor further information please contact:\n \n\n\n\nReabold Resources plc\nStephen Williams\nSachin Oza\n\n\nc/o Camarco\n+44 (0) 20 3757 4980\n\n\n\n\n \nStrand Hanson Limited (Nominated and Financial Advisor)\nRory Murphy / James Spinney / James Dance\n\n\n \n+44 (0)20 7409 3494\n \n \n\n...