Business
Parta - Independent Evaluation Results
Parta - Independent Evaluation Results.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2948U Reabold Resources PLC 11 July 2018 \n\n11 July 2018\n \n \nReabold Resources Plc\n(\"Reabold\" or \"the Company\")\n \n \nParta Appraisal Project - Independent Evaluation Results\n \n \nReabold is pleased to note the announcement by ADX Energy Ltd (\"ADX\") (ASX Code: ADX) that an Independent \nReview of the Parta Appraisal Programme (in which Reabold has an interest via its 29 per cent. shareholding in Danube Petroleum Limited) has recently been completed by ERC Equipoise Pte Ltd (ERCE). The assessment includes \nthe two planned appraisal wells in the Parta Exploration License and recently acquired Iecea Mare production license. ADX, the Operator, reports that the results confirm previously announced contingent resource estimates and exceed previously announced prospective resource estimates. ERCE is an international, independent consultancy specialising in geoscience evaluation, engineering and economic assessment.\n . \n \nStephen Williams, co-CEO commented: \n\"We are delighted that the Independent Review has confirmed the potential for this derisked and high impact appraisal project, and we very much look forward to the targeted spud later this year.\" \n \nSachin Oza, co-CEO commented: \n\"The Parta appraisal programme provides a clear example of Reabold's strategy to invest in opportunities which catalyse near term drilling into technically derisked assets with extremely attractive economics. In addition to the initial appraisal campaign, we are also extremely excited about the prospectivity of the Parta license as a whole.\" \n \n \nSet out below is the full text of the ADX announcement. Note: It should be noted that all resource estimates are stated gross.\n \nSummary of Resource Review Results\nADX contingent resource estimates are confirmed by ERCE and a significant increase in aggregated resource potential is estimated by ERCE across all Unrisked Gas Prospective Resource categories for the two well program compared to that previously announced by ADX....