Business
Parta Well Appraisal Operations Update
Parta Well Appraisal Operations Update.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5797A Reabold Resources PLC 30 May 2019 \n\n30 May 2019\n \nReabold Resources Plc\n(\"Reabold\" or \"the Company\")\n \nParta Well, Onshore Romania, Appraisal Operations Update\n \nReabold, the investor in pre-cash flow upstream oil and gas projects, is pleased to provide an update in relation to the Parta appraisal programme in Romania, in which the Company has a 37.5 per cent. interest via its shareholding in Danube Petroleum Limited (\"Danube\"). \n \nFollowing the announcement of 19 March 2019, Danube has received all the required permits from the relevant bodies and secured all the key services and materials required to enable the drilling of the Iecea Mica 1 (\"IM-1\") well. The construction of the well site and access road is expected to be completed within 6-8 weeks, following which, the IM-1 well will be drilled immediately. \n \nThe upper 2,350 metres of the IM-1 well will be a re-drill of the original discovery well and will evaluate multiple gas zones mapped on 3D seismic data including a gas zone which was flow tested. The well will then be deepened by a further 200 metres to evaluate a larger exploration target, which has been proven to contain hydrocarbons in other fields within the basin. \n \nIt should be noted that all approvals and permits have already been secured for the Iecea Mica 2 well, the second planned well in the Parta appraisal programme.\n \nStephen Williams, Co-CEO of Reabold, commented: \n\"The IM-1 well is not only highly prospective, it also has the benefit of being close to infrastructure for gas, oil and electricity, thereby enabling the future potential for low cost, highly profitable commercialisation. With low well costs and approvals already secured for the second well in the appraisal campaign, we see significant value and running room in our Romanian investment and look forward to updating the market on further news in the coming months.\"\n \nFurther details of the Parta appraisal update can be found via ADX's ASX release dated 30 May 2019, titled 'Final Drilling Approvals Received For Iecea Mica-1': \nhttp://adx-energy.com/documents/final-drilling-approvals-received-for-iecea-mica-1.pdf \n \nThis announcement contains inside information for the purposes of Article 7 of Regulatio...