Business
Reabold California - Operational Update
Reabold California - Operational Update.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1084G Reabold Resources PLC 02 November 2018 \n\n02 November 2018\n \nReabold Resources Plc\n\"Reabold\" or \"the Company\"\n \nReabold California - Operational Update\n \nReabold, the oil and gas investing company, is pleased to provide an operational update on its onshore Californian assets as advised by the contract operator, Integrity Management Solutions (\"IMS\").\nHighlights\n· Venturini Ginnochio 3 (\"VG-3\") well successfully put onto production\n· Second well now planned to be drilled within the West Brentwood licence area before the end of the year with the aim of accelerating production\n· Notice of Intent to Re-Drill (\"NOI\") at Monroe Swell submitted and rig-site preparations starting\n· Drilling of a well on the Grizzly Island licence area deferred due to prioritisation of an additional West Brentwood well\n \nFollowing the successful drilling and testing of the VG-3 well, which delivered an initial rate of 200 barrels of oil per day (\"bopd\") and 60 thousand standard cubic feet per day (\"scf/d\"), IMS has put the well onto production. The well is initially being put on production using temporary production facilities, which will provide the necessary information to design a permanent facility. The permanent facilities will have a similar design to the temporary facilities except that the permanent facilities will have fixed oil storage and wash tanks rather than portable ones.\nIn addition to this, because of the success of the VG-3 well, the partners have taken the decision to prioritise the drilling of a second well on the West Brentwood licence, in which the Company has earned a 50 per cent. interest, ahead of the drilling of a well on Grizzly Island. This second well at West Brentwood is planned to be drilled before the end of the year, with the aim of accelerating the cashflow generated from the licence. As a result, Reabold has decided to defer the drilling of a well on Grizzly Island until 2019.\nAt the Monroe Swell licence, IMS is upgrading and smoothing the existing well pad in anticipation of re-drilling the Burnett 2 well. This should allow easier and safer accessibility for the rig to the site and is being undertaken in conjunction with the moving of well pumping equipment. A NOI has ...