Business
Second Oil Discovery at Monroe Swell
Second Oil Discovery at Monroe Swell.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5805U Reabold Resources PLC 01 April 2019 \n\n1 April 2019\n \nReabold Resources Plc\n(\"Reabold\") or (the \"Company\")\n \nSecond Oil Discovery at Monroe Swell\n \nReabold is pleased to announce that, further to its announcement of 22 March 2019, Integrity Management Solutions (\"IMS\"), contract operator of the Monroe Swell field in which Reabold will earn a 50 per cent. interest, has informed the Company of a successful drilling result and oil discovery at the Burnett 2B well in California, following on from the successful Burnett 2A well result announced on 11 March 2019. \n \nThe well was drilled safely and within budget, despite continued severe weather conditions, to a total depth of 894 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 estimated pay of 90 metres, ahead of pre-drill expectations. A production test is planned for both the Burnett 2B and 2A wells.\n \nReabold has an agreement with Sunset Exploration to pay the full drilling and completion costs of two wells within its Monroe Swell licence areas in order to earn a 50 per cent. net working interest in these licences. Once the Burnett 2A and the Burnett 2B have been completed to first sales, Reabold will have earned its 50 per cent. interest.\n \nAdditional activity beyond the initial two wells will be funded by Reabold on a 50 per cent. working interest basis.\n \nStephen Williams, Co-CEO of Reabold, commented:\n\"Success with the Burnett 2B well, following on from Burnett 2A, is highly encouraging. The decision to accelerate the Burnett 2B well and the speed with which the programme was executed is indicative of the pace of activity we can achieve on the licence. With low drilling and completion costs, short drilling times and extensive running room, Monroe Swell has the potential to deliver substantial production growth, coupled with highly attractive returns.\n \n\"We now look forward to testing these two wells and evaluating further drilling locations on Monroe Swell and will update the market accordingly.\"\n \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\n \nENDS\n ...