Reabold Resources Plc (LON: RBD), the investor in pre-cash flow upstream oil and gas projects, has today provided 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.
Following 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.
The 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.
It 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.
Stephen Williams, Co-CEO of Reabold Resources plc, commented:
“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.”
