Reabold Resources (LON: RBD), the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, has provided an update on the drilling activity at the VG-6 well located in its West Brentwood licence in California, in which the Company has a 50 per cent. interest.
Further to the announcement of 10 December 2019, the VG-6 well was drilled by Integrity Management Solutions (“IMS”) to a measured depth of approximately 1,455 meters and encountered oil and gas shows at the target interval, consistent with pre-drill expectations.
As per the planned work programme, the drilling rig has now been released and a workover rig is being contracted by IMS to commence the testing programme. Further announcements will be made in due course as to the results of the test and the commerciality of the well for production.
Reabold Resources plc is an investing company investing in the exploration and production sector. The Company’s investing policy is to acquire direct and indirect interests in exploration and producing projects and assets in the natural resources sector, and consideration is currently given to investment opportunities anywhere in the world.
As an investor in upstream oil & gas projects, Reabold aims to create value from each project by investing in undervalued, low-risk, near-term upstream oil & gas projects and by identifying a clear exit plan prior to investment.
The company’s long term strategy is to re-invest capital made through its investments into larger projects in order to grow the Company. Reabold aims to gain exposure to assets with limited downside and high potential upside, capitalising on the value created between the entry stage and exit point of its projects. The Company invests in projects that have limited correlation to the oil price.
RBD has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company’s strategy.
