Reabold Resources - Romania Update
("Reabold" or the "Company")
Reabold, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, is pleased to provide an update on the 2020 Work Programme on the Parta Licence Area, onshore
· Site preparations have commenced at the IMIC-2 drill site with drilling on track for Q3 2020
· Testing of IMIC-1 now expected to commence in
· 3D seismic acquisition expected to commence in
· Danube is fully funded for testing and appraisal drilling activities and 3D seismic acquisition will be funded by
IMIC-2 Appraisal Drilling
Site preparation with local contractors for the IMIC-2 well have already commenced in preparation for future drilling operations planned in Q3 2020. The IMIC-2 well has a planned total depth of 2,200 metres with approximately 23 days to drill and evaluate.
IMIC-1 Testing Programme
Danube has deferred the testing of the successful IMIC-1 well given that some of the required services need to be imported from neighbouring
3D Seismic Acquisition
The 3D seismic acquisition is expected to commence in
Danube is fully funded for the testing and appraisal drilling activities and the 3D exploration seismic programme will be funded by
"We are delighted to announce that work is progressing across both exploration and appraisal activities in
"The drilling of IMIC-2 remains on track for Q3 this year and we look forward to testing the IMIC-1 well in June which is expected to lead to a highly commercial development. We are also focussed on further harnessing the potential of the Parta licence with the 3D seismic acquisition in July, which is likely to generate high quality appraisal and exploration targets.
"Danube is fully funded for this year's work programme and we look forward to updating shareholders on the progress being made in due course."
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information please contact:
+44 (0) 20 3757 4980
+44 (0)20 7409 3494
+44 (0) 20 7710 7600
Whitman Howard Limited - Joint Broker
+44 (0) 20 7659 1234
+44 (0) 20 3757 4980
Notes to Editors
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.
Reabold'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.
Reabold has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company's strategy.
This information is provided by RNS, the news service of the
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