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Reabold Resources hails success of new California well

"Success at VG-4 is a great result, both in terms of the substantial increase in cash flow that we can generate from West Brentwood, and in proving that we have significant running room within our California portfolio”

oil and gas operations
It will be delivered into production

Reabold Resources Plc (LON:RBD) told investors that the VG-4 well has been drilled successfully at the West Brentwood field.

The field is located in California and the new well has been drilled down to a depth of 4,700 feet, encountering significant oil and gas shows. Subsequent logging analysis confirmed the presence of the net pay.

READ: Reabold Resources delighted with farm-out of North Sea licence

It is now​ planned that the well will be completed and brought into production. Reabold holds a 50% interest in the well which is now set to generate revenue.

"Success at VG-4 is a great result, both in terms of the substantial increase in cash flow that we can generate from West Brentwood, and in proving that we have significant running room within our California portfolio,” said Stephen Williams, Reabold co-chief executive.

“We are looking forward to drilling additional wells in California this year, as well as to the results of multiple drilling events across our other projects in the coming weeks."

More drilling is planned in California. The company’s next well in the schedule is known as Monroe Swell.

Quick facts: Reabold Resources

Price: 0.8599 GBX

AIM:RBD
Market: AIM
Market Cap: £57.88 m
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