Reabold Resources (AIM:RBD) said its 2020 work programme in Romania continues to advance as it prepares to commence well test operations at the Iecea Mica-1 well ("IMIC-1").
As announced on 9 September 2019, the IMIC-1 well encountered gas across three zones with a 20 BCF 2C contingent resources estimate.
The well was subsequently suspended for future completion as a producer following testing.
Testing was deferred until down hole well production equipment was manufactured so that the well could be optimally completed utilising underbalanced perforation with a view to maximising well productivity.
Reabold announced today that workover rig mobilisation, using underbalanced perforation techniques, will commence on 19 June 2020 in preparation for production testing of the successful IMIC-1 well.
Production testing will commence following the rig up of the work over rig, the removal of well head, the installation of permanent production tubing and flow control equipment, as well as the perforation of the well casing utilising underbalanced inflow techniques to maximise well production.
The tests will determine the production capacity of the well and confirm the suitability of the gas composition for commercial sales. After testing, the well will be shut in to determine the suitability of the IMIC-1 gas composition for commercial sales, the group noted.
Testing will concentrate on the PA IV sand, which is a proven reservoir and has the greatest reserves potential of the three reservoir intervals intersected in the IMIC-1 well.
Shares in Reabold Resources opened at 0.61p on Thursday morning.
The group announced the commencement of the $6.2m funded work programme by Danube Petroleum in December last year, of which it holds a 50.8% interest in.
"The work programme in Romania continues to progress and we look forward to the results from testing the IMIC-1 well, which will determine the production capacity of the well and confirm the suitability of the gas composition for commercial sales,” said Sachin Oza, co-CEO of Reabold.
Testing programme includes installing permanent production tubing and flow control equipment in the well, underbalanced perforation and production testing of the well, it said.
The tests will determine the production capacity of the well and confirm the suitability of the gas composition for commercial sales. After testing, the well will be shut in to determine the suitability of the IMIC-1 gas composition for commercial sales, the group noted.
Reabold said the reservoir unit has ‘a large stratigraphic upside potential, which will be further quantified in the near future with the planned high resolution 2D seismic programme scheduled for the third quarter of 2020.’
Following the completion of the production testing programme the well will be shut in awaiting commercial production at a future time, the company detailed.
“We are looking at ways to commercialise future production in Romania and are encouraged by the potential resource upside across the licence, which will be further assessed during the seismic programme across the IMIC-1 and IMIC-2 accumulations later this year,” added Oza.
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