Oil & gas investment company Reabold Resources (RBD) today said it was “delighted” to announce that its contract operator had completed a successful test at its well in West Brentwood.
Integrity Management Solutions, the contract operator of Reabold’s California investments, undertook the successful test at the Venturini-Ginochio #3 well.
In the first first 36 hours of testing, Integrity accumulated over 400 barrels of oil ready for sales.
Integrity is now preparing facilities to accommodate production in excess of 200 barrels of oil per day and 60m cubic feet of gas per day.
Given the initial successful results, Integrity believes an additional two wells may be optimal for the full development of the remaining potential at the West Brentwood field.
Stephen Williams, co-CEO, said: "We are delighted with such a strong initial production rate at VG-3, which is significantly above our assumed range.
“The economics associated with the project should be extremely favourable, and the fact that we are likely to be able to further exploit the resource with additional wells is a further positive.”
Sachin Oza, co-CEO also said: "Reabold's strategy of funding near-term drilling into de-risked, pre-cash-flow assets continues to play out successfully at West Brentwood.
"We look forward to our numerous upcoming wells both in California and within our other projects, and to bringing additional high impact assets into the Reabold portfolio."
Given the initial successful results, Integrity believes an additional two wells may be optimal for the full development of the remaining potential at the West Brentwood field.
Earlier this month it was revealed that insurance giant Prudential had taken a 9.23% stake in the upstream oil & gas investment group.
Prudential now owns 352,941,176 shares in the oil & gas investment group.
Reabold Resources invests in operating companies whose main value driver is the oil & gas asset of interest.
The company’s investment policy is to acquire direct and indirect interests in exploration and producing projects and assets in the natural resources sector.
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