Reabold Resources Plc (RBD), an oil and gas investing company, released an operational update on its onshore California assets.
RBD, working with contract operator Integrity Management Solutions (IMS), had previously successfully drilled and tested the Venturini Ginnochio 3 (VG-3) well, delivering an initial rate of 200 barrels of oil per day. Given these positive results, IMS has put the well onto production using temporary production facilities while permanent ones are designed and finalized.
The success of the VG-3 well has spurred the partners to move ahead with plans for a second well on the West Brentwood, California licence, in which RBD has earned a 50% interest. The company is hoping to be drilling the second well at West Brentwood before the end of the year.
With heavy emphasis being placed on this second well, RBS have decided to table drilling a well on the Grizzly Island property until 2019.
At the group’s Monroe Swell license, the existing well paf is being upgraded and smoothed by IMS as the partners look to re-drill the Burnett 2 well. A Notice of Intent to Re-Drill (NOI) has been submitted for the Burnett-3 well and is in review by the State of California Department of Conservation, Division of Oil, Gas, and Geothermal Resources. Reabold expects the review process to move quickly.
This operational update is the latest in a strong positive period for Reabold Resources. With their investments in California and Romania panning out fruitfully, Reabold is likely to keep up this momentum and shore up shareprices.
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