Reabold Resources PLC Reabold California - VG-6 Update (7638Y)
06 Gennaio 2020 - 8:00AM
UK Regulatory
TIDMRBD
RNS Number : 7638Y
Reabold Resources PLC
06 January 2020
6 January 2020
Reabold Resources plc
("Reabold" or the "Company")
Reabold California - VG-6 Update
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 drilling activity at the VG-6 well located
in its West Brentwood licence in California, in which the Company
has a 50 per cent. interest.
Further to the announcement of 10 December 2019, the VG-6 well
was drilled by Integrity Management Solutions ("IMS") to a measured
depth of approximately 1,455 meters and encountered oil and gas
shows at the target interval, consistent with pre-drill
expectations.
As per the planned work programme, the drilling rig has now been
released and a workover rig is being contracted by IMS to commence
the testing programme. Further announcements will be made in due
course as to the results of the test and the commerciality of the
well for production.
For further information please contact:
Reabold Resources plc c/o Camarco
Stephen Williams +44 (0) 20 3757 4980
Sachin Oza
Strand Hanson Limited (Nominated and Financial
Adviser)
James Spinney
Rory Murphy
James Dance +44 (0)20 7409 3494
Stifel Nicolaus Europe Limited - Joint Broker
Callum Stewart
Nicholas Rhodes
Ashton Clanfield +44 (0) 20 7710 7600
Whitman Howard Limited - Joint Broker
Nick Lovering
Grant Barker +44 (0) 20 7659 1234
Turner Pope Investments (TPI) Ltd - Joint
Broker
Andy Thacker
Zoe Alexander +44 (0) 20 3657 0050
Camarco
James Crothers
Ollie Head
Billy Clegg +44 (0) 20 3757 4980
This announcement contains inside information.
Notes to Editors
Reabold Resources plc is an investing company investing in the
exploration and production ("E&P") sector. The Company's
investing policy is to acquire direct and indirect interests in
exploration and producing projects and assets in the natural
resources sector, and consideration is currently given to
investment opportunities anywhere in the world.
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
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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