Reabold Resources (LON:RBD) Oil Discovery at Monroe Swell

Reabold is pleased to announce that Integrity Management Solutions (“IMS”), contract operator of the Monroe Swell field in which Reabold will earn a 50% interest, has informed the company of a successful drilling result and oil discovery at the Burnett 2A well in California.

 

The well was safely drilled and within budget, despite severe weather conditions, to a total depth of 922 metres, encountering the targeted Burnett and Lower Burnett sands. Significant oil and gas shows were seen within these formations and Halliburton wireline logging has confirmed the presence of pay estimated in excess of 60 metres, ahead of pre-drill expectations.

Reabold and IMS now plan to test the well.

Reabold has an agreement with Sunset Exploration to pay the full drilling and completion costs of two wells within its Monroe Swell license areas in order to earn a 50% net working interest in these licenses. Additional activity beyond the initial two wells will be funded by Reabold on a 50% working interest basis.

Stephen Williams, Co-CEO of Reabold, commented:

“Success with the Burnett 2A well is highly encouraging. With low drilling and completion costs, short drilling times and substantial running room, Monroe Swell can deliver substantial production growth coupled with highly attractive returns.”

Sachin Oza, Co-CEO of Reabold, commented:

“Following our success at West Brentwood, we are delighted to have made a significant discovery at Monroe Swell, which we have always considered the core asset within the US portfolio. Monroe Swell Is expected to be a multi-well project which can unlock significant NPV potential.”

 


Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.

Terms of Website Use

All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Malcare WordPress Security