Update on Reabold California – Workover Programme at Monroe Swell
Reabold is pleased to announce that Integrity Management Solutions (“Integrity”), contract operator of the Company’s California investments, has informed the Company that the four wells that were successfully worked over at Monroe Swell, in which Reabold has a 50% equity interest, have now all been put onto production. Integrity estimates a gross production rate of 70 barrels of oil per day, in line with previous expectations.
Sachin Oza, co-CEO, commented:
“We are delighted with the success we have had with the Monroe Swell workover programme. Given the limited capital required to deliver this first production, these should prove to be extremely profitable barrels, delivering immediate cashflow.”
Stephen Williams, co-CEO, commented:
“As well as expecting the workover programme to deliver extremely attractive economics in its own right, we are also very pleased that the subsequent drilling programme at Monroe Swell, targeting more substantial volumes and production rates, has been notably de-risked by this early success. In the meantime, drilling of VG-3 at West Brentwood is on track and we look forward to updating the market on its results shortly.”
