Reabold, the oil and gas investing company, is pleased to announce that good progress has been made ahead of drilling at both the Monroe Swell and West Brentwood areas, onshore California.
At Monroe Swell, the first well will initially utilise the existing Burnett-2 well bore, before focusing on a new target in a previously untapped portion of the oil field. The drilling location and access road have been successfully graded, and a workover rig is onsite and conducting operations to prepare the Burnett-2 re-drill well for the drilling rig.
Following the Thanksgiving holidays this weekend, the drilling rig is expected to be on site within 7-10 days. The Company will earn into a 50% interest in Monroe Swell on completion of a two well programme.
At West Brentwood, where the Company has earned a 50% interest, as previously announced, the site has already been upgraded to allow for the next well, Ginochio-2 (“G-2”), to be drilled from the existing VG-3 pad. Work has now commenced on installing the G-2 cellar and preparing the site to receive the drilling rig. The drilling rig is expected to be mobilised to G-2 immediately following completion of its operations at Monroe Swell.
Stephen Williams, co-CEO, commented:
“Very good progress has been made at our California projects on both the regulatory and operational fronts, and we are very pleased to be in a position to deliver our second and third wells in the California campaign over the coming weeks.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
