Reabold California Update

RNS Number : 6747R

Reabold Resources PLC

04 March 2019

 

4 March 2019

Reabold Resources Plc

("Reabold" or the "Company")

Reabold California Update

Reabold is pleased to announce the access road at Monroe Swell has dried out after a prolonged period of severe weather conditions. Drilling equipment was delivered to the well pad throughout last week and the Burnett 2A well was spud on 2 March 2019. 

This is the first of two wells at Monroe Swell that will be funded by Reabold in order for the Company to earn a 50% working interest in the acreage.  The well is being operated by Integrity Management Solutions. 

Sachin Oza, Co-CEO of Reabold, commented:

"We are delighted that improved weather has now allowed us to commence drilling at Monroe Swell and pursue the significant potential resource at that field.  In the meantime, we continue to be impressed by the performance at West Brentwood, and we are actively considering the potential for additional wells to further accelerate the already impressive cashflow."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

ENDS

For further information please contact:

Reabold Resources plc Stephen Williams Sachin Oza	c/o Camarco [phone]
Strand Hanson Limited (Nominated and Financial Advisor) Rory Murphy James Spinney James Dance	[phone]
Camarco James Crothers Ollie Head Billy Clegg	[phone]
Whitman Howard Limited - Joint Broker Nick Lovering Grant Barker	[phone]
Turner Pope Investments (TPI) Ltd - Joint Broker Andy Thacker	[phone]

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.

 

END

 

 

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