Update on VG-3 Well, California

RNS Number : 2070E

Reabold Resources PLC

16 October 2018

 

16 October 2018

Reabold Resources Plc

"Reabold" or "the Company"

Update on VG-3 Well, California

Reabold, the oil and gas investing company, is pleased to announce that work is progressing as planned at the Venturini-Ginochio #3 ("VG-3") well, which is intended to be put onto production shortly. Photos of the progress can be seen on the Company's Twitter page, @ReaboldPLC.

The test oil produced so far has been sold and the pad at VG-3 is currently being enlarged to a sufficient size to accommodate both production and drilling equipment as we assess the location and timing of the follow-up well at West Brentwood.

ENDS

For further information please contact:

Reabold Resources Plc Sachin Oza / Stephen Williams	c/o Camarco Tel. [phone]
Strand Hanson Limited (Nominated and Financial Advisor) Rory Murphy / James Spinney / James Dance	Tel. [phone]
Camarco (PR) James Crothers / Oliver Head / Billy Clegg	Tel. [phone]
Whitman Howard Limited (Joint Broker) Hugh Rich / Grant Barker	Tel. [phone]
Turner Pope Investment (TPI) Ltd (Joint Broker) Andy Thacker

Notes to Editors

Reabold Resources 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, demonstrated by existing investments in the UK, Romania and the United States.

 

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