Oil & gas investing company Reabold Resources has announced a new hydrocarbon discovery.
The AIM-listed company today announced that Integrity Management Solutions made a commercial hydrocarbon discovery at the Venturini-Ginochio #3 well in West Brentwood, California.
According to an RNS, the well was safely drilled to the planned target depth of 4600ft and will now be completed as a producer.
The well was drilled in a location up-dip of a previously-producing well on the West Brentwood field where logging equipment indicated the presence of good sands and significant oil and gas shows.
Halliburton wireline logging confirmed the presence of approximately 60 feet of pay, in line with the company’s pre-drilling targets, and surface cutting samples were taken confirming the presence of hydrocarbons.
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Stephen Williams, Reabold Resources co-CEO, said: "We are delighted that the first well in the current six-well programme has been such a success.
“Reabold California is progressing as well as we could have hoped, with the workover programme already in production and now the first activity with the drill bit leading to a commercial discovery.
"We look forward to the drilling of additional wells in California and hope to deliver more good news for investors throughout the year and beyond."
Given the success at VG-3, Reabold and Integrity have started to assess whether there is potential to add a second well at West Brentwood to enhance value.
This second well would be drilled at 50% paying interest and 50% equity interest to Reabold.
Sachin Oza, co-CEO, said: "Reabold's strategy of funding near-term drilling into de-risked, pre-cash-flow assets has proven successful at West Brentwood.
"We look forward to the remaining five wells in the 2018 Reabold drilling campaign, and to further execution of our strategy into additional high impact projects.”
