Reabold Resources welcomes positive drilling news from West Brentwood

Reabold Resources reported on Thursday that, further to its announcement on 19 December, Integrity Management Solutions (IMS) - contract operator of the West Brentwood field, onshore California, in which Reabold has earned a 50% interest - has informed it of a successful drilling result at the VG-4 well.

The AIM-traded firm said the well was drilled safely and within budget to a total depth of 4,700 feet, and had “significant” oil and gas shows in the targeted second massive formation.

Halliburton wireline logging confirmed the presence of pay, the company added.

Reabold and IMS now planned to complete and put the well into production.

The board said the drilling of VG-4 followed the successful VG-3 well, which was drilled and put into production on the West Brentwood field last year.

It added that the next well in its California drilling campaign was expected to be on Monroe Swell, which the board would update the market on in due course.

“Success at VG-4 is a great result, both in terms of the substantial increase in cash flow that we can generate from West Brentwood, and in proving that we have significant running room within our California portfolio,” said co-chief executive officer Stephen Williams.

“We are looking forward to drilling additional wells in California this year, as well as to the results of multiple drilling events across our other projects in the coming weeks.”