Reabold Resources has announced that, further to its announcement of 3 January 2019, Integrity Management Solutions ('IMS'), contract operator of the West Brentwood field in which Reabold has earned a 50 per cent interest, has informed the Company of a successful test at VG-4 ahead of pre-drill expectations.
Over a 19-hour period, the VG-4 well produced oil at rates as high as 1,029 barrels of oil per day before being choked back and averaged 480 barrels of oil per day. The cumulative oil produced was 371 barrels over the test period. The oil cut averaged in excess of 99.5%.
Additionally, the well averaged 742 thousand cubic feet per day of gas.
The well will now be prepared for production.
The next well in the Company's California drilling campaign is expected to be on Monroe Swell which the Company will update the market on in due course.
Stephen Williams, Co-CEO of Reabold, commented: 'VG-4 flow tested above our highest expectations and fully supports our strategy of accelerating cash flow from the West Brentwood field. The high productivity of oil and gas from VG-4 will deliver exceptional returns for our shareholders.'
Sachin Oza, Co-CEO of Reabold, commented: 'Whilst longer term production rates have inherent uncertainty, we are delighted with the test rates from VG-4 and look forward to the drilling across the rest of Reabold's California prospects. It is quickly becoming an important building block in our portfolio and future growth.'