Reabold Resources pleased with progress at Iecea Mare
Reabold Resources
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08:49 19/04/24
Upstream oil and gas project investor Reabold Resources updated the market on the Iecea Mare production licence, onshore western Romania, on Tuesday, confirming that the operator ADX Energy had reached a total depth of 2,335 metres measured depth on the IM-1 appraisal well, with wireline logging complete.
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The AIM-traded firm said a number of potential pannonian reservoirs had been intersected, and logged with observed hydrocarbon shows.
Those shows included two metres of sandstone at a depth of approximately 1,863 metres measures depth with gas shows at the ‘PA III’ stratigraphic interval, and a five metre sandstone at a depth of 2,033 metres measured depth with gas shows as expected at the ‘PA IV’ stratigraphic level, which was the zone successfully tested in the historical well.
They also included aq stratified sandstone and siltstone section from 2,140 to 2,163 metres measured depth, including a number of potential reservoirs with heavier gas shows in the ‘PA V’ interval, with the board noting that a historical offset production well had produced oil from that interval/
A preliminary petrophysical analysis was expected to be completed and reported in the coming days, Reabold added.
However, it said the results of the ‘PA IV’ sand and the ‘PA V’ sand were “encouraging”, based on drilling and raw wireline log data assessed to date.
The next zone of interest was at approximately 2,400 metres measured depth, with the IM-1 well spudded on 6 August, and total time to drill and evaluate the well expected to be approximately 29 days.
Reabold said it was exposed to the IM-1 well via its 37.5% equity interest in Danube Petroleum, which owns 50% of the Parta exploration licence and 100% of the defined 19.4 square kilometre sole risk area, which included the Iecea Mare production licence.
“These initial results are very encouraging and indicative of a gas and oil discovery at the IM-1 well,” said Reabold Resources co-chief executive officer Stephen Williams.
“The Parta licence is a key asset for Reabold and we are delighted to be seeing potential success with the first well.
“We now look forward to petrophysical analysis of the hydrocarbon shows whilst the well continues to evaluate deeper targets.”