# Reabold Resources Plc Successful Appraisal Well at Parta Licence, Romania

- Link: https://www.directorstalkinterviews.com/reabold-resources-plc-successful-appraisal-well-at-parta-licence-romania/412792274
- Published: 2019-09-09T07:15:26+01:00
- Author: Giles Arbor

**Reabold Resources** (LON: RBD), the AIM investing company which focuses on investments
in pre-cash flow upstream oil and gas projects, has today noted the announcement
made by ADX Energy Ltd earlier, regarding an update on the drilling of the Iecea
Mica-1 (“IM-1”) appraisal well, located within the Parta license, onshore Romania.
Drilling has been completed safely and hydrocarbons have been discovered in multiple
zones.

Reabold holds a 37 per cent. equity interest in Danube Petroleum, which has 100%
working interest in the sole risk area within the Parta licence that includes IM-
1, as well as 50 per cent. of the remainder of the Parta licence. ADX is the operator
of the well.

**Highlights**

· Successful discovery in both the primary target and additional zones, with volumes
substantially exceeding pre-drill estimates

· Operator volumetrics increased across IM-1 intervals to 20 Bcf of Contingent Resources
from 6.1 Bcf of Contingent and 12.7 Bcf Prospective Resources

· IM-1 well now being prepared for production testing

o The primary target, the PA IV interval, has shown high quality reservoir, giving
confidence to good production rates

· Testing of the deeper basement target has been deferred, but prospectivity of 
the play has been upgraded and can be tested with a future well

The full ADX announcement can be viewed here: https://adx-energy.com/documents/iecea-
mica-1-well—results-operations-update.pdf

![Parta Reservoir Thickness Map](https://www.directorstalkinterviews.com/wp-content/
uploads/2019/09/Parta-reservoir-thickness-map.png "Reabold Resources Plc Successful
Appraisal Well at Parta Licence, Romania (RBD)")

Successful discoveries have been made over a 14.5 metre section of net pay at a 
number of Pannonian (“PA”) intervals; namely, the PA IV interval (the primary target
of the well), the PA III and PA V formations. Overall, volumetrics across the intervals
at IM-1 have been increased by ADX to 20 Bcf (billion cubic feet) of 2C Contingent
Resources, which compares favourably to the predrill best estimate of 6.1 Bcf of
Contingent and 12.7 Bcf Prospective Resources. (ERCE Independent Resource Estimates
for Parta Appraisal Programme).

The primary target, the PA IV interval, had measured porosities in excess of 20%
and calculated permeabilities in the order of 50 to 100 mD (millidarcies), suggesting
reservoir quality is at the upper end of pre-drill expectations, giving confidence
of strong gas production rates.

The PA III and PA V exploration intervals were shown to be hydrocarbon bearing with
the PA V interval being assessed to be a gas condensate discovery. The PA V interval
has previously been tested at a rate of 126 barrels of oil per day by the IM-30 
well, 2.5 km north of IM-1 and approximately 70 meters deeper.

The discoveries across the three intervals will be confirmed by the testing programme.

Attempts to drill into the deeper fractured basement play intersected a highly over-
pressured zone associated with a strong drilling break, indicative of formation 
porosity and permeability, coincident with an increase in gas shows. Severe mud 
losses were experienced, indicating open fractures in the formation. The presence
of highly permeable fractured zones proximal to basement, together with the gas 
shows encountered, has upgraded the prospectivity of the play across the licence.
As discussed, for technical, commercial and safety reasons, the drilling of the 
basement play has been deferred to a later date.

Marcos Mozetic, an exploration geologist, with over 42 years of international technical
experience has reviewed the technical information in this announcement and approved
it for release in his capacity as a Qualified Person under the AIM Rules. Marcos
holds a BSc and Post-Graduate degree in Petroleum Geology from the University of
Buenos Aires. Marcos is a member of the Society of Exploration Geophysicists.

**Sachin Oza, Co-CEO of Reabold Resources, commented:**

> “We are delighted that the discovery at IM-1 has exceeded expectations and should
> lead to a highly commercial development in the near future. This result bodes 
> well for the testing of IM-1 and for the drilling of IM-2.
> “We see Romania as a significant source of opportunity, and the Parta licence 
> provides Reabold with extensive running room for growth and further value creation
> above and beyond the near-term appraisal programme.”

**Contingent Resources:** Contingent Resources are those quantities of petroleum
estimated, as at a given date, to be potentially recoverable from known accumulations
but, for which the applied project(s) are not yet considered mature enough for commercial
development due to one or more contingencies. 1C, 2C, 3C Estimates: in a probabilistic
resource size distribution these are the estimates that have a respectively 90% (
P90), 50% (P50) and 10% (P10) probability that the quantities actually recovered
will be exceeded.

Share on: