Reabold Resources PLC (LON:RBD) Co Chief Executive Officer Stephen Williams caught up with DirectorsTalk for an exclusive interview to discuss the operational update at the IM-1 well in Romania, the significance of the discovery to their portfolio and what attracted them to the Romania project.
Q1: The operationalupdate with regards to the IM-1 well inRomania, can you just talk us through that?
A1: Bottom line, all very positive so far,we’re extremely happy with what we’re seeing there. This is a well that wasalways targeting multiple wells, we’ve seen gas shows throughout large parts ofthe well so lots of hydrocarbon which is obviously fantastic.
Crucially, we’veseen very strong gas shows coincident with very good quality reservoir rock inthe primary target so we’ve got a very high level of confidence that this isgoing to be a successful well and we saw various other zones as potential payas well so all looking very good versus pre-drill expectations.
Particularinterest, we’ve seen heavier hydrocarbons in the samples, there’s indicationshere that there may be a liquids play in some of the deeper zones that we’ve gonethrough so far. Of course, that would be extremely interesting, the gas wasalways the primary target here but finding liquids just adds substantially toboth the value and the ability to quickly monetise this well.
So, extremely interesting results, very positive so far and we look forward to continuing to analyse this well and seeing exactly what we’ve got here.
Q2: So, whatwill be the forward plan now for this asset?
A2: On this particular well, the IM-1well, firstly we’ve got to do the drilling for the deepest exploration targetsthat are also part of this well so that’s ongoing now.
Once we’vedone that and we’ve got the whole thing ready, we can subsequently go on totest the zones of the most interest. So, we’ve already said we’ve got severalzones already in this well that we’ll be looking to test and we’ll see what we’llget in the very deepest targets as well so that’s something we’ll be doing inthe near future.
On top ofthat, this is an appraisal and exploration well but this well has been designedto be a producer so given what we’ve seen so far, we’re very confident thatthis well will be producing hydrocarbons going forwards.
On top ofthat, we’re ready to drill again here pretty soon so when we were going throughthe permitting process for IM-1, our permits were also put in place for theother well in the campaign, IM-2. So, we should be in a position where it’spossible to drill that well pretty quickly too so we’ll have the 2 wells bothtested.
Beyond that, the next step is to shoot some seismic so there’s seismic campaign that will be underway in the not too distant future. We’ll then be able to put together all the data from the wells and the seismic and that should open up multiple additional targets on the Parta licence going forward.
Q3: Howsignificant could this discovery be to Reabold Resources in the context of theReabold portfolio?
A3: Yes, I think this could be very significant.Clearly, we’ve already got some very impressive assets in the portfolio so tostand up against the likes of West Newton is not easy but we really believethat Parta will be at that sort of scale.
The future ofthe Parta asset has always been and continues to be that we’d expect to seemultiple pools of gas, and hopefully oil as well, across the licence of whichthis is actually just the first.
So, the ideahere is we drill what we thought was probably the lowest risk target first, wehave a success which we appear to have and we shoot additional seismic as well.Once you’ve got your eye in from the initial successful drilling and you can combinethat with all the additional seismic you shoot, we fully expect to open upsubstantial running room across this licence area.
When you tie all of that data together, we hope to get to the position where we can identify very large quantities of resource which can be drilled out on a step by step basis and really, it’s something that can be very sizable.
Q4: Can youremind us what attracted Reabold Resources to the Romanian project initiallyand how that investment case has impacted by this result?
A4: I guess, going back to what I said onthe last one, one of the most attractive things here is the running roomassociated with it. What we’ve also got here is the ability to drill multipletargets that we see into assets that really fit in to the general company strategy,which is trying to find assets which, although they’re pre-cash flow, are considerablyde-risked by historical activities. They’re in an area where there’s been lotsof oil and gas activity, therefore there’s lots of data. The IM-1 well isessentially twining an old well that made a discovery many years ago so we hada very good feeling that this was going to be successful and we were going tofind something.
That is sortof the main characteristic of this play and that’s why we were so attracted toit and why we continue to be so interested in it. It’s the ability to drillthese low-risk wells in a region that they’re very monetizable, lots of oil andgas infrastructure around, an established industry. Once you get to that pointof making the discovery and fully de-risking the subsurface, you can get intoproduction and realise value from quite quickly.
How has thatimpacted by what we’ve said today? Well, essentially, it’s just improved thatinvestment based on the basis that we’ve further de-risked the entirety of thelicence by getting the data set from this well and of course, being successfulas a well in its own right.
We really feelwe have the ability to build a business of real scale in Romania and actually, potentiallybroadly more across Central and Eastern Europe where we see similarcharacteristics there across the whole region.
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