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BUCHAREST (Romania), September 9 (SeeNews) - Australian oil, gas and metal exploration company ADX Energy and its partner, UK-based Reabold Resources, said on Monday they have found hydrocarbons in multiple zones after completing the drilling at the Iecea Mica-1 (IM-1) well in Romania.
Successful discovery in both the primary target and additional zones, with volumes substantially exceeding pre-drill estimates, the two companies said in a joint press release.
The well is now being prepared for production testing, it added.
ADX Energy Ltd. said it now estimates 2C contingent resources of 20 billion cubic feet, up from a previous 6.1 bcf.
"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," Reabold co-CEO Sachin Oza said.
"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," Oza added.
Reabold holds a 37.5% stake in Danube Petroleum, which owns the Parta onshore exploration permit containing the Iecea Mare production licence. The remaining shareholding interest is owned by ADX Energy.
London Stock Exchange-listed Reabold Resources is an investing company that acquires direct and indirect interests in exploration and producing projects and assets in the natural resources sector.
In April, Reabold Resources said that a subsidiary of Danube Petroleum has signed an agreement with Australia's Parta Energy to finance a planned $1.5 million (1.33 million euro) seismic programme in Romania.
($= 0.9065 euro)