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BUCHAREST (Romania), December 23 (SeeNews) - UK-based upstream oil company Reabold Resources said on Monday that it plans an extensive work programme worth 6.2 million Australian dollars($4.28 million/3.85 million euro) on the Parta Licence Area onshore Romania.
The programme will be carried out by Danube Petroleum, in which Reabold has a 50.8% equity interest, Reabold said in a press release.
Danube Petroleum has a 100% interest in the Parta Sole Risk Area.
The 2020 work programme funding package will cover testing, appraisal drilling, and development studies on the Parta Sole Risk Area.
Testing of the IMIC-1 well in the Parta Sole Risk Area is expected to commence in late February 2020.
"We are delighted with the progress being made at IMIC-1 to reach the production stage, which, we believe, should lead to a highly commercial development. Danube is funded for an exciting 2020 work programme in which it will test the IMIC-1 well, drill the IMIC-2 well, and acquire further the 2D and 3D lines to unlock the large resource potential in the licence," Reabold co-CEO Sachin Oza said.
In September, Reabold increased its interest in Danube Petroleum in Romania to 41.6% from 37.5% via a subscription for new ordinary shares.
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.
(1 Australian dollar= 0.6207 euro)