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BUCHAREST (Romania), August 27 (SeeNews) - Australian oil, gas and metal exploration company ADX Energy and its partner, UK-based Reabold Resources, said on Tuesday they found encouraging results after spudding Iecea Mica-1 (IM-1) well in Romania.
The IM-1 well was spudded on August 6 and the total time to drill and evaluate the well is expected to be approximately 29 days, Reabold and ADX said on Tuesday in a Romania operational update.
"These initial results are very encouraging and indicative of a gas and oil discovery at the IM-1 well. 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," Reaobold Co-Chief Executive Officer Stephen Williams said.
The well has reached total depth 2,335 m and a preliminary petrophysical analysis is expected to be completed and subsequently reported over the coming days.
However, the results are encouraging based on drilling and raw wireline log data assessed to date, the two companies said.
In June, Reabold and ADX said they have begun the well-site and access road construction of Iecea Mica-1 well.
On May 28, the two companies received all necessary environmental approvals and construction authorisations for the Iecea Mica-1 well in the Iecea Mare production licence.
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 $1.5 million (1.33 million euro) seismic programme in Romania.
($= 0.8999 euro)