Reabold has announced this morning that the UK Wick well will be plugged and abandoned having encountered water bearing sands. Whilst this is disappointing, we note that Wick had always been flagged as a higher than average risk well for Reabold, and their investment in Corallian had primarily been on the back of Colter, with Wick a subsequent free option as Corallian farmed it down in exchange for a carry on the drilling costs. We reduce our NAV slightly from 3.8p to 3.6p, and whilst we expe
16 Jan 2019
Wick unsuccessful
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Wick unsuccessful
Reabold Resources plc (RBD:LON) | 0.1 0 0.0% | Mkt Cap: 6.37m
- Published:
16 Jan 2019 -
Author:
Jessica Saadat -
Pages:
4
Reabold has announced this morning that the UK Wick well will be plugged and abandoned having encountered water bearing sands. Whilst this is disappointing, we note that Wick had always been flagged as a higher than average risk well for Reabold, and their investment in Corallian had primarily been on the back of Colter, with Wick a subsequent free option as Corallian farmed it down in exchange for a carry on the drilling costs. We reduce our NAV slightly from 3.8p to 3.6p, and whilst we expe