- Reabold Resources said a well in California had successfully flowed oil during testing operations and was now being prepared for production.

Reabold owned 50% of the VG-4 well in the West Brentwood field, which was operated by Integrity Management Solutions.

Over a 19-hour period, it produced at rates as high as 1,029 barrels of oil per day before being choked back and averaging 480 barrels of oil per day.

The oil cut averaged in excess of 99.5%.

'VG-4 flow tested above our highest expectations and fully supports our strategy of accelerating cash flow from the West Brentwood field,' co-chief executive Stephen Williams said.

'The high productivity of oil and gas from VG-4 will deliver exceptional returns for our shareholders.'

At 9:44am: [LON:RBD] Reabold Resources Plc share price was +0.05p at 0.7p

Story provided by