ADX, Reabold Inject Funds Into Parta Project
The UK’s Reabold Resources and Australia’s ADX have injected extra funds into their joint venture to pay for appraisal work at the Parta gas project in western Romania.
Reabold said on September 16 it had arranged to subscribe for 810,811 shares in Danube Petroleum at a price of £1 per share, amounting to $1mn in total funding. Meanwhile, ADX has subscribed for 540,541 shares in the venture at the same price, making an investment of $670,300. As a result, ADX now holds a 58% stake in Danube, while Reabold has 42%.
These funds will be used to pay for the preparation of the Iecea Mica-1 appraisal well for testing, approvals and planning work for the Iecea Mica-2 appraisal well and 2D seismic data acquisition, ADX said on September 17. The partners struck gas at Iecea Mica-1 earlier this month, identifying a 20bn-ft3 resource that exceeded pre-drill expectations.