Q2 is when we find out if Romania asset is any good ... so expect more new flow of hydrogen as they get you to focus on the positives ...
Reabold Resources, the UK AIM listed investor in appraisal stage stranded oil & gas assets, had a live Q&A that you can still listen to (https://webcasting.brrmedia.co.uk/broadcast/60194c39a6bfbf43d06ac550)
They just raised money for other projects and were now answering investor questions. Romania not the main focus, they were much happier tot talk about UK and US assets ... where news flow is positive.
At the 6:20 mark and 38:00 mark they talk about Romania.
Why the radio silence on Romania? Because the well acidifying and well test did not go according to expectations and they are now doing detailed technical analysis to understand why, something they have not yet understood. Results of the analysis will affect how/when/if to proceed with second well.
This pretty much matches what the option Prospectus said (although Prospectus does not confess to the same level of ignorance of what went wrong):
"The well remains shut in while ADX determines whether further stimulation work is likely to successful and re-evaluates likely reserves potential of accumulation intersected by the well. A number of technical options exist for the Iecea Mica-1 well including but not limited to further testing, utilising the well to access deeper exploration potential or abandoning the well in the event the well is no longer likely to have a practical or commercial use. The abandonment of the well may constitute a future liability ... decision in first half of 2021"
Q4 Operational update essentially told us Q2 is when we hear something:
"The integrated interpretation of the 3D area with a special focus on IMIC-1 results, implications for planned IMIC-2 well and remaining (deeper) prospectivity has commenced during the quarter and is expected to be completed in Q1 2021."
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