June 18 (SeeNews) - Australian oil, gas and metal exploration company ADX Energy said on Tuesday that together with UK-based Reabold Resources it has begun the well-site and access road construction of Iecea Mica-1 well in Romania.
Well-site construction is expected to be completed on July 19 and will be followed by mobilization of a drilling rig to the site, ADX Energy said in a press release.
The construction of a 1.6 km access road to the rig site is expected to be concluded on June 24.
"The well is not only highly prospective, it has the benefit of being proximal to infrastructure for both gas, oil and electricity enabling low cost, highly profitable commercialization," ADX Energy said.
On May 28, the two companies received all necessary environmental approvals and construction authorizations 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 $1.5 million (1.33 million euro) seismic programme in Romania.
($=0.8872 euro)