Is Colter fully funded?
Yes. Reabold’s initial investment of £1.5m resulted in the well being fully funded for drilling at a planned 40% Corallian interest. Following the recently announced Corallian fundraise, Colter is now fully funded at the higher working interest level of 50%.
Is Colter on time?
Yes. Colter is still on time and is scheduled for drilling in Q2 2018.
Why hasn’t a rig been announced for Colter?
The Joint Venture is in the process of sourcing a rig which meets the JV’s stringent requirements.
Do Reabold have to pay for drilling/exploration Joint Venture costs?
Reabold is an investor in Corallian and Danube Petroleum Ltd, and as such, is not subject to operational cash calls in the way that a joint venture partner would be. Reabold therefore has no further costs to fill before the Colter, Wick and Parta projects are drilled.
When is Colter being drilled?
Colter is being drilled in Q2 2018.
When is Parta being drilled?
Parta is planned to be drilled in H2 2018.
When is Wick being drilled?
Wick is planned to be drilled in H2 2018.
How will Corallian pay for Wick?
Wick is fully-funded at a 25% Corallian interest by a carry on the well from Upland Resources and Corfe Energy. Following the recently announced Corallian fundraise, Corallian will be funded to exercise an option to drill Wick at a higher, 40%, working interest. Corallian will be fully funded to drill Wick at 40%.
Have the necessary environmental regulations been passed for Colter?
The UK authorities require staged passing of environmental regulations and therefore any regulations which need to have been met at this stage have been successfully cleared. Colter therefore remains on track for drilling in Q2 this year.
The drilling of Colter is an offshore activity and is therefore liable to regulations imposed on it by the Oil and Gas Authority. The regulatory environment is very different from that required for an onshore well.
Will Reabold participate in any additional projects in the near future?
We continue to believe that this is a fantastic time to deploy capital into upstream oil & gas projects, as costs remain low and opportunities abundant. We are constantly assessing a number of projects and remain in a strong position to execute on further transactions following our fundraise in October last year.