Corallian – UK

Reabold has a 34.9% interest in Corallian Energy, which has a 74% interest in a group of licenses in the Wessex Basin, which includes the Colter South Discovery, offshore Dorset, United Kingdom.

In February 2019, the Colter well 98/11a-6, an appraisal of the 98/11-3 well drilled in 1986 by British Gas, was drilled. The well encountered oil and gas shows over a 9.4m interval at the top of the Sherwood Sandstone reservoir. A petrophysical evaluation of the LWD data calculated a net pay of 3m. Similar indications of oil and gas were encountered in the 98/11-1 well, drilled in 1983 by British Gas, within the Colter South fault terrace.

The larger-than-expected areal extent at Colter South, which modelled a 15 million barrel Pmean potential resources, means further work will be undertaken to evaluate the resource size at Colter South. The data from these well results and existing data will be incorporated to determine the best forward plan.

Inner Moray Firth

Via its interest in Corallian, Reabold also has interests in the Inner Moray Firth through Corallian’s 45% interest in the JV licenses.

Curlew-A, licence P 2396

A rig site survey is being carried out at Curlew-A, offshore UK and operated by Corallian, with a well expected to be drilled in H1 2020 once the well farmout process has been completed. Curlew-A has a best estimate 2C contingent resource of 38.8 mmboe based on a CPR completed by Schlumberger Oilfield UK.

*Corallian Management Estimates