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Offshore – UK
Reabold North Sea Portfolio
Northern area licences
Reabold is Licence Administrator for five licenses in high-impact areas in the UK continental shelf.
- Inner Moray Firth (Licence P2478) – 36% working interest
- East Shetland Basin (Licence P2464 & P2504) – 100% working interest.
- West of Shetland (Licence P2605) – 100% working interest.
- North of Shetland (Licence P2493) – 100% working interest
Four of the licences are located near existing infrastructure and adjacent to analogue fields. There are significant prospective resources and opportunities to create value with an aggregated unrisked NPV10 of £1.8 billion net. The Company believes that the prospects represent low to moderate geological risk with relatively low drilling costs and are strong candidates for farmout opportunities.
Inner Moray Firth (Licence P2478) – 36% Working Interest
Dunrobin West Prospect
- Estimated prospective gross Pmean recoverable resource of 71 Mbbls of oil in Jurassic reservoirs with a 34% Pg per the CPR
- Scoping Pmean economics suggest a gross unrisked NPV10 of £691 million (£249 million net to Reabold), based on an oil price of US$70/bbl
Dunrobin Central & East Prospect
- Estimated prospective gross Pmean recoverable resource of 22 Mbbls of oil in Jurassic reservoirs with a 31% Pg per the CPR
- Scoping Pmean economics suggest a gross unrisked NPV10 of £170 million (£61 million net to Reabold), based on an oil price of US$70/bbl
- Triassic reservoirs provide upside in both Dunrobin West (gross Pmean 45 Mbbls, Pg 12%) and Dunrobin Central & East (gross Pmean 22 Mbbls, Pg 14%), both from CPR
- Initial scoping indicative drilling cost of £8.6 million gross, to test both Jurassic and Triassic targets
Golspie Prospect
- Estimated Gross Pmean prospective resource of 14 Mbbls in Jurassic reservoirs with a 27% Pg per the CPR
- Scoping Pmean economics suggest a gross unrisked NPV10 of £88 million (£32 million net to Reabold), based on an oil price of US$70/bbl
- Triassic upside unrisked prospective gross Pmean recoverable resource of 23 Mbbls with a 12% Pg per the CPR
East Shetland Basin (Licence P2504 & P2464) – 100% Working Interest
a) Jurassic oil play: Oulton oil discovery, Oulton West and Quoys prospects.
Oulton oil discovery
(P2504, Block 3/11a)
- Estimated gross 2C contingent recoverable resource of 12 Mbbls oil-equivalent.
- Scoping Pmean economics suggest a gross unrisked NPV10 of £86 million based on an oil price of US$70/bbl per Reabold’s in house economics.
Oulton West prospect
(P2504, Block 3/11a)
- Estimated prospective gross Pmean recoverable resource of 40 Mbbls oil-equivalent with a 30% Pg per the CPR.
- Scoping Pmean economics suggest a gross unrisked NPV10 of £443 million based on an oil price of US$70/bbl.
Quoys prospect
(P2464, Block 3/18)
- Estimated prospective gross Pmean recoverable resource of 40 Mbbls oil-equivalent with a 20% Pg per the CPR.
- Scoping Pmean economics suggest a gross unrisked NPV10 of £325 million based on an oil price of US$70/bbl.
- Adjacent to the 3/19b-2 Jurassic oil discovery which flowed 5,180 bopd. The discovery is assigned 2 Mbbls 2C contingent resource (1 Mbbls on Block 3/18) in the CPR.
b) Eocene Frigg gas play: Unst, Baliasta and Oulton West Ecoene prospects, all of which exhibit seismic amplitude anomalies analogous to the nearby Nuggets Fields
Unst Prospect (P2464, Block 3/12b)
- Estimated prospective Pmean recoverable resource of 33 bcfg, with a 42% Pg per the CPR.
- Scoping Pmean economics suggest a gross unrisked NPV10 of £76 million at a gas price of 100p/therm.
Baliasta (P2464, Block 3/18) and Oulton West Eocene (P2504, Block 3/11a)
- Estimated prospective Pmean recoverable resources of 13 bcfg with a 47% Pg (Oulton West Eocene per CPR), and 10 bcfg with a 44% Pg (Baliasta, per CPR)
- Both prospects can be economically developed via nearby infrastructure
West of Shetland (Licence P2605) – 100% Working Interest
Laxford Gas Discovery
- Discovery well 214/30-1 flowed at 17.5 Mscfg/day on test from Palaeocene Vaila sandstone.
- Estimated gross 2C contingent recoverable resource of 11 bcfg with upside potential in a channel fairway located updip of the discovery.
Scourie Prospect
- Exhibits a seismic amplitude anomaly interpreted to be gas-bearing Palaeocene Vaila sandstone.
- Estimated prospective Pmean recoverable resources of 99 bcfg, with a 17% Chance of Geologic Discovery (Pg) per the CPR.
- Scoping Pmean economics suggest a gross unrisked NPV10 of £250 million at a gas price of 100p/therm.
North of Shetland (Licence P2493) – 100% Working Interest
Sandvoe Prospect
- Exhibits a seismic amplitude anomaly interpreted to be gas-bearing reservoir, analogous to the Tobermoray Eocene-aged gas discovery (214/4-1).
- The seismic anomaly covers up to 500 km2 and has the potential to hold multi-Tcfg prospective resources (volumetrics TBC).
- Sandvoe is located in 1,600m of water, 160km from the Magnus platform.
Summary of Volumetric’s and NPVs
Gross Pmean | Gross Pmean | Gross Pmean NPV10 | Reabold | |||
---|---|---|---|---|---|---|
Licence | Prospect | Oil(Mbbls) | Gas (Bcf) | Pg % | Unrisked (£Million) | Equity % |
P2478 | Dunrobin West Jurassic | 71 | 34 | 691 | 36 | |
Dunrobin West Triassic | 45 | 12 | 407 | 36 | ||
Dun. Cent & East Jurassic | 22 | 31 | 170 | 36 | ||
Dun. Cent & East Triassic | 22 | 14 | 170 | 36 | ||
Golspie Jurassic | 14 | 27 | 88 | 36 | ||
Golspie Triassic | 23 | 12 | 182 | 36 | ||
P2464 | Quoys, Jurassic | 40 mmboe | 20 | 325 | 100 | |
Unst, Eocene | 33 bcfg | 42 | 76 | 100 | ||
Baliasta, Eocene | 10 bcfg | 44 | 10 | 100 | ||
P2504 | Oulton Oil Disc, Jurassic | 12 mmboe 2C | 100 | 86 | 100 | |
Oulton West, Jurassic | 40 mmboe | 30 | 443 | 100 | ||
Oulton West Eocene | 47 | 12 | 100 | |||
P605 | Laxford Gas Disc, Palaeoc. | 11 bcfg 2C | 100 | 100 | ||
Scourie, Palaeocene | 99 bcfg | 17 | 250 | 100 | ||
P2493 | Sandvoe, Eocene | Multi-TCF | 100 |
Southern area licences
In January 2023, Reabold completed the acquisition of Simwell Resources Limited.
The transaction substantially increases Reabold’s footprint in the emerging Zechstein trend. The licences have a number of prospects covered with high quality 3D seismic data and the opportunities on the licences can be derisked by success at the Pensacola well.
Reabold now holds interests in four UK licences in the Southern North Sea:
Licence Number | Simwell Interest | Other JV Partners (Working Interest) | Operator |
---|---|---|---|
P2332 | 30% | Shell U.K. Ltd. (70%) | Shell U.K. Ltd. |
P2329 | 10% | Horizon Energy Partners Ltd. (77.5%) and Ardent Oil Ltd. (12.5%) | Horizon Energy Partners Ltd. |
P2427 | 10% | Horizon Energy Partners Ltd. (77.5%) and Ardent Oil Ltd. (12.5%) | Horizon Energy Partners Ltd. |
P2486 | 10% | Horizon Energy Partners Ltd. (77.5%) and Ardent Oil Ltd. (12.5%) | Horizon Energy Partners Ltd. |
Reabold has a 30% equity interest in licence P2332 following a farmout to Shell U.K. Ltd, which is the operator with a 70% equity interest. Shell acquired a 640 km2 3D seismic survey in the area covering licence P2332 in August 2019, funding Simwell’s 30% share. The survey also covered parts of the adjacent licence P2252, which contains the Pensacola discovery that has been stated by Deltic Energy Plc to have a P50 gross prospective resources of 309 bcf. Success at Pensacola could derisk a number of prospects within the acquired portfolio.
For licences P2329, P2427 and P2486 a 3D seismic survey was acquired over the licences in the summer of 2019 where several prospects have been identified. The new 3D PSTM provides a high-definition view of the Zechstein Hauptdolomite play. A further number of prospects, with 4-way closure, have been identified and are believed to lie on trend to the Ossian-Darach oil discovery, c. 40km to the west.