Rig Contract Signed for Wick and Colter

RNS Number : 2508C

Reabold Resources PLC

28 September 2018

 

28 September 2018

Reabold Resources Plc

("Reabold" or "the Company")

Rig Contract Signed for Wick and Colter

Reabold, the oil and gas investing company, is pleased to announce that Corallian Energy Limited ("Corallian" or "the Operator"), in which Reabold has a 32.9% interest, has signed a contract with Ensco UK Limited for the Ensco-72 jack-up rig to drill the Wick and Colter drilling campaigns. The two well drilling campaign is expected to begin in Q4 2018, subject to the receipt of necessary regulatory approvals and consents for both wells.

The Wick prospect, in which Corallian has a 40% interest, is estimated by Corallian to contain gross mean prospective resources of around 26 million barrels of recoverable oil equivalent.

Colter, in which Corallian has a 49% interest, lies 10km off the coast of Dorset, adjacent to Wytch Farm. Corallian estimates gross mean prospective resources of 23 million barrels of recoverable oil equivalent.

Sachin Oza, co-CEO of Reabold, commented:

"Given our unique exposure to both high-impact opportunities at Colter and Wick, today's news is highly exciting for Reabold and its shareholders. If successful, both prospects independently offer attractive economics, low development costs and fast payback, which could prove to be transformational for the Company.

As many of Reabold's investments are now entering operational periods, we look forward to continuing to provide further updates on each as progress continues over the next few months."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

ENDS

For further information please contact:

Reabold Resources Plc Sachin Oza / Stephen Williams	c/o Camarco Tel. [phone]
Strand Hanson Limited (Nominated and Financial Advisor) Rory Murphy / James Spinney / James Dance	Tel. [phone]
Camarco (PR) James Crothers / Oliver Head / Billy Clegg	Tel. [phone]
Whitman Howard Limited (Joint Broker) Hugh Rich / Grant Barker	Tel. [phone]
Turner Pope Investment (TPI) Ltd (Joint Broker) Andy Thacker

Notes to Editors

Reabold Resources is an investing company investing in the exploration and production ("E&P") sector. The Company's investing policy is to acquire direct and indirect interests in exploration and producing projects and assets in the natural resources sector, and consideration is currently given to investment opportunities anywhere in the world.  

As an investor in upstream oil & gas projects, Reabold aims to create value from each project by investing in undervalued, low-risk, near-term upstream oil & gas projects and by identifying a clear exit plan prior to investment. 

Reabold's long term strategy is to re-invest capital made through its investments into larger projects in order to grow the Company. Reabold aims to gain exposure to assets with limited downside and high potential upside, capitalising on the value created between the entry stage and exit point of its projects. The Company invests in projects that have limited correlation to the oil price. 

Reabold has a highly-experienced management team, who possess the necessary background, knowledge and contacts to carry out the Company's strategy.

 

END

 

 

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