Rig Mobilised for UK Drilling Campaign

RNS Number : 9692K

Reabold Resources PLC

19 December 2018

 

19 December 2018

Reabold Resources plc

("Reabold" or the "Company")

Rig Mobilised for UK Drilling Campaign

Reabold (AIM: RBD) is pleased to announce that, as part of Corallian Energy Limited's ("Corallian") two well offshore UK drilling campaign, the ENSCO-72 jack-up rig has now been mobilised from Hartlepool to drill the Wick exploration well in UKCS Block 11/24b (Licence P2235).

The Wick exploration well will test a high relief sub-surface structure which Corallian, the operator of the licence, estimates to contain Mean Prospective Resources of 26 million barrels of oil equivalent.

Reabold holds its interest in both the Wick and Colter prospects through its 32.9 per cent. equity interest in Corallian.

Stephen Williams, co-CEO of Reabold Resources, commented:

"We are delighted that the Ensco-72 has now been mobilised for the drilling of the Wick exploration target, which will be followed by the Colter well. This is an exciting time for Reabold shareholders with a high impact drilling campaign commencing across our North Sea and South of England projects."

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 Stephen Williams Sachin Oza	c/o Camarco [phone]
Strand Hanson Limited (Nominated and Financial Advisor) Rory Murphy / James Spinney / James Dance	[phone]
Camarco James Crothers Ollie Head Billy Clegg	[phone]

Whitman Howard Limited - Joint Broker Nick Lovering Grant Barker	[phone]
Turner Pope Investments (TPI) Ltd - Joint Broker Andy Thacker	[phone]

Notes to Editors

  
Reabold Resources plc 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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