Spudding of the Wick well

RNS Number : 4898L

Reabold Resources PLC

27 December 2018

 

27 December 2018

Reabold Resources plc

("Reabold" or the "Company")

Spudding of the Wick well

Reabold is pleased to announce that on 25 December 2018, drilling operations commenced on the Wick exploration prospect ("Wick"), as part of a two well offshore UK drilling campaign, using the ENSCO-72 jack-up rig. Wick is located within the UKCS on Licence P2235 (the "Licence"), in the Inner Moray Firth offshore Scotland.

The ENSCO-72 drilling rig is expected to be on location for approximately three weeks. During this time, the well will be drilled and logged. Reabold will update the market on the evaluation of the results in due course.

Reabold's 13.16 per cent. indirect interest in Wick is via its 32.9 per cent. interest in Corallian Energy Limited, which in turn holds a 40 per cent. interest in, and is the operator of, the Licence. 

Sachin Oza, co-CEO of Reabold, commented:

"We are pleased to announce that drilling operations at Wick have now commenced. If successful, Wick would be a significant near-shore discovery in the Inner Moray Firth.

"Wick is estimated to have mean prospective resources of 26 million barrels of oil equivalent and has the potential to add considerable value to our shareholders."

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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