Reabold Resources PLC Rig Contract Signed for Wick and Colter (2508C)
September 28 2018 - 1:01AM
UK Regulatory
TIDMRBD
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 c/o Camarco
Sachin Oza / Stephen Williams Tel. +44 (0)20 3757
4980
Strand Hanson Limited (Nominated and Tel. +44 (0)20 7409
Financial Advisor) 3494
Rory Murphy / James Spinney / James
Dance
Camarco (PR) Tel. +44 (0)20 3757
James Crothers / Oliver Head / Billy 4980
Clegg
Whitman Howard Limited (Joint Broker) Tel. +44 (0)20 7659
Hugh Rich / Grant Barker 1234
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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