Reabold Resources PLC (AIM:RBD) said a Competent Person's Report (CPR) prepared by RPS on UKCS Licence P2478 (Dunrobin) in the North Sea indicates 201mln barrels of prospective gross resources.
Dunrobin West will be the first area to be explored, said Reabold, the licence administrator, with a target of 119mln barrels unrisked barrels.
Estimates of success range from 34% on the primary Jurassic target to 12% for a secondary Triassic target.
Dunrobin West dry hole drilling costs to a total depth of 800 metres have been estimated by the JV to be £8.6mln gross.
Reabold added that it believes Dunrobin West is geologically analogous to the Beatrice field, which produced 164mln barrels.
It acquired the licence in May as part of the deal that saw it sell its stake in the Victory field in the North Sea to Shell.
Other prospects at Dunrobin include Central & East and Golspie, which Reabold believes will be de-risked by success at the West target.
Ownership of Dunrobin is held through a joint venture between Reabold (36%), Baron Oil (32%) and Uplands Resources (32%).
Stephen Williams, Reabold’s co-chief executive, said: "We are pleased that the CPR has confirmed the western part of the Dunrobin complex provides us with an exciting drillable prospect where a relatively low-cost exploration well can target more than 100 mmbbl of gross Pmean Prospective Resources with low geological risk.
“We believe that the results from this CPR for P2478 alone strongly supports our decision to acquire, inter alia, licence P2478 from Corallian Energy for £250,000. Reabold has retained four other licences from that acquisition that we continue to progress technically and commercially.”