Proactive Investors - Run By Investors For Investors

Reabold Resources delighted with farm-out of North Sea licence

ASX-listed Talon Petroleum will take a 10% interest in the licence that contains Curlew-A
North Sea
Shell made the discovery in 1977

Oil and gas investor Reabold Resource PLC’s (LON:RBD) associate Corallian has agreed on a farm-out of the Curlew-A discovery in the North Sea.

ASX-listed Talon Petroleum will take a 10% interest in the licence that contains Curlew-A for 15% of the cost of an appraisal well estimated currently at £9.7mln.

READ: Maximum cashback the aim of Reabold Resources' clearly-defined strategy

Corallian expects to drill the appraisal in the second half of 2019 to test the original 1977 Shell discovery, which encountered 10.5m of net oil sands.  

Drilling will go down to a depth of approximately 2,700 metres in a water depth of approximately 90 metres.

The intention is to target 44.7 million barrels of potential 2C resources with a deeper secondary objective in the deeper Forties Sandstone.

The Forties Sandstone was not previously encountered in the original discovery well but is expected to be developed in the southwestern flank of the structure where the appraisal well will be drilled, said Reabold’s statement.

Sachin Oza, co-chief executive, said he was delighted with the farm-out.

"Curlew-A is a perfect fit in our growing portfolio of low-risk, high-impact opportunities."

Investing at a company level [ie Corallian] gives Reabold exposure to a pipeline of new projects, he added.

Shares rose 3% to 0.78p.

View full RBD profile View Profile

Reabold Resources Timeline

Related Articles

oil workers
April 09 2019
Around 31% of its production was oil and it saw an average sales price of US$63.80 per barrel.
February 15 2019
ExxonMobil has made ten discoveries on the neighbouring Stabroek Block with an estimated 5bn barrels of oil
January 21 2019
The company aims to expand its portfolio of hydrocarbon resources as it prepares oil and gas projects for production and continues its regional exploration work.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use