Reabold is pleased to announce that Schlumberger Oilfield UK (“Schlumberger”) has completed a Competent Person’s Report (“CPR”) for Corallian Energy Limited (“Corallian”) relating to Corallian’s 100% owned Oulton appraisal project in the UK North Sea. As announced on 30 May 2018, Reabold has invested £2,500,000 in Corallian and owns 32.9% of Corallian’s issued share capital.
The Schlumberger report attributes 2C contingent resources of 13.9 million barrels of oil and 4.4BCF of gas. The report attributes a best estimate prospective resource of 31 million barrels of oil and 26BCF of gas.
Oulton is a Jurassic sandstone oil discovery drilled by Amoco in 1974.
The Oulton 3/11-1ST well intersected a 114ft Emerald sandstone section which flowed up to 1,500 bbls of 41°API oil on test.
3D seismic has revealed a well defined dip and fault closed up-thrown block comprsing three main fault compartments (the Oulton discovery) and an undrilled fault terrace up-dip (the Oulton West Prospect).
Stephen Williams, co-CEO commented: “We are delighted that Oulton is continuing to emerge as an exciting third leg to the Corallian portfolio. It is a compelling project and we are hopeful that partners will be keen to participate, just as they have been at both Colter and Wick.”
Notes to Editors
Reabold Resources is an investor in upstream oil & gas projects with an aim 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. Management believes the current distress in the oil & gas industry presents an opportune time to deploy capital in undervalued assets with huge potential.
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