Reabold is pleased to announce that Authorisation for Expenditures (AFEs) have been signed for both the Wick well in the Inner Moray Firth and the Colter well in the Weald basin. Reabold has significant exposure to each of these wells via its 32.9% holding in operator Corallian Energy.
Subject to final regulatory approvals, the Wick well will drill in September, with the Colter well following in Q4 this year.
Sachin Oza, co-CEO commented:
“We are delighted that the JVs for both Colter and Wick have progressed to the AFE stage, and look forward to drilling both of these potentially transformational wells within the next few months.”
Stephen Williams, co-CEO commented:
“Colter and Wick form an exciting part of our six well drilling campaign in H2’18. We are very pleased to note that following our initial funding of Corallian late last year, a number of partners have followed into both the Colter and Wick prospects, giving us two fully funded wells at significant equity levels.”
Wick oil field project in the Moray Firth
Stephen Williams, co-CEO of Reabold Resources, which owns 32.9% of Corallian, said: “Colter and Wick form an exciting part of our six well drilling campaign in H2 2018.
Corallian, as operator, has a 40% stake in Wick, Upland Resources has 40%, Baron Oil and Gas has 15% and Corfe Energy has 5%.
The well, thought to have 250million barrels of oil in place, lies about 1.5miles from the Caithness coastline, between Lybster and Ulbster.
Corallian intends to start drilling in September. It recently entered into a letter of intent with Ensco to hire a rig.
