Reabold is pleased to announce that on 25 December 2018, drilling operations commenced on the Wick exploration prospect (“Wick”), as part of a two well offshore UK drilling campaign, using the ENSCO-72 jack-up rig. Wick is located within the UKCS on Licence P2235 (the “Licence”), in the Inner Moray Firth offshore Scotland.
The ENSCO-72 drilling rig is expected to be on location for approximately three weeks. During this time, the well will be drilled and logged. Reabold will update the market on the evaluation of the results in due course.
Reabold’s 13.16 per cent. indirect interest in Wick is via its 32.9 per cent. interest in Corallian Energy Limited, which in turn holds a 40 per cent. interest in, and is the operator of, the Licence.
Sachin Oza, co-CEO of Reabold, commented:
“We are pleased to announce that drilling operations at Wick have now commenced. If successful, Wick would be a significant near-shore discovery in the Inner Moray Firth.
“Wick is estimated to have mean prospective resources of 26 million barrels of oil equivalent and has the potential to add considerable value to our shareholders.”
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