Reabold Resources, the oil and gas investing company with a diversified portfolio of exploration, appraisal and development projects, has announced that a copy of a Competent Person's Report ('CPR') prepared by RPS Group on UKCS Licence P2478 (Blocks 12/27c; 17/5; 18/1; 18/2) on behalf of the Joint Venture partnership with Baron Oil and Upland Resources (UK Onshore) (each with a 32% working interest) (the 'JV'), in which Reabold is the Licence Administrator with a 36% working interest, can be viewed on its website at the following link: www.reabold.com/investor-relations/reports-and-presentations/
The CPR has been prepared in accordance with the June 2018 Petroleum Resources Management System ('SPE PRMS') as the standard for reporting. The key points from the CPR and a summary of the gross and net technically recoverable prospective resources are set out below.
Key Points
- 201 mmboe(1) aggregate gross unrisked(2) Pmean Prospective Resources on licence P2478
- The Dunrobin West prospect, agreed by the JV to be the proposed location of the first exploration well on the licence, would target 119 mmboe aggregate gross unrisked Pmean Prospective Resources(3)
- 34% Chance of Geologic Discovery (Pg ) on Dunrobin West Jurassic primary target
- Secondary Triassic target at Dunrobin West, which along with the Jurassic can be tested by a single vertical borehole, included in formal resource assessment for the first time with a Pg of 12%
- Dunrobin West dry hole drilling costs to a total depth of 800 metres estimated by the JV to be £8.6 million gross
- The Company believes that Dunrobin West is geologically analogous to the Beatrice field, which produced 164 mmboe
- Success at Dunrobin West would significantly de-risk Dunrobin Central & East and Golspie analogous prospects
- Reabold's acquisition of, inter alia, licence P2478 from Corallian Energy Limited as announced on 4 May 2022, for £250,000, has provided the Company with additional net unrisked Pmean Prospective Resources from P2478 of 72 mmboe
(1) The CPR reports oil and gas Prospective Resources. The oil equivalent value of the gas resources has been estimated by the Company using a factor of 5.8bcf per mmboe.
(2) The unrisked aggregation was performed by the Company and assumes that all prospects at all levels are successful.
(3) The unrisked aggregation of Dunrobin West was performed by the Company. The volumes were presented for each reservoir in the CPR and, at the Company request, were not aggregated probabilistically.
Stephen Williams, Co-CEO of Reabold, commented:
'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.
The publication of this CPR adds further validity to the technical work carried out by Reabold and supports the ongoing farmout campaign being formally run by us for the Reabold North Sea portfolio, which has already attracted industry interest.'
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Source: Reabold Resources
