Reabold Resources, the oil and gas investing company with a diversified portfolio of exploration, appraisal and development projects, has provided details of the high-grading exercise of its North Sea licences, in the context of the Company's ongoing disciplined approach to capital allocation, which has led to the prioritisation of the highest potential return assets in the Board's view. As a reminder, the Northern North Sea basket of Licences was acquired for £0.25 million, effective May 2022, and the Southern North Sea basket of licences was acquired for c.£1 million in January 2023, as part of the Company's acquisition of Simwell Resources.
Reabold Northern North Sea
The Company is pleased to announce that it has successfully been granted an extension until July 2025 for licence P2478 (Dunrobin and Golspie, 36% working interest), which has aggregate gross unrisked (1) Pmean prospective resources of 201 mmboe (197 Mbbls + 24bcfg) (2)
In addition, licences P2605 (Laxford and Scourie) P2504 (Oulton and Oulton West) (both 100% working interest) have been retained as we continue the farm-out process, prior to a drill or drop decision by November 2024. These licences have aggregate gross unrisked Pmean prospective oil resources of 38 Mbbls (3) and aggregate gross unrisked Pmean prospective gas resources of 148 Bscf3, in addition to 11Mbbls of oil and 15 bcfg 2C contingent resources (11.1 Mbbls + 3.6 bcfg in Oulton and 11bcfg on block in Laxford).
Licences P2396 (Curlew-A), P2464 (Quoys and Unst), P2493 (Sandvoe) (all 100% working interest) have been or are due to be relinquished shortly.
Reabold Southern North Sea
In Reabold's Southern North Sea portfolio, licence P2486 has been retained as the operator continues the farm-out process, prior to a drill or drop decision by July 2024.
Shell, the operator of licence P2332, which is adjacent to the licence containing the Pensacola well, made a decision to relinquish the licence. Licences P2329 and P2427 have been or are due to be relinquished shortly.
The work undertaken on all our Southern North Sea licences has provided the Company with valuable data and added to our understanding of the Zechstein play, which is fundamental to our West Newton and Crawberry Hill assets onshore.
Sachin Oza, Co-CEO of Reabold, commented:
'With an abundance of value opportunities within Reabold, the high-grading of our recently acquired North Sea licence portfolio is driven by the Board's disciplined financial framework, where the highest return opportunities have been prioritised. We will look to farm down these high-graded assets to help fund the de-risking and value creation process.'
See also, Baron Oil's announcement re UK Licence P2478
Source: Reabold Resources
