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Wick, Colter Prospect Investees Note Drilling Rig Deal By Corallian

Fri, 28th Sep 2018 12:25

LONDON (Alliance News) - Reabold Resources PLC on Friday noted Corallian Energy Ltd's signing of a rig to drill the Wick and Colter prospects offshore UK.

Reabold has a 33% interest in Corallian. The drilling campaign is expected to begin in the fourth quarter of 2018, subject to the necessary regulatory approvals.

Reabold Co-Chief Executive Sachin Oza commented: "Given our unique exposure to both high-impact opportunities at Colter and Wick, today's news is highly exciting for Reabold and its shareholders.

"If successful, both prospects independently offer attractive economics, low development costs and fast payback, which could prove to be transformational for the company."

"As many of Reabold's investments are now entering operational periods, we look forward to continuing to provide further updates on each as progress continues over the next few months," Oza continued.

Corallian's rig contract was noted by Andalas Energy & Power PLC, which has an 8% interest in Colter, United Oil & Gas PLC, which has a 10% interest in Colter, and Upland Resources Ltd, which has a 40% interest in Wick.

Baron Oil PLC also noted the agreement - it has a 15% stake in Wick and an 8% interest in Colter.

Reabold shares were up 5.5% on Friday, Andalas up 1.4%, UOG 2.7%, Upland 6.5% higher, and Baron 17%.

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