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LONDON (Alliance News) - On Monday, a number of companies with interests in the Colter appraisal well noted recent drill results showing an additional hydrocarbon structure.
The Colter well is located offshore in the P1918 licence within the UK Wessex Basin. Companies commenting on the results included United Oil & Gas PLC, which holds a 10% interest in the licence and Andalas Energy & Power PLC which has an 8% interest.
On Monday, United Oil & Gas shares were up 4.9% at 4.30 pence and Andalas shares were down 2.6% at 0.63 pence.
Baron Oil PLC, which has an 8% interest in the Colter and Colter South prospects within the licence, also commented on results and had the most dramatic share movement. Baron Oil shares were up 24% at 0.28p.
Alongside the companies mentioned above, Reabold Resources PLC also commented on the results of the drilling. Reabold has entered an advanced subscription agreement with Corallian Energy Ltd, which conducted the drilling.
Shares in Reabold were down 2.2% at 0.71p.
Reabold will invest GBP750,000 to cover costs relating to the side-track which will "appraise the principle Colter oil discovery". The equity investment is "priced at a 30% discount to the next Corallian fundraise".
Reabold Co-Chief Executive Sachin Oza said: "Our ability to both fund the side-track and increase our exposure to the exciting Corallian portfolio is testament to the strength of the Reabold balance sheet and our strategy to opportunistically use cash to pursue high impact assets on favourable terms."
The Colter appraisal well has been drilled vertically to a total measured depth of 1,870 metres. The well appraises the 98/11-3 well, which was drilled by British Gas back in 1986.
According to Corallian, the well "unexpectedly remained" on the southern side of the bounding fault at the Colter prospect. Nonetheless, it encountered oil and gas shows over an interval of 9.4 metres at the top of the Sherwood sandstone reservoir. This was a separate discovery from the original target of the appraisal.
Evaluation of data has resulted in a net pay calculation of 3 metres. This is similar to the indication found in the 98/11-1 well, which was drilled in 1983 by British GAs in Colter South, and suggests the two wells might "share a common oil-water-contact".
United Oil & Gas CEO Brian Larkin said: "Initial results from Colter have delivered a bonus in the form of an additional hydrocarbon structure, which has excellent initial oil and gas shows. This offers opportunity for future appraisal and to increase the overall value of the Colter licence for our shareholders. More work will be required to determine the resource potential within the structure, and we will update shareholders on the outcome of the side-track well in the coming weeks."
Andalas Energy CEO Simon Gorringe said: "This is an added bonus and offers opportunity for future appraisal to increase the overall value of the Colter licence area. The oil and gas shows encountered in Colter South mean that we maintain our confidence levels for the side-track into the main the main Colter prospect target."
Baron Oil CEO & Chair Malcolm Butler said: "The initial well bore has given valuable information on the potential of the Colter South prospect, which will be integrated into our existing analysis of the structure in this area. We are now moving forward with the side-track into the Sherwood sandstone reservoir in our main Colter Prospect target."