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LONDON (Alliance News) - Reabold Resources PLC said Tuesday that investee Corallian Energy Ltd has signed a preliminary agreement with Ensco UK to secure a jack-up drilling unit for Colter and Wick wells located offshore UK.
Corallian plans to drill the two wells in the third and fourth quarter of 2018, respectively.
Since Reabold's first investment into Corallian Energy in November 2017, Corallian has become fully funded to drill Colter and Wick, which have 30 million barrels through a 52% interest and 23 million barrels through a 40% interest in gross recoverable resources respectively.
In addition, the Oulton project is being progressed with a competent person report in progress, which could potentially add a third leg to Corallian's portfolio, Reabold said.
Upland Resources Ltd currently owns a 40% interest in Licence P2235, which contains the Wick prospect, Baron Oil PLC holds a 5.0% stake in Colter and 15% in Wick, and United Oil & Gas PLC holds a 10% interest in Colter.
"We are extremely pleased with the progress made within the Corallian portfolio since we cornerstoned its fundraise last year. The Colter and Wick prospects have both attracted farm-ins on attractive commercial terms and we look forward to the drilling of both of these transformational wells in the next few months," said co-Chief Executive Officer Sachin Oza.
Shares in Reabold Resources were down 2.0% at 0.66 pence on Tuesday.