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LONDON (Alliance News) - Reabold Resources PLC on Monday noted Corallian Energy Ltd, the operator of the UK production licence P2235, has completed the rig site survey for the upcoming Wick well.
Drilling of the well is expected to start in the fourth quarter of 2018 once all necessary regulatory approvals and consents are received.
Upland Resources Ltd and Baron Oil PLC, which hold 40% and 15% stakes in the licence respectively, also took note of the completed survey. Reabold holds a 33% stake in Corallian.
Shares in Reabold Resources were up 1.1% at 0.91 pence, Baron Oil shares were down 0.8% at 0.59p, while Upland Resources shares were down 2.6% at 3.70p on Monday.
