Reabold Resources Plc8 Feb 2019 08:28
The Colter appraisal well, in which Reabold has a 16.1% indirect interest through
its investment in the operator Corallian Energy, spudded on 6 February 2019. The
well will be drilled to a target depth of over 1,800 metres targeting mean
prospective resources of up 23 mmbbls. Colter is a comparatively low risk target
and, with a scheduled drilling time of approximately three weeks, we anticipate a
result around the end of February.
Corallian announced that drilling of the Colter appraisal well, located on licence P1918
(98/11a-5) offshore Dorset in southern England, commenced on the morning of 6
February 2019 using the ENSCO-72 jack-up rig. The well is expected to take three weeks
to reach target depth of 1,830 metres.
Colter represents a comparatively low risk appraisal target and the well will probe a
region updip of the original 98/11-3 oil discovery which is estimated to contain up to 23
mmbbls of mean prospective resources. Colter is located immediately to the south of
Europe's largest onshore oil field at Wytch Farm where over 450 mmbbls of oil have
been produced to date.
Reabold is also making good operational progress in California, USA, with regards to the
West Brentwood field in which the company has earned a 50% interest. Further to the
company’s announcement on 3 January 2019, Reabold’s contract operator of the West
Brentwood field, Integrity Management Solutions (IMS), informed the company that the
testing of the VG-4 well exceeded pre-drill expectations in late January 2019.
Flow tested over a 19-hour period, VG-4 produced oil at rates as high as 1,029 bopd
before being choked back to average 480 bopd. Cumulative oil produced over the test
period was 371 barrels with virtually no water evident. (Average oil cut was in excess of
99.5%). The well also averaged 742,000 cfpd of associated gas and IMS now intends to
prepare the well for production.
The next well in Reabold’s Californian drilling campaign is expected to be on the
Monroe Swell lease, where earlier redevelopment work has been successful and we
anticipate Reabold to make further updates as operations progress.
Looking further ahead over 2019, Reabold completed its 37.08% investment in Rathlin
Energy for a consideration of £3.0m in December 2018. Rathlin’s key asset is a 66.67%
interest and operatorship of UK onshore licence PEDL183 which contains the West
Newton A-1 gas discovery. Reabold’s investment is expected to fund Rathlin’s share of
the drilling of an appraisal well which will test two targets on West Newton in H1 2019.
In Romania, Danube Petroleum, in which Reabold holds a 33% interest, is making
progress on the Parta appraisal and development project and the permitting process for
the drilling of two appraisal wells on the Iecea Marea field is progressing. Reabold
anticipates that the relevant permits will be granted in Q1 2019 and a firm drilling
schedule can be concluded thereafter.
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