RBD report27 Sep 2019 15:02
In February 2019, the Company was pleased to report that Corallian encountered pay within the Colter South fault block. The Colter well (98/11a-6) was drilled as a vertical well and reached a Total Depth of 1,870 metres MD (measured depth) in the Sherwood Sandstone. The well confirmed a discovery in the Colter South Prospect for which Corallian had estimated a PMean[3] recoverable volume of 15mmboe pre-drill. Following this oil discovery at Colter South, the Company made an additional equity investment into Corallian, by way of an Advanced Subscription Agreement, whereby Reabold invested £750,000 in order to fund the sidetrack to appraise the discovery. The purpose of the well had been to delineate the Colter structure accurately to complement the existing well and seismic data in the area, as the anticipated controlling fault between the Colter and Colter South areas, was further to the north than had been mapped on the 3D seismic.
In March 2019, the sidetrack operation at the Colter well was completed and we were delighted to announce an oil discovery within the Colter well, with the sidetrack effectively providing two wells worth of data. The operator is now utilising the data derived from these well results, along with existing data, to determine the best forward plan.
Corfe
A portion of the net proceeds from the Round 6 Fundraise have been utilised by Corallian to acquire Corfe Energy Limited's ("Corfe") interests in certain licences in which Corfe was a JV partner with Corallian. Such interests comprise four licences in the Wessex Basin, which includes the licence containing Colter South, and the Inner Moray Firth, including three new licences offered in these areas in the 31st Licensing Round. Corallian's management estimates that the PMean Prospective Resources attributable to Corfe's interests are 10 mmboe in the Inner Moray Firth and 6 mmboe in the Wessex Basin. Following this transaction, Corallian's interest in the Wessex Basin JV licences increased to 74% and in the Inner Moray Firth JV licences to 45%. The balance of funds was used by Corallian for the Curlew-A rig site survey, as Reabold announced on 29 July 2019.
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