Sachin Oza, co-CEO of Reabold, commented:
“Colter is a high value opportunity which, if successful, could create considerable value for Reabold and its shareholders.
“With prospective resources of 23 million barrels of oil equivalent potentially de-risked by this well, we look forward to providing further updates on Colter, and other drilling activity in our portfolio of assets, in due course.”
Reabold Resources Plc (LON:RBD) is pleased to report that drilling of the Colter well, on Licence P1918 (98/11a-5), using the ENSCO-72 Jack-Up rig, commenced at 10:10 hrs on 6 February 2019. The drilling is expected to take approximately three weeks to reach a planned total depth of 1,830 metres. Following the completion of drilling operations, the well will be evaluated and permanently plugged and abandoned.
Future follow-on activity on the Colter prospect will be determined post the evaluation of this appraisal well.
Reabold’s 16.12 per cent. effective interest in Colter is via its 32.9 per cent. interest in Corallian Energy Limited (“Corallian”), which in turn holds a 49 per cent. interest in, and is the operator of, Licence P1918.