Reabold seeking to boost position in Victory gas project
Offshore staff
LONDON – Reabold Resources has made an offer to acquire up to 13.12% of the shares in privately-owned UK oil company Corallian Energy.
Assuming a full take-up of the offer, Reabold’s equity position in Corallian could reach close to 50%.
For Reabold, one of the main attractions is Corallian’s 100% interest in the Lower Cretaceous, 157-bcf Victory gas field in west of Shetland block 207/1a, discovered by Texaco in 1977.
The company is looking to submit a draft field development plan by year-end, possibly involving a single-well subsea tieback to nearby infrastructure such as Total’s Greater Laggan Area, with a three-year production plateau of 70 MMcf/d from 4Q 2024.
Corallian has signed a letter of intent for a vessel to perform an environmental survey over the field, due to start in July.
In the same region, the company has outright control of blocks containing the Laxford gas discovery and the Scourie prospect.
Other UK projects in its portfolio are the Sandvoe prospect in license P2493, the Viking Graben (Unst and Quoys prospects in P2464, the Oulton oil discovery in P2504), the Inner Moray Firth (Dunrobin and Golspie prospects in P2478), and the Central Graben (Curlew-A discovery in P2396).
04/27/2021
