They have completed much of their technical studies over the Dunrobin and Golspie complex of prospects and are now reassessing prospective resources.
Baron believes the Dunrobin West prospect could contain about 100 MMbbl. It estimates the cost of an exploration well on the target, at a total depth of 800 m, at about £8 million ($9.89 million).
Success there would de-risk potential follow-ups on the analogous Dunrobin Central, East and Golspie prospects.
Earlier this month Reabold completed the acquisition of Simwell Resources Ltd., a privately funded E&P company focused on building a portfolio of gas and oil assets across Europe.