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Colter South Oil Discovery and Forward Plan
Colter South Oil Discovery and Forward Plan.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9376Q Reabold Resources PLC 25 February 2019 \n\n25 February 2019\n \nReabold Resources Plc\n(\"Reabold\" or the \"Company\")\n \nColter South Oil Discovery and Forward Plan\n \nHighlights:\n· Oil discovery at Colter South - a significant milestone\n· Side-track planned to test principal Colter target\n· Reabold increasing investment in Corallian\n \nColter Well Update\n \nCorallian Energy Limited (\"Corallian\"), has today provided the following update in relation to the Colter appraisal well:\n \nThe Colter well (98/11a-6) has been drilled as a vertical well with the Ensco-72 jack-up rig and has reached a Total Depth of 1,870m MD in the Sherwood Sandstone. The well is an appraisal of the 98/11-3 well, drilled in 1986 by British Gas, within the Colter Prospect.\n \nThe 98/11a-6 well unexpectedly remained on the southern side of the Colter Prospect bounding fault but encountered oil and gas shows over a 9.4m interval at the top of the Sherwood Sandstone reservoir. A petrophysical evaluation of the LWD data has calculated a net pay of 3m. Similar indications of oil and gas were encountered in the 98/11-1 well, drilled in 1983 by British Gas, within the Colter South fault terrace. Provisional analysis of the new data indicates that the two wells may share a common oil-water-contact having both intersected the down-dip margin of the Colter South prospect. Corallian's most recent assessment of the Colter South Prospect prior to drilling the 98/11a-6 well had estimated a mean recoverable volume of 15 mmbbls. Further work will be required to refine this assessment with the new well data.\n \nThe joint venture has commenced preparations to side-track the 98/11a-6 well. The side-track will be drilled directionally to a Sherwood Sandstone target within the Colter prospect on the northern side of the bounding fault and is expected to take approximately 2 weeks to complete.\n \nIt is encouraging that the well has confirmed a discovery in the Colter South Prospect. More work will be required to determine the resource potential within the structure and we look forward to the results of the side-track to evaluate the Colter Prospect. \n \nFurther Investment in Cora...