Business
Completion of Colter Drilling
Completion of Colter Drilling.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2423S Reabold Resources PLC 08 March 2019 \n\n8 March 2019\n \nReabold Resources Plc\n(\"Reabold\" or the \"Company\")\n \nCompletion of Colter Drilling\n \n \nReabold is pleased to announce that the sidetrack operation at the Colter well has been completed. 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 previously announced, the anticipated controlling fault between the Colter and Colter South areas is further to the north than had been mapped on the 3D seismic. \nFollowing completion of drilling, it has now been determined that the majority of the potential resource resides within the Colter South portion of the play. The more northerly location of the fault results in a larger areal extent than previously mapped at Colter South, which modelled a 15 million barrel Pmean potential resource within the Colter South Prospect. Further work will now be undertaken to evaluate the resource size at Colter South incorporating this new data. However, this also results in a smaller areal extent of the Colter feature north of the fault, which is unlikely to yield additional commercial volumes.\nThe data from these well results will be used to determine the forward plan to maximise the potential value associated with the Colter South Prospect. \nAs previously reported on 25 February 2019, the Colter well (98/11a-6) was drilled as a vertical well with the Ensco-72 jack-up rig and reached a Total Depth of 1870m MD in the Sherwood Sandstone. The well was drilled to appraise the 98/11-3 well, drilled in 1986 by British Gas, within the Colter Prospect. The 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 ...