Business
High-grading of North Sea Licences
High-grading of North Sea Licences.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n\n12 July 2023\nReabold Resources plc\n \n(\"Reabold\" or the \"Company\")\n \nHigh-grading of North Sea Licences\n \nReabold Resources plc, the oil & gas investing company with a diversified portfolio of exploration, appraisal and development projects, is pleased to provide details of the high-grading exercise of its North Sea licences, in the context of the Company's ongoing disciplined approach to capital allocation, which has led to the prioritisation of the highest potential return assets in the Board's view. As a reminder, the Northern North Sea basket of Licences was acquired for £0.25 million, effective May 2022, and the Southern North Sea basket of licences was acquired for c.£1 million in January 2023, as part of the Company's acquisition of Simwell Resources Limited.\n \nReabold Northern North Sea\nThe Company is pleased to announce that it has successfully been granted an extension until July 2025 for licence P2478 (Dunrobin and Golspie, 36% working interest), which has aggregate gross unrisked[1] Pmean prospective resources of 201 mmboe (197 Mbbls + 24bcfg)[2].\n \nIn addition, licences P2605 (Laxford and Scourie) P2504 (Oulton and Oulton West) (both 100% working interest) have been retained as we continue the farm-out process, prior to a drill or drop decision by November 2024. These licences have aggregate gross unrisked Pmean prospective oil resources of 38 Mbbls3 and aggregate gross unrisked Pmean prospective gas resources of 148 Bscf3, in addition to 11Mbbls of oil and 15 bcfg 2C contingent resources (11.1 Mbbls + 3.6 bcfg in Oulton and 11bcfg on block in Laxford).\n \nLicences P2396 (Curlew-A), P2464 (Quoys and Unst), P2493 (Sandvoe) (all 100% working interest) have been or are due to be relinquished shortly.\n \nReabold Southern North Sea\nIn Reabold's Southern North Sea portfolio, licence P2486 has been retained as the operator continues the farm-out process, prior to a drill or drop decision by July 2024.\n \nShell, the operator of licence P2332, which is adjacent to the licence containing the Pensacola well, made a decision to relinquish the licence. Licences P2329 and P2427 have been or are due to be relinquished shortly.\n \nThe work undertaken on all our Southern North Sea licences has provided the Company with valuable data and added to our under...