Reabold Resources plc said that its investee Corallian Energy Ltd had submitted a draft field development plan (FDP) to the Oil and Gas Authority (OGA) for the Victory gas discovery northwest of Shetland.
BUSINESS STRUCTURE
Reabold has a 49.99% interest in Corallian which has a 100% interest in Victory and is the operator.
SCHEDULE
Reabold expects that the OGA will review the FDP during H1 2022 with a decision towards the end of 2022 at the same time as final investment decision for the project.
The investment company added that an environmental statement for Victory is expected to be finalised during Q1 2022.
This will be issued to the Department for Business, Energy and Industrial Strategy’s (BEIS) Offshore Petroleum Regulator for Environment & Decommissioning (OPRED), as part of the FDP approval process.
RECOVERABLE RESOURCES
Co-chief executive and Corallian non-executive director Sachin Oza said that submission of the FDP was a significant milestone.
“Victory is in relatively shallow water, close to pre-existing subsea infrastructure, allowing a cost-effective tie-back solution.
“It is fully appraised and requires no additional pre-development drilling.
“A recently compiled CPR has ascribed recoverable resources of 179bcf of dry gas to the field, which is situated in an area of significant infrastructure, meaning its development is expected to be simple whilst providing meaningful gas resource to the UK.”