Reabold Resources plc has been granted a further two years for the joint venture Innovate licence P2478 containing Dunrobin and Golspie prospects in the northern North Sea.
PHASE A
The UK North Sea Transition Authority granted the extension to Phase A with a drill decision on or before 14 July 2025.
Reabold, with a 36% working interest, must also acquire a minimum of 30km2 of 3D seismic data as part of the grant conditions.
Baron Oil plc which holds a 32% interest in the licence said that the extension would further decrease risks and uncertainty before the JV looks to third parties to drill an exploration well.
Licence P2478 covers blocks 12/27c, 17/5, 18/1 and 18/2 in the Inner Moray Firth with target depths as shallow as 660 metres subsea and water depths of less than 100 metres.
The third JV partner is Upland Resources (UK Onshore) Ltd with 32%.
NORTH SEA LICENCES
News of the extension comes as Reabold completes grading the highest potential return from its North Sea licences.
The licences in the northern and southern North Sea are from the company’s acquisition of Simwell Resources Ltd completed in January of this year.
In the northern North Sea, Reabold will retain its 100% working interest licences P2605 (Laxford and Scourie) and P2504 (Oulton and Oulton West) while the farm-out process continues prior to a drill decision by November 2024.
Licences P2396 (Curlew-A), P2464 (Quoys and Unst) and P2493 (Sandvoe), in which Reabold also has 100% working interest, have been or are due to be relinquished shortly.
In the southern North Sea, the company has retained licence P2486 as the operator continues the farm-out process prior to a drill decision by July 2024.
Shell, the operator of licence P2332, which is adjacent to the licence containing the Pensacola well, has decided to relinquish the licence.
Licences P2329 and P2427 have been or are due to be relinquished shortly.
Reabold said that the work on all its southern North Sea licences had added to its understanding of the Zechstein play and its onshore West Newton and Crawberry Hill assets.