Reabold Resources plc announced that a key milestone had been reached with the completion of the environment baseline survey (EBS) at the Victory gas discovery, northwest of the Shetland Islands.
The upstream oil and gas investor holds a 49.99% interest in operator Corallian Energy Ltd which in turn owns a 100% interest in Victory.
Corallian plans to submit a draft field development plan (FDP) to the Oil and Gas Authority (OGA) by the end of 2021.
EBS DATA
Reabold funded EBS by way of a convertible loan instrument announced in February 2021.
Data acquired include side-scan sonar, multi-beam echo sounder, seabed sediment samples, and video and camera stills over the proposed project sites.
This will be used to complete an environmental impact assessment and ultimately an environmental statement for the Victory project.
Reabold added that the data and sample processing and interpretation with take approximately four months.
The environmental statement is due to be submitted to the relevant authorities, together with the Victory draft FDP, by the end of 2021.