Reabold Resource plc plans to drill the Dunrobin licence after a competent person’s report indicated 201 million barrels of unrisked prospective gross resources.
DUNROBIN WEST
North Sea licence P2478 partners comprise Reabold with a 36% working interest and Baron Oil plc and Upland Resources (UK Onshore) Ltd, each with 32%.
The first exploration well is expected to be on Dunrobin West, targeting 119 mmboe aggregate gross unrisked prospective resources.
Reabold said that there was a 34% chance of geologic discovery on Dunrobin West Jurassic primary target.
Dunrobin West dry hole drilling costs to a total depth of 800 metres are estimated to be £8.6 million gross.
The company added that Dunrobin West was geologically analogous to the Beatrice field, which produced 164 mmboe.
Success at Dunrobin West would also significantly de-risk Dunrobin Central & East and Golspie analogous prospects.
LOW-COST
“We are pleased that the CPR has confirmed the western part of the Dunrobin complex provides us with an exciting drillable prospect where a relatively low-cost exploration well can target more than 100 mmbbl of gross Pmean prospective resources with low geological risk,” said co-chief executive Stephen Williams.
“The publication of this CPR adds further validity to the technical work carried out by Reabold and supports the ongoing farm-out campaign being formally run by us for the Reabold North Sea portfolio, which has already attracted industry interest.”
Reabold acquired licence P2478 among others from Corallian Energy for £250,000.
The company still has four other licences from the acquisition which it is progressing “technically and commercially”.