Reabold Resources PLC Victory -- Submission of Draft FDP (5396W)
December 23 2021 - 1:59AM
UK Regulatory
TIDMRBD
RNS Number : 5396W
Reabold Resources PLC
23 December 2021
23 December 2021
Reabold Resources plc
("Reabold" or the "Company")
Victory - Submission of Draft Field Development Plan
Reabold, the AIM investing company focused on upstream oil and
gas projects, is pleased to provide an update on the Victory Gas
Discovery ("Victory"), which is located ca. 50 kilometres northwest
of the Shetland Isles . Reabold has a 49.99 per cent. interest in
Corallian Energy Limited ("Corallian"), which has a 100 per cent.
interest in Victory and is the operator of the asset.
As communicated to its shareholders, Corallian has confirmed
that it has submitted a draft Field Development Plan ("FDP") for
the Victory gas field to the Oil and Gas Authority ("OGA"). The
related Environmental Statement for Victory is expected to be
finalised during Q1 2022 and 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.
It is anticipated that the FDP will be reviewed by the OGA
during H1 2022, and that approval will be sought towards the end of
2022, concurrent with the Final Investment Decision ("FID") for the
project.
Further to the Company's announcement on 20 October 2021,
progress continues to be made on the strategic review of Corallian
and an update on the process is expected during Q1 2022.
Competent Persons Report on Victory Project
A Competent Persons Report ("CPR"), recently completed by RPS
Energy Limited ("RPS") following the finalisation of both static
and dynamic modelling, together with well / network optimisation
studies for the development, estimates a total Victory field 2C or
best / mid case technically recoverable resource of 179bcf dry gas
1 .
Corallian's 2C economic valuation (NPV10) of Victory, based on
an historical average gas price valuation of 50p/therm is GBP193
million.
Sachin Oza, Co-CEO of Reabold, commented:
"Submission of a draft Field Development Plan is a significant
milestone for this important gas field. 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(1) 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.
"This is an important period for Reabold's interest in the
Victory Gas project, and we look forward to providing further
updates on the project in the near future."
[1] the 2C or best / mid case technically recoverable contingent
resources estimate is a Corallian derived aggregate of "contingent
resources - development pending" (145bcf) and "contingent resources
- development unclarified" (34bcf)" from the RPS CPR (dated October
2021).
For further information, contact:
Reabold Resources plc c/o Camarco
Sachin Oza +44 (0) 20 3757
Stephen Williams 4980
Strand Hanson Limited - Nominated & Financial
Adviser
James Spinney
Rory Murphy
James Dance
Stifel Nicolaus Europe Limited - Joint Broker
Callum Stewart +44 (0) 20 7409
Simon Mensley 3494
Ashton Clanfield +44 (0) 20 7710
Panmure Gordon - Joint Broker 7600
Hugh Rich +44 (0) 207 886
Nick Lovering 2733
Camarco
James Crothers
Rebecca Waterworth +44 (0) 20 3757
Billy Clegg 4980
Notes to Editors
Reabold Resources plc is an investing company investing in the
exploration and production ("E&P") sector. The Company's
investing policy is to acquire direct and indirect interests in
exploration and producing projects and assets in the natural
resources sector, and consideration is currently given to
investment opportunities anywhere in the world.
As an investor in upstream oil & gas projects, Reabold aims
to create value from each project by investing in undervalued,
low-risk, near-term upstream oil & gas projects and by
identifying a clear exit plan prior to investment.
Reabold's long term strategy is to re-invest capital made
through its investments into larger projects in order to grow the
Company. Reabold aims to gain exposure to assets with limited
downside and high potential upside, capitalising on the value
created between the entry stage and exit point of its projects. The
Company invests in projects that have limited correlation to the
oil price.
Reabold has a highly-experienced management team, who possess
the necessary background, knowledge and contacts to carry out the
Company's strategy.
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