Reabold Resources PLC Environmental Baseline Survey Completed at Victory (0758D)
25 June 2021 - 04:00PM
UK Regulatory
TIDMRBD
RNS Number : 0758D
Reabold Resources PLC
25 June 2021
25 June 2021
Reabold Resources plc
("Reabold" or the "Company")
Completion of Environmental Baseline Survey at Victory Gas
Discovery
Reabold, the investor in upstream oil and gas projects, is
pleased to provide an update on the Victory Gas Discovery
("Victory"), which is located in the north-west region 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.
Highlights:
-- Victory Environment Baseline Survey ("EBS") successfully completed
-- The EBS is a key milestone for the submission of a draft
Field Development Plan ("FDP") to the UK's Oil and Gas Authority
("OGA"), planned for the end of 2021
-- Reabold provided the funding to Corallian for the EBS by way
of a Convertible Loan Instrument as announced on 22 February
2021
Data acquisition for the Victory EBS was successfully completed
on 23 June 2021, with the survey completed within the budget
estimate and with zero health and safety incidents. Data acquired
include side-scan sonar, multibeam echosounder, seabed sediment
samples, and video and camera stills over the proposed project
sites. This data will be used to complete an Environmental Impact
Assessment and ultimately an Environmental Statement for the
Victory project. Data and sample processing and interpretation with
take approximately four months.
The Environmental Statement remains on schedule to be submitted
to the relevant UK authorities, together with the Victory draft
FDP, by the end of 2021. Additional updates will be provided during
the second half of the year as further progress is made towards FDP
submission.
Victory is considered by Corallian to be a simple, low-risk gas
development which has been fully appraised and requires no
additional pre-development drilling. SLR Consulting estimates that
Victory has 2C resources of 157 BCF and NPV10 valuations ranging
from circa GBP85 million (based on a price forecasts of
42.5p/therm) to circa GBP146 million (based on historical average
gas prices and base case valuation of 50p/therm).
Stephen Williams, co-CEO of Reabold, commented:
"We are pleased with the continued progress at the Victory Gas
Discovery, which we believe is a simple and low-risk project, as we
move closer to the submission of a draft Field Development Plan
later this year. Victory is a sizable asset for Reabold,
complements our existing assets and fits with our strategic
objective of delivering near-term project activity and value
creation. Victory's location near to existing infrastructure,
including the Greater Laggan Area, makes it a highly attractive
development project in our view."
ENDS
For further information please contact:
Reabold Resources plc c/o Camarco
Stephen Williams +44 (0) 20 3757
Sachin Oza 4980
Strand Hanson Limited (Nominated and Financial
Adviser)
James Spinney
Rory Murphy
James Dance +44 (0)20 7409 3494
Stifel Nicolaus Europe Limited - Joint Broker +44 (0) 20 7710
Callum Stewart 7600
Simon Mensley
Ashton Clanfield
Panmure Gordon - Joint Broker
Hugh Rich +44 (0) 20 7659
Nick Lovering 1234
Camarco
James Crothers
Ollie Head +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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END
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