TIDMRBD
RNS Number : 6976F
Reabold Resources PLC
12 July 2023
12 July 2023
Reabold Resources plc
("Reabold" or the "Company")
High-grading of North Sea Licences
Reabold Resources plc, the oil & gas investing company with
a diversified portfolio of exploration, appraisal and development
projects , is pleased to provide details of the high-grading
exercise of its North Sea licences, in the context of the Company's
ongoing disciplined approach to capital allocation, which has led
to the prioritisation of the highest potential return assets in the
Board's view. As a reminder, the Northern North Sea basket of
Licences was acquired for GBP0.25 million, effective May 2022, and
the Southern North Sea basket of licences was acquired for c.GBP1
million in January 2023, as part of the Company's acquisition of
Simwell Resources Limited.
Reabold Northern North Sea
The Company is pleased to announce that it has successfully been
granted an extension until July 2025 for licence P2478 (Dunrobin
and Golspie, 36% working interest), which has aggregate gross
unrisked [1] Pmean prospective resources of 201 mmboe (197 Mbbls +
24bcfg) [2] .
In addition, licences P2605 (Laxford and Scourie) P2504 (Oulton
and Oulton West) (both 100% working interest) have been retained as
we continue the farm-out process, prior to a drill or drop decision
by November 2024. These licences have aggregate gross unrisked
Pmean prospective oil resources of 38 Mbbls(3) and aggregate gross
unrisked Pmean prospective gas resources of 148 Bscf(3) , in
addition to 11Mbbls of oil and 15 bcfg 2C contingent resources
(11.1 Mbbls + 3.6 bcfg in Oulton and 11bcfg on block in
Laxford).
Licences P2396 (Curlew-A), P2464 (Quoys and Unst), P2493
(Sandvoe) (all 100% working interest) have been or are due to be
relinquished shortly.
Reabold Southern North Sea
In Reabold's Southern North Sea portfolio, licence P2486 has
been retained as the operator continues the farm-out process, prior
to a drill or drop decision by July 2024.
Shell, the operator of licence P2332, which is adjacent to the
licence containing the Pensacola well, made a decision to
relinquish the licence. Licences P2329 and P2427 have been or are
due to be relinquished shortly.
The work undertaken on all our Southern North Sea licences has
provided the Company with valuable data and added to our
understanding of the Zechstein play, which is fundamental to our
West Newton and Crawberry Hill assets onshore.
Sachin Oza, Co-CEO of Reabold, commented:
"With an abundance of value opportunities within Reabold, the
high-grading of our recently acquired North Sea licence portfolio
is driven by the Board's disciplined financial framework, where the
highest return opportunities have been prioritised. We will look to
farm down these high-graded assets to help fund the de-risking and
value creation process."
For further information, contact:
Reabold Resources plc c/o Camarco
Sachin Oza +44 (0) 20 3757 4980
Stephen Williams
Strand Hanson Limited - Nominated &
Financial Adviser
James Spinney
James Dance
Rob Patrick +44 (0) 20 7409 3494
Stifel Nicolaus Europe Limited - Joint
Broker
Callum Stewart
Simon Mensley +44 (0) 20 7710 7600
Ashton Clanfield
finnCap Ltd - Joint Broker
Christopher Raggett
Barney Hayward +44 (0) 20 7220 0500
Camarco
Billy Clegg
Rebecca Waterworth +44 (0) 20 3757 4980
Notes to Editors
Reabold Resources plc has a diversified portfolio of
exploration, appraisal and development oil & gas projects.
Reabold's strategy is to invest in low-risk, near-term projects
which it considers to have significant valuation uplift potential,
with a clear monetisation plan, where receipt of such proceeds will
be returned to shareholders and re-invested into further growth
projects. This strategy is illustrated by the recent sale of the
undeveloped Victory gas field to Shell, the proceeds of which are
being returned to shareholders and re-invested.
Glossary of Technical Terms
mmboe Million barrels of oil equivalent.
Mbbl Million barrels.
Bcfg Billion cubic feet of gas.
Pmean Reflects a mid-case volume estimate of resource derived
using probabilistic methodology. This is the mean of the
probability distribution for the resource estimates and may be
skewed by resource numbers with relatively low probabilities.
Prospective Resources Those quantities of petroleum estimated,
as of a given date, to be potentially recoverable from undiscovered
accumulations by application of future development projects.
2C Denotes best estimate of Contingent Resources.
Contingent Resources Those quantities of petroleum estimated, as
of a given date, to be potentially recoverable from known
accumulations by application of development projects, but which are
not currently considered to be commercially recoverable owing to
one or more contingencies.
[1] The unrisked aggregation was performed by the Company and
assumes that all prospects at all levels are successful.
[2] Refer to the Company's announcement of 16 February 2023. The
CPR reports oil and gas Prospective Resources. The oil equivalent
value of the gas resources has been estimated by the Company using
a factor of 5.8bcf per mmboe.
(3) Pmean totals are by arithmetic summation (in-house). Refer
to the Company's announcement of 28 April 2023.
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END
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