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Reabold pleased with Corallian's latest report from Oulton
Reabold issued an update to the market on Monday, reporting that Schlumberger Oilfield UK has completed a competent person's report for Corallian Energy relating to Corallian's 100%-owned Oulton appraisal project in the UK North Sea.
The AIM-traded firm had announced on 30 May that it invested £2.5m in Corallian, and owned 32.9% of Corallian's issued share capital.
It said the Schlumberger report attributed 2C contingent resources of 13.9 million barrels of oil and 4.4bcf of gas.
The report attributed a best estimate prospective resource of 31 million barrels of oil and 26bcf of gas, Reabold explained.
It said Oulton is a Jurassic sandstone oil discovery drilled by Amoco in 1974.
The Oulton 3/11-1ST well intersected a 114ft Emerald sandstone section which flowed up to 1,500 bbls of 41°API oil on test.
3D seismic had revealed a well-defined dip and fault closed up-thrown block comprising three main fault compartments and an undrilled fault terrace up-dip.
"We are delighted that Oulton is continuing to emerge as an exciting third leg to the Corallian portfolio," said co-CEO Stephen Williams.
"It is a compelling project and we are hopeful that partners will be keen to participate, just as they have been at both Colter and Wick."