Gulf Oil and Gas accountACCOUNT

Reabold Resources Announces Victory Gas Discovery Presentation

Source: www.gulfoilandgas.com 11/17/2020, Location: Europe

Reabold, the AIM investing company which focuses on investments in upstream oil and gas projects, is pleased to announce the publication of a presentation on the Victory Gas Discovery (Victory). Corallian Energy Limited (Corallian), in which Reabold has a 34.9 per cent. interest, was offered a 100 per cent. interest in block 207/1a (the "Licence"), which contains the Victory discovery. Corallian was offered the Licence by the Oil & Gas Authority ("OGA") as part of the 32nd Offshore Licencing Round.

Victory is a simple, low-risk gas development which has been fully appraised and requires no additional pre-development drilling. Victory is located near to existing local infrastructure, with the development of Victory expected to be via a single-well sub-sea tieback. The Licence was originally offered to Texaco in 1972 and it drilled a discovery well in 1977 that flowed at circa 9 mmscf/d from 200 feet (circa 60.6 metres) of net gas pay in the Lower Cretaceous sandstones, proving reservoir commerciality. SLR Consulting estimates that Victory has 2C contingent resources of 157 BCF.

Corallian plans to submit the Victory Field Development Plan to the OGA by the end of 2021, with a Competent Persons Report (CPR) expected to be completed by the end of April 2021 and first gas production in Q4 2024. A three year gas production plateau is planned at 70 mmscf/d from 2025, delivering over 25 BCF per year, with total planned gas production recovered over the 8-year field life of 157 BCF.

Valuations (NPV10) of Victory currently range from circa 85 million (based on current gas price forecasts of 42.5p/therm) to circa 146 million (based on historical average gas price and base case valuation of 50p/therm). Based on Reabold's 34.9 per cent. interest in Corallian, these valuations net to Reabold range from circa 30 million to circa 51 million. Payback of cash invested at a project level is expected to be achieved within 12 months of first gas (assuming a historical average gas price).

Exploration News in United Kingdom >>

Australia >>  1/19/2021 - Falcon Oil & Gas has announced that Origin Energy Resources, its Joint Venture partner, has submitted a notification of discovery and an initial repor...
United States >>  1/19/2021 - Kosmos Energy has announced an oil discovery in the U.S. Gulf of Mexico at the Winterfell infrastructure-led exploration ('ILX') well (Kosmos working ...

Suriname >>  1/14/2021 - Total and Apache Corporation have made a new significant oil and gas discovery at the Keskesi East-1 well, in Block 58 off the coast of Suriname. This...
Australia >>  1/13/2021 - JV partner Cue Energy reports that the Ocean Apex drilling rig has completed its work scope to plug and abandon the Ironbark-1 well in exploration per...

Singapore >>  1/8/2021 - Baron Oil Plc, the AIM-quoted oil and gas exploration company with opportunities in SE Asia, Latin America and the UK, is pleased to provide sharehold...
United States >>  1/7/2021 - In 2018, the Railroad Commission began work toward the ambitious goal of inspecting every one of the nearly 440,000 oil and gas wells in the state at ...




United Kingdom Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 |

More News

Related Links

Gulf Oil and Gas
Copyright 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.