Operator Reabold Resources (LON: RBD) has added 201 million barrels of oil equivalent (MMboe) of prospective resources to its portfolio.
It follows the publication of a competent person’s report (CPR) prepared by RPS Group of the London-listed oil and gas firm’s North Sea licence P2478, or Dunrobin, in the Inner Moray Firth.
Reabold, which operates the licence with a 36% working interest, commissioned the study on behalf of the joint venture partnership with Baron Oil and Upland Resources – each company owns 32%.
On top of the 201 MMboe of aggregate Pmean prospective resources, the CPR found the Dunrobin West prospect, the proposed location of the first exploration well on the licence, would target 119 mmboe.
There is a 34% chance of geologic discovery on the project’s West Jurassic primary target.
Dunrobin West dry hole drilling costs, to a total depth of 800 metres, are estimated by the joint venture to be £8.6 million gross.
Reabold believes the prospect is “geologically analogous to the Beatrice field” off the north-east coast of Scotland, which produced 164 mmboe.
Success at Dunrobin West would “significantly de-risk” Dunrobin Central & East and Golspie analogous prospects, the CPR found.
Licence P2478 was one of the handful of permits bought by Reabold from Corallian Energy, as part of the deal to sell the latter to Shell last year.
Stephen Williams, co-chief executive of Reabold, said: “We are pleased that the CPR has confirmed the western part of the Dunrobin complex provides us with an exciting drillable prospect where a relatively low-cost exploration well can target more than 100 mmbbl of gross Pmean Prospective Resources with low geological risk.
© Supplied by Reabold Resources“We believe that the results from this CPR for P2478 alone strongly supports our decision to acquire, inter alia, licence P2478 from Corallian Energy for £250,000. Reabold has retained four other licences from that acquisition that we continue to progress technically and commercially.
“The publication of this CPR adds further validity to the technical work carried out by Reabold and supports the ongoing farmout campaign being formally run by us for the Reabold North Sea portfolio, which has already attracted industry interest.”