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Reabold Resources sees exciting opportunities across new North Sea assets

Published: 03:40 24 May 2022 EDT

Reabold Resources PLC - Reabold Resources sees exciting opportunities across new North Sea assets

Reabold Resources PLC (AIM:RBD) said its new North Sea licences, which are being acquired from Corallian Energy, provide “an exciting set of opportunities to create value”.

The company, in a statement, provided investors with key details about the licences which include three core areas – the Inner Moray Firth, the North West Shetland basin and the East Shetland basin – which each comprise two noted prospects.

In all, they are believed to host significant prospective resources and opportunities to create value, said Reabold, which highlighted an estimated net present value (NPV) of some £776mln for the package of exploration assets.

It added that the exploration prospects represent low to moderate geological risk, with relatively low drilling costs.

"The licences to be acquired from Corallian, at an attractive valuation, provide Reabold with an exciting set of opportunities to create value,” said Stephen Williams, Reabold's co-chief executive.

"Reabold believes that it will be in a position to progress these newly acquired projects thereby playing an important role in delivering the much needed enhancement of energy security for the UK.

“We will continue our efforts to deliver benefits to our stakeholders through our strategy of acquiring, investing in and unlocking the potential in high quality hydrocarbon resources."

Reabold published to its website a new investor presentation which puts the spotlight on the North Sea prospects – which comprise: Dunrobin and Golspie in the Inner Moray Firth area, the Laxford gas discovery and Scourie prospect in North West Shetland, along with Unst and Baliasta plus the Oulton West gas prospect in East Shetland.

The acquisition is slated to close before the end of August.

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on 06/21/2022