23rd Dec 2021 10:31
(Alliance News) - Reabold Resources PLC on Thursday noted that Corallian Energy Ltd, the operator of the Victory gas discovery in which Reabold holds a 50% interest, has submitted a draft Field Development Plan for the field to the Oil & Gas Authority.
The field development plan is expected to be reviewed by the OGA during the first half of 2022, and that approval will be sought towards the end of 2022, concurrent with the final investment decision for the project.
Meanwhile, the related environment statement for the gas field, which is 50 kilometres northwest of the Shetland Isles, is expected to be completed during the first quarter of 2022, and will be issued to the Offshore Petroleum Regulator for Environment & Decommissioning.
"Submission of a draft Field Development Plan is a significant milestone for this important gas field. Victory is in relatively shallow water, close to pre-existing subsea infrastructure, allowing a cost-effective tie-back solution. It is fully appraised and requires no additional pre-development drilling. A recently compiled CPR has ascribed recoverable resources of 179 billion cubic feet of dry gas to the field, which is situated in an area of significant infrastructure, meaning its development is expected to be simple whilst providing meaningful gas resource to the UK," said co-Chief Executive Officer Sachin Oza.
Shares in Reabold Resources were 8.3% higher at 0.13 pence on Thursday in London.
By Dayo Laniyan; [email protected]
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