16th Feb 2023 18:07
(Alliance News) - Reabold Resources PLC, Upland Resources Ltd, and Baron Oil PLC hailed the Dunrobin asset as an "exciting drillable prospect", following the release of a competent person's report.
The report was conducted at the P2478 UK licence, located in the North Sea.
According to the report, the asset has a mean technically recoverable resource estimate of 197 million barrels of oil.
"We are pleased that the CPR has confirmed the western part of the Dunrobin complex provides us with an exciting drillable prospect," Reabold Co-Chief Executive Stephen Williams said.
"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 GBP250,000. Reabold has retained four other licences from that acquisition that we continue to progress technically and commercially.
Reabold has a 36% working interest in the asset, with Upland and Baron each holding 32%.
Reabold shares closed 3.3% lower at 0.23 pence each in London on Thursday. Upland fell 7.4% to 0.50p and Baron Oil fell 4.2% to 0.24p.
By Eric Cunha, Alliance News news editor
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