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Reabold Announces Results of CPR on Corallian-owned Oulton Appraisal Project

Source: www.gulfoilandgas.com 6/4/2018, Location: Europe

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Reabold has announced that Schlumberger Oilfield UK has completed a Competent Person's Report ("CPR") for Corallian Energy Limited relating to Corallian's 100% owned Oulton appraisal project in the UK North Sea. As announced on 30 May 2018, Reabold has invested £2,500,000 in Corallian and owns 32.9% of Corallian's issued share capital.

The Schlumberger report attributes 2C contingent resources of 13.9 million barrels of oil and 4.4BCF of gas. The report attributes a best estimate prospective resource of 31 million barrels of oil and 26BCF of gas.

Oulton is a Jurassic sandstone oil discovery drilled by Amoco in 1974.

The Oulton 3/11-1ST well intersected a 114ft Emerald sandstone section which flowed up to 1,500 bbls of 41 ° API oil on test.

3D seismic has revealed a well defined dip and fault closed up-thrown block comprsing three main fault compartments (the Oulton discovery) and an undrilled fault terrace up-dip (the Oulton West Prospect).

Stephen Williams, co-CEO commented:

"We are delighted that Oulton is continuing to emerge as an exciting third leg to the Corallian portfolio. It is a compelling project and we are hopeful that partners will be keen to participate, just as they have been at both Colter and Wick."

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