Reabold Resources Provides Details on the UKCS Licences Acquired from Corallian Energy

Source: 5/24/2022, Location: Europe

Reabold, the AIM quoted investing company, which focuses on investments in upstream oil and gas projects, is pleased to provide additional details on the new licences which it is to acquire (the "Acquisition") from Corallian Energy Limited ("Corallian") for a consideration of £250,000, per the conditional sale and purchase agreement announced by the Company on 4 May 2022 and further to the potential sale of the entire issued share capital of Corallian (the "Potential Sale").

This announcement is made in conjunction with the publication of a new presentation containing further details of these UK offshore exploration and appraisal licences and is available on the Company's website here:

Key Licence Highlights:

The UK offshore portfolio of licences comprises of prospects in three core areas, all located near existing infrastructure and adjacent to analogue fields. There are significant prospective resources and opportunities to create value with a combined estimated net NPV10 of £776 million. The Company believes that the prospects represent low to moderate geological risk with relatively low drilling costs.

· Inner Moray Firth (Licence P2478) - 36% Working Interest

Dunrobin Prospect

§ Estimated prospective gross Pmean* recoverable resource of 173 Mbbls of oil

§ Scoping Pmean economics suggest a gross NPV10 of £1,350 million, (£486 million net to Reabold) based on, inter alia, medium gravity oil and a US$60/bbl oil price

§ Initial scoping indicative of low drilling cost at £7 million gross

Golspie Prospect

§ Gross Pmean prospective resource of 22 Mboe in Jurassic Sandstones

· North West Shetland Basin (Licence P2605) - 100% Working Interest

Laxford Gas Discovery

§ Discovered in 1984

§ Flowed at 17.5 Mscfg/day on test

§ Located 24km northwest of the Victory and 9km North of the Glenlivet gas field

§ Scoping Pmean economics has unrisked NPV10 of £81 million at 60p/therm gas

Scourie Prospect

§ Exhibits similar seismic amplitude anomaly to Glenlivet

§ Pmean economics has unrisked NPV10 of £125 million at 60p/therm gas

· East Shetland Basin(Licence P2464 & P2504) - 100% Working Interest

Unst and Baliasta

§ Eocene Frigg sandstone prospects which exhibit seismic amplitude anomalies similar to the nearby Nuggets Fields

§ Low risk, with a geological chance of success of 64% and estimated prospective Pmean recoverable resource of 68 bcf for Unst

§ Pmean economics has an unrisked NPV10 of £84 million at 60p/therm gas

§ Geological chance of success of 81% and estimated prospective Pmean recoverable resource of 17 bcf for Baliasta

Oulton West Gas

§ Amplitude anomaly in the Eocene Frigg sandstone

§ Prospect being worked up to establish scale of prospective resource and value

As per the Company's announcement of 4 May 2022, the SPA with Corallian remains conditional upon, inter alia, (1) Corallian receiving notice from the Potential Purchaser that the Potential Sale may proceed to completion and (2) approval from the North Sea Transition Authority.

If the Acquisition does not complete before 31 August 2022, either party may terminate the SPA and Corallian will be required to repay the Cash Consideration to Reabold within 90 days.

Stephen Williams, Co-CEO of Reabold, commented:

"The licences to be acquired from Corallian, at an attractive valuation, provide Reabold with an exciting set of opportunities to create value. These licences contain a number of prospects with significant resource potential and relatively low geological risk."

"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."

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