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Corallian adds 10million North Sea barrels with new deal, Reabold ups stake

Corallian Energy has added another 10million barrels of oil equivalent to its North Sea portfolio thanks to a new deal.

In a company announcement, Reabold Resources, a major investor, said Corallian has struck a deal to acquire Corfe Energy’s interests in licences it was partnered with the company in.

This includes licences in the Inner Moray Firth, adding 10million boe, and in the Wessex Basin in the English Channel, adding six million barrels there.

Corallian paid for it through completion of a £1.2m fundraiser with a “new shareholder”, with part of the funds going to the Corfe deal, while another portion went to funding a rig site survey at the Curlew-A discovery, announced earlier this week.

Curlew-A is expected to be drilled in the first half of next year if a farm-in partner can be found.

Meanwhile, Reabold Resources has upped its stake in Corallian from 32.9% to 34.9%.

The firm was offered a discounted rate of £1.54 per share and has added 681,818 shares for just over £1million.

Stephen Williams, co-CEO of Reabold, said “We are very pleased with the equity fundraise carried out by Corallian, representing a significant premium to the price at which Reabold made its investment.

“Our increased exposure to the Wessex Basin licences, which contain the Colter South Discovery, is a welcome addition that exemplifies the flexibility of the Reabold strategy.”

 

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