Reabold completes environmental survey at UK Victory find
An environmental baseline survey (EBS) has been completed for the Victory gas discovery northwest of Shetland, AIM-quoted Reabold Resources, which has a 49.99% stake in the project's operator Corallian Energy, said on June 25. Reabold funded the survey with a convertible loan.
Reabold says a draft field development plan should be ready to go to the regulator Oil & Gas Authority by the end of the year. Data acquisition for the Victory EBS was successfully completed June 23, within the budget estimate. The data processing will take about four months.
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Victory is a simple, low-risk gas development which has been fully appraised and requires no additional pre-development drilling and SLR Consulting estimates it has 2C resources of 157bn ft³ and NPV10 valuations ranging from about £85mn ($118mn) at 42.5p/therm, to £146mn based on historical average gas prices and base case valuation of 50p/therm.
Reabold co-CEO Stephen Williams said that Victory "is a sizeable asset for Reabold, complements our existing assets and fits with our strategic objective of delivering near-term project activity and value creation. Victory’s location near to existing infrastructure, including the Greater Laggan Area, makes it a highly attractive development project in
our view.”