Reabold Resources announced that the Corallian operated side-track operation at the Colter well has been completed. As previously reported (“side-track on Colter prospect”) the fault between the Colter and the Colter South prospect was found further to the north than expected. The main well was therefore stayed in the Colter South prospect and a side-track was drilled to delineate the Colter main prospect.
The result of the side-track is disappointing. The well encountered the Sherwood Sandstone below the oil-water-contact of the 98/11-3 well. Initial evaluation of the data from both wells indicates that the Colter Prospect is smaller than pre-drill estimates (23mmbo-Corallian Energy). Due to the more northerly fault location, most of the potential resources reside within the Colter South compartment. Colter South has a larger areal extent than previously mapped and is estimated to hold 15 million barrel (Pmean) potential resource.
The side-track also encountered oil and gas shows in the Jurassic Cornbrash-Lower Oxfordian interval, the producing reservoirs in the Kimmeridge oilfield. This provides an interesting potential target on trend to the west within the onshore licences held by the Joint Venture according to Reabold Resources.
Read here the announcement.