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Reabold, the investor in upstream oil and gas projects, has announced an update on the Victory Gas Discovery, located in the north-west region of the Shetland Isles.
Reabold has a 49.99% interest in Corallian Energy, which has a 100% interest in Victory and is the operator of the asset.
The Victory Environment Baseline Survey ("EBS") has successfully been completed.
The EBS is a key milestone for the submission of a draft Field Development Plan ("FDP") to the UK's Oil and Gas Authority ("OGA"), planned for the end of 2021.
Reabold has provided the funding to Corallian for the EBS by way of a Convertible Loan Instrument as announced on 22 February 2021.
Data acquisition for the Victory EBS was successfully completed on 23 June 2021, with the survey completed within the budget estimate and with zero health and safety incidents.
Data acquired includes side-scan sonar, multibeam echosounder, seabed sediment samples, and video and camera stills over the proposed project sites.
Stephen Williams, co-ceo of Reabold, said: We are pleased with the continued progress at the Victory Gas Discovery, which we believe is a simple and low-risk project, as we move closer to the submission of a draft Field Development Plan later this year. Victory is a sizable asset for Reabold, complements our existing assets and fits with our strategic objective of delivering near-term project activity and value creation.
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