Reabold announces that Corallian Energy Limited, operator of the Wick well located in the UKCS Block 11/24b (Licence P2235), has informed the Company that the target Beatrice sands, whilst present in the well, were water bearing.  The well has been drilled to a total depth of 1000m.

Accordingly, the well will now be plugged and abandoned and the ENSCO-72 jack-up rig will subsequently be mobilised from the Moray Firth to the English Channel to drill the Colter prospect.

Sachin Oza, Co-CEO of Reabold, commented:
"Whilst we are inevitably disappointed with the result of the Wick well, we considered Wick to be the highest risk prospect in our portfolio and not representative of the typical Reabold appraisal target. We now look forward to the ENSCO-72 rig being mobilised to drill Colter. In addition, Reabold is excited by the near term, high impact drilling activity in California, Romania and West Newton onshore UK.  We will update the market on this activity in due course."

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