Shell UK Ltd. has agreed to acquire the entire issued share capital of Corallian Energy Ltd., Reabold Resources plc said in a release Oct. 5. Corallian is a privately held UK oil and gas company in which Reabold Resources holds investment.
The $36.7 million (gross) sale agreement sees Shell acquire interest in license P2596, West of Shetland, which contains Block 207/1a and the Victory gas asset. The discovery is considered a “fully appraised commercially attractive gas discovery requiring subsea development tie back for production,” according to Corallian. The environmental statement and draft development plan for the field was submitted earlier this year. First gas is targeted for fourth-quarter 2024.
Reabold agreed in May to acquire all Corallian’s non-Victory UK offshore assets and noted an agreed conditional sale to an undisclosed oil and gas major of the Victory license.
