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Corallian targets 2020 IPO and plans farm-out of North Sea prospects

Corallian is planning farm-outs of the Unst and Dunrobin prospects, as well as farm-out of further interest in Curlew-A. Pic: The Curlew FPSO
Corallian is planning farm-outs of the Unst and Dunrobin prospects, as well as farm-out of further interest in Curlew-A. Pic: The Curlew FPSO

Corallian Energy has announced plans for an initial public offering (IPO) next year and that it will begin a farm-out process for two North Sea prospects.

An announcement from Reabold Resurces, 35% owners of Corallian, unveiled the firm is targeting a public flotation in the second half of next year after fundraising £300,000.

The cash will also be used to finalise well locations for its Unst and Dunrobin prospects, with a farm-out process to be launched next month at the PROSPEX industry event in London.

Unst, in the Viking Graben region, is 100% owned by Corallian and has prospective resources of 68billion cubic feet of gas.

Corallian said it may be comparible to the nearby Nuggets field.

Dunrobin, in the Inner Moray Firth, has prospective estimated resources of 187million barrels of oil equivalent, which Corallian holds a 45% stake in.

Meanwhile, the firm said “progress” is being made on the sale of a further stake in the Curlew-A well.

Corallian owns 90% of Curlew-A after selling a 10% stake to Australia-based Talon Petroleum last year.

Curlew-A is thought to have unrisked contingent resources of 39million barrels of oil equivalent, according to a competent person’s report produced by Schlumberger.

Corallian also estimates there are additional unrisked prospective resources of 30million barrels in separate rock formations.

The firm said it has also submitted applications to the Oil and Gas Authority’s 32nd licensing round.

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