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.
Corallian Energy has added another 10million barrels of oil equivalent to its North Sea portfolio thanks to a new deal.
Partners in the Wick prospect in the Moray Firth said today that the exploration well was a failure.
Drilling has started on an exploration well in the Moray Firth, believed to hold up to 26million barrels of oil equivalent.
Reabold Resources has invested a further £1 million in Corallian Energy, the operator of the Wick prospect in the outer Moray Firth.
Corallian Energy has applied to the UK Government for permission to drill the Wick well in the Outer Moray Firth.
UK firm Fraser Well Management (FWM) has been hired to manage the drilling of a well in the Moray Firth.