Corallian owns seven UKCS production licences
Corallian seeks bidders
The pre-production North Sea independent has put itself up for sale
UK continental shelf (UKCS) licence holder Corallian Energy has engaged financial adviser Hannam & Partners to conduct a strategic review of its business, which will include approaching third parties potentially interested in making an offer for up to 100pc of its share capital. Privately held Corallian, in which AIM-listed Reabold Resources holds a 49.9pc stake, owns seven UKCS production licences, all but one of which with 100pc stakes. The most significant is P2596, which contains the West of Shetland (WoS) Victory gas discovery. The Victory project is, according to Reabold, “a relatively simple subsea tie-back gas development in 158m water depth, which has been fully appraised and re
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