Andalas Energy and Power PLC announced on 21 September 2018 that through its subsidiary, Resolute Oil and Gas (UK) Ltd, it has entered into an agreement with Corallian Energy Limited to acquire an 8% interest in licence P1918 which contains the Colter prospect and onshore licences PEDL 330 and 345. In return for its 8% interest, Andalas is funding 10.67% of the well costs up to a maximum of GBP 8 million. The deal is subject to regulatory approval.  Corallian is planning to drill an appraisal well on the 98/11-2 (Colter) discovery in licence P1918. The discovery was made by BP in 1986 where 41.9Â° API was recovered on test from a 10.5 m oil column. Through the merging and reprocessing of 3D seismic Corallian has mapped 100 m of vertical relief up-dip of 98/11-2. The appraisal well is planned to spud in Q4 2018 and the well requires a Jack-up rig for operations. Well costs are in the region of GBP 7 million. Licence P1918 was initially awarded to Infrastrata from the 26th Seaward Licensing Round prior to Corallian taking the acreage. The company reprocessed 156 km of 2D seismic and 33.5 sq km of 3D seismic over the licence. It is thought that Colter could hold mean prospective resources of 22 MMbo (recoverable).   Interest in P1918 following completion of two deals will be held by Corallian Energy Limited (34% + operator), Corfe Energy Limited (40%), United Oil and Gas Plc (10%), Andalas Energy and Power PLC (8%),Â  and Baron Oil Plc (8%).
Andalas subsidiary Resolute O&G has agreed with Corallian Energy to acquire an 8% interest in the latterâs coastal offshore P1918 (Colter prospect), along with PEDL 330 + 345, total 65 sq km off the Dorset coast. Andalas will fund 10.67% of the Colter well (scheduled 4Q â18) up to GBP 8 MM and 8% beyond. P1918 is otherwise held by Corallian (op), partners Baron Oil, Corfe Egy + United O&G