logo-loader
viewi3 Energy PLC

I3 Energy calls a discovery at Serenity in North Sea and lays out plans to develop Liberator

"The discovery of the Serenity oilfield, a potentially very large oil resource, is a transformational event for i3 Energy"

i3 Energy PLC -
Results were consistent with its pre-drill estimates of 197 million barrels of oil in place.

I3 Energy PLC (LON:I3E) has reported a discovery from its Serenity well in the North Sea.

Describing it as transformational, I3 said the well results were consistent with its pre-drill estimates of 197 million barrels of oil in place.

Along with Liberator, Serenity is one of two licences in the North Sea that are 100% owned by I3.

The company will carry out further appraisal work at Serenity to asses how best to develop that prospect with the rig that was used to drill the 13/23c-10 well now moving back to Liberator for a development pilot hole.

Majid Shafiq, chief executive, said: "The discovery of the Serenity oilfield, a potentially very large oil resource, is a transformational event for i3 Energy plc. We now have proven oil in a second structure on our licenses.

“It is the culmination of three years of detailed geological and reservoir analysis and validates our regional model for the Liberator and Serenity oilfields and neighbouring structures".

“We will now integrate data from the 13/23c-10 well into our geological modelling as we develop an appraisal and development plan for Serenity, which we believe is connected to the undeveloped Tain oilfield,” he added

I3 said it has now combined results from the recent Liberator 13/23c-9 well with seismic data to formulate a development programme for that prospect.

Phase 1 will target 63mln barrels of oil in place at Liberator through the drilling of up to four wells with recoverable reserves expected to be 23mln barrels.

A phase two exploration programme will target an additional 396mln barrels.

The company has an option over the rig until the end of January with the owner agreeing to defer payment into 2020 to allow the third well in the programme to be completed.

Funding talks are ongoing to allow I3 to develop Liberator on its own without having to bring in a partner, which might include a US$100mln reserve-based lending facility depending on drill results.

 “This result also adds confidence to our revised mapping of the Liberator field, which utilises the same reprocessed seismic dataset now used to map the Serenity field, and integrates data from the recently drilled 13/23c-9 Liberator well,” said Shafiq.

Quick facts: i3 Energy PLC

Price: 6.45 GBX

AIM:I3E
Market: AIM
Market Cap: £6.95 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of i3 Energy PLC named herein, including the promotion by the Company of i3 Energy PLC in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Morning Report: Canadian Overseas Petroleum's Millholland to provide...

Headlines from the Proactive UK newsroom. Canadian Overseas Petroleum Limited (LON:COPL) is to receive C$200,000 as a loan from its chief executive, Arthur Millholland, so that it can continue discussions with investors and service providers over plans for the OPL 226 asset. The loan will...

1 week, 1 day ago

2 min read