i3 Energy PLC - Borgland Dolphin Move Operations
("i3" or the "Company")
Borgland Dolphin Move Operations
i3's 2019 drilling campaign is expected to include:
· The Block 13/23d LPt-02 pilot well which will optimise the placement of the first Liberator Phase I production well, LP-02, planned to be drilled in 2020
· The Block 13/23c ("Liberator West") LA-03 appraisal well (70% commercial chance of success ("CoS"))1, expected to partially convert Liberator West resources into reserves
· The SA-01 well (72% geological CoS)2 into the Serenity prospect that i3 expects will prove a material extension of the neighbouring Tain discovery
As previously announced, following the 2019 drilling campaign referred to above, in 2020 the Company expects to undertake further development drilling and to secure delivery of first oil from Liberator at approximately 20,000 bopd. With the successful appraisal and development of Liberator and Serenity, i3 could potentially produce more than 200 MMbbls3 from its current licences.
2. i3 Energy estimate
3. i3 Energy estimate based on P50 STOIIPs and expected recovery factors
"We are delighted to announce today the successful deployment of the Borgland Dolphin to the Liberator area. If successful, each of the wells in the drilling campaign are of significant value to i3 and our shareholders and could add significant production volumes to the
"I would like to thank both
Qualified Person's Statement:
In accordance with the AIM Note for Mining and Oil and Gas Companies, i3 discloses that
Notes to Editors:
i3 is an oil and gas development company initially focused on the
The Company's strategy is to acquire high quality, low risk producing and development assets, to broaden its portfolio and grow its reserves and production.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the
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