08:00 Tue 09 Apr 2019
i3 Energy PLC - Operational Update
("i3" or the "Company")
Operational Update
Highlights:
· Borgland Dolphin semi-submersible drilling rig contracted for Summer drilling campaign
· Drilling due to commence between
· Drilling campaign expected to unlock the Company's asset base, with three planned wells to include the A3 appraisal well into Liberator's western extension, the Liberator Phase I L2 pilot well and the S1 appraisal well into the Serenity prospect
· Key equipment secured including wellheads and conductor pipe
· Site survey completing this week
Contract executed for the Borgland Dolphin drilling rig, key equipment secured
On
i3 plans to drill the A3 appraisal well first, thereby fulfilling its licence obligation in Block 13/23c ("Liberator West"), followed by drilling the Liberator Phase I L2 pilot well and finally the S1 appraisal well into the Serenity prospect.
This drilling campaign is intended to:
i) de-risk and partially convert hydrocarbon volumes mapped in the western extension of the Liberator structure to reserves, which i3 estimates to contain 314 MMbbls of STOIIP;
ii) determine the placement of the second Phase I production well (either L4 or L1) planned to be concurrently brought on stream with the L2 production well in 2020 at potential combined rates of approximately 20,000 barrels of oil per day; and
iii) confirm that the Serenity structure, which the Company estimates could contain 197 MMbbls of STOIIP, is hydrocarbon bearing and that it is a material extension of the Tain discovery.
The Company expects that a successful Summer 2019 drilling campaign will unlock a proposed
In addition to contracting the Borgland Dolphin, i3 has secured the necessary wellheads and conductor pipe for mid-July delivery to align with the start of its field operations and spud of the A3 appraisal well.
Site survey operations nearing completion
Over the course of March and early April, i3 has been conducting site survey operations using the Gardline vessel 'Ocean Observer' at the above drilling locations and along the potential pipeline route from Liberator to the intended host facility. Despite delays due to weather conditions, those operations are now substantially complete and have been conducted without incident. Sufficient data has been acquired to allow the company to proceed with permitting of the 2019 drilling programme and with engineering design for the Liberator Phase I development works.
"The i3 team is excited to be working with
ENDS
CONTACT DETAILS:
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c/o Camarco Tel: +44 (0) 203 781 8331 |
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Tel: +44 (0) 207 220 1666 |
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GMP FirstEnergy (Joint Broker) |
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Tel: +44 (0) 207 448 0200
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Tel: +44 (0) 207 523 8000
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Camarco |
Tel: +44 (0) 203 781 8331 |
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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. |
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