i3 Energy PLC

Liberator Well 13/23c-9 Preliminary Result

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RNS Number : 8100L
i3 Energy PLC
10 September 2019

10 September 2019


i3 Energy plc

("i3" or the "Company")


Liberator Well 13/23c-9 (LPt-02) Preliminary Result


i3 Energy plc, an independent oil and gas company with assets and operations in the UK, announces that the 13/23c-9 pilot well drilled by the Borgland Dolphin on i3 Energy's 100% owned Liberator Field has reached total depth at 5818 ft True Vertical Depth Sub-sea (TVDSS) in the Valhall formation.


The objectives of this pilot well are to enable a future development well to be positioned at an optimal location in the upper Captain sands channel in the south-eastern area of the Liberator field. Preliminary petrophysical information obtained from the Measurement While Drilling (MWD) tools indicate that the targeted upper Captain sand has not been penetrated and is pinched out at the 13/23c-9 location. The lower Captain sand is present in the well and is below the estimated oil water contact as expected. On initial tie to the seismic data, the well appears to be located proximal to the main upper Captain channel fairway and further well data is required in order to interpret and locate the key reservoir upper Captain channel edge. As such, preparations are being made to obtain a vertical seismic profile (VSP) in the well and to also run a shear wave sonic log, after which 13/23c-9 will be plugged and abandoned as planned. These data will be used to recalibrate and update the existing seismic model such that options and plans for further operations at this location to meet the objective of locating a future development well in the south-east area of the field can be made.


The Company will provide further updates once it has analysed the data currently being acquired.







i3 Energy plc



Majid Shafiq (CEO) / Graham Heath (CFO)

c/o Camarco

Tel: +44 (0) 203 781 8331



WH Ireland Limited (Nomad and Joint Broker)



James Joyce, James Sinclair-Ford

Tel: +44 (0) 207 220 1666


GMP FirstEnergy (Joint Broker)



Jonathan Wright

Tel: +44 (0) 207 448 0200



Canaccord Genuity Limited (Joint Broker)

Henry Fitzgerald- O'Connor, James Asensio


Tel: +44 (0) 207 523 8000




Jennifer Renwick, James Crothers


Tel: +44 (0) 203 781 8331









Notes to Editors:

i3 is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, to which i3's independent reserves auditor attributes 11 MMBO of 2P Reserves, 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension. The Greater Liberator Area, along with the Company's Serenity Prospect located in the northern half of Block 13/23c and for which it carries a STOIIP of 197 MMbbls, are owned and operated on a 100% working interest basis.


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 London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

Quick facts: i3 Energy PLC

Price: £0.27

Market: AIM
Market Cap: £25.5 m

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