I3 Energy PLC (LON:I3E) is to submit an enlarged field development plan (FDP) to the UK Oil & Gas Authority for two North Sea blocks.
Based on the company’s mapping and analysis, the previous mid-case stock tank oil-initially-in-place (STOIIP) estimate of 237mln barrels pertaining to the company’s wholly-owned UK North Sea blocks 13/23d and 13/23c has been revised to 314mln barrels.
READ: i3 Energy to step up partnering process for Liberator field
Following the UK’s 30th offshore licensing round in May, i3 has modified its FDP for the Liberator field to take into account the award to i3 of block 13/23c.
The company plans to drill an appraisal well to validate the current mapping of the field extension, convert contingent resources to reserves, and help determine the location of the second of two initial development wells; the second development well will either be positioned in the east of the field in block 13/23d or in the centre of the field in block 13/23c.
I3 plans to drill the first production well and appraisal well in summer 2019, followed by an evaluation of the appraisal drilling results to optimise the location of the second development well. This second well should be drilled the following spring with start-up expected in summer 2020 following the installation of sub-sea infrastructure, initially producing from two wells targeting rates up to 20,000 barrels of oil per day.
Subject to reservoir performance, the company plans to drill the third Phase I development well, in advance of undertaking further seismic processing and appraisal of block 13/23c to prepare for a subsequent Phase II Liberator development.
North Sea oil and gas spend 'could still be £330bn' https://t.co/PhMVdmQbJG @BBCNews "This finds that the targets are achievable" #i3e #Oil #NorthSea
— i3 ENERGY (@i3energy) 25 October 2018
Meanwhile, the company has been assessing a northern structure in block 13/23c that it is calling the Serenity prospect.
Serenity is interpreted to be the westerly extension of the Tain discovery into block 13/23c. The Tain discovery well, drilled in September 2005, encountered 32° API (American Petroleum Institute) oil in the Captain and Coracle sands and was subsequently appraised by three wells. Serenity provides i3 with exposure to low cost and potentially high return exploration upside that could be tied into either its Liberator Phase I or incremental Phase II infrastructure.