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i3 Energy jumps as it spotlights Serenity prospect near Liberator field

The company estimates that Serenity contains P50 stock tank oil-initially-in-place of 197mln stock tank barrels

Offshore oil rig and tanker
Serenity is located in the North Sea

i3 Energy PLC (LON:I3E) shares jumped in early trading Wednesday after it highlighted the Serenity prospect in the vicinity of its Liberator field in the North Sea.

The oil & gas firm said Serenity is an amplitude supported feature that has an areal extent of circa 10 km2 and is interpreted to be the westerly extension into Block 13/23c of the Tain discovery.

WATCH: i3 Energy team suspect Liberator potential much bigger than current estimates

The Tain discovery well, drilled in September 2005, encountered 32° API oil in Captain and Coracle sands and was subsequently appraised by three wells.

The company estimates that Serenity contains P50 stock tank oil-initially-in-place (STOIIP) of 197mln stock tank barrels (MMstb).

This brings the total potential un-risked mid case STOIIP within i3’s licensed areas, which contains the Greater Liberator development and Serenity, to more than 500 MMstb.

I3 added that it would also be presenting the information on Serenity at the PROSPEX 2018 oil and gas exploration networking event in London on 12 and 13 December.

Shares were up 2.4% at 42.5p.

Quick facts: i3 Energy PLC

Price: 39.85 GBX

AIM:I3E
Market: AIM
Market Cap: £37.23 m
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