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i3 Energy to kick off Liberator drill programme shortly as rig readies for transit

The Borgland Dolphin drilling rig has completed acceptance testing and is due to begin transit to the Liberator field, in the outer Foray Mirth, shortly

i3 Energy PLC - i3 Energy to kick off Liberator drill programme shortly as rig readies for transit
i3 reckons its portfolio of North Sea assets can produce around 200mln barrels of oil

The Borgland Dolphin drilling rig is soon to make its way to i3 Energy PLC’s (LON:I3E) Liberator field in the North Sea ahead of a scheduled 94-day drill programme.

The rig has completed its acceptance testing and has begun move preparations, shortly after which it will start its transit towards the Librerator field.

READ: i3 Energy awards Liberator drilling contracts to oilfield services giant

As part of the three-month programme, i3 will drill three wells.

 First up is the LPt-02 pilot well which will optimise the placement of the first Liberator Phase I production well, LP-02, due to be drilled in 2020.

Then there’s the LA-03 appraisal well, which i3 expects will partially convert Libertor West resources into reserves.

Last up is the SA-01 well into the Serenity prospect, which i3 hopes will prove a “material extension” of the neighbouring Tain discovery.

“We are delighted to announce today the successful deployment of the Borgland Dolphin to the Liberator area,” said chief executive Majid Shafiq.

“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 North Sea.”

200mln barrels of oil

Following the 2019 drill campaign, next year, i3 expects to undertake further development drilling and to secure delivery of first oil from Liberator at approximately 20,000 barrels of oil per day (bopd).

Should the Liberator and Serenity prospects be successfully appraised and developed, i3 expects it could produce more than 200mln barrels of oil from its current licences.

Shares were up 1% to 52.3p in early deals, valuing the company at just shy of £50mln.

Quick facts: i3 Energy PLC

Price: 6.72 GBX

Market: AIM
Market Cap: £7.24 m

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