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i3 Energy PLC

i3 Energy says drilling on Liberator Field is underway

The company said it will update the market once the LPt-02 pilot well has reached the required depth and data it has acquired has been evaluated

i3 Energy PLC -
Liberator is next to the Blake Field and only two kilometres from Blake’s producing drill centre

i3 Energy PLC (LON:I3E) said the drilling had begun on its Liberator Field, off the coast of Aberdeen.

The Borgland Dolphin semi-submersible rig will carry out the work. The company said it will update the market once the LPt-02 pilot well has reached the required depth and data it has acquired has been evaluated.

It didn’t provide a timeline for this.

"We are excited to now be on location and drilling the first of three high impact wells into our 100% owned Liberator and Serenity structures and look forward to updating the market as each well objective is achieved," said chief executive Majid Shafiq.

Discovered six years ago

Discovered by Dana Petroleum almost six years ago, Liberator has proven reserves of around 11mln barrels of 30-degree API oil.

The company has a two-stage development plan that could eventually tap into a “high-case” estimated 234mln barrels of reserves and resources.

It is next to the Blake Field and only two kilometres from Blake’s producing drill centre.

Three-well programme

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

LPt-02 pilot well 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.

Quick facts: i3 Energy PLC

Price: £0.27

Market: AIM
Market Cap: £25.46 m
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Full interview: Liberator setback 'doesn't change upside potential' - i3...

i3 Energy PLC's (LON:I3E) Majid Shafiq and Graham Heath speak to Proactive London's Andrew Scott following the results from a pilot well at its Liberator field. The target upper Captain sand area had not been penetrated by the well and they say that more well data's needed to interpret and...

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