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i3 Energy reveals Serenity drilling is now underway

"We are excited to be drilling this potentially high-impact well at Serenity which could add materially to i3's reserves and resources."

i3 Energy PLC - i3 Energy reveals Serenity drilling is now underway

i3 Energy Plc (LON:I3E) late in Friday’s session announced that drilling had begun for the Serenity appraisal well in the UK North Sea.

It is the second in a series of three new wells being drilled by i3.

The well is being drilled by the Borgland Dolphin semi-submersible rig. The aim is to confirm that the Serenity structure is hydrocarbon bearing and that it is a material extension of the Tain discovery, located on the adjacent Block 13/23b.

READ: i3 Energy’s results highlight ‘an incredibly active period’

Serenity, as previously announced, is estimated to host some 197mln barrels of oil in place.

"We are excited to be drilling this potentially high-impact well at Serenity which could add materially to i3's reserves and resources and may become a fast-tracked development alongside the neighboring Tain oil field,” said Majid Shafiq, i3 chief executive.

“The Borgland Dolphin continues to perform very well with operations running smoothly to date and we look forward to updating the market as our well objectives are achieved."

Quick facts: i3 Energy PLC

Price: 4.25 GBX

AIM:I3E
Market: AIM
Market Cap: £29.57 m
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