"The discovery of the Serenity oil field was a transformational event in i3's history”
Majid Shaffiq, i3 Energy chief executive.
How it’s doing
I3 Energy PLC (LON:I3E) confirmed in November that it has completed its three-well 2019 drill programme.
The programme delivered a major success in the Serenity discovery which was described as having potential to be “a very large oil field”.
Importantly, the programme validated the regional geological model which has predicted large resource volumes of hydrocarbons at Serenity and Liberator.
Estimates see some 600mln barrels of in place crude oil across the pair of fields.
Last year’s results set up a new programme of appraisal wells planned for 2020.
That campaign is due to kick off by “mid-2020”, though the plans presently remain subject to funding. A farm-out process may support these efforts, depending upon timing.
By early February 2020, i3 confirmed that it had started a well site survey, to build on prior surveying, that ensures all potential well drilling options will be available in this year’s programme as those plans are finalised.
In October, I3 reported a discovery from its Serenity 13/23c-10 well.
Describing it as transformational, I3 said the well results were consistent with its pre-drill estimates of 197 million barrels of oil in place.
The company will carry out further appraisal work at Serenity to assess how best to develop the prospect.
Also in October, I3 combined results from the disappointing Liberator 13/23c-9 well with seismic data to formulate a development programme for that prospect.
Phase 1 will target 63mln barrels of oil in place at Liberator through the drilling of up to four wells with recoverable reserves expected to be 23mln barrels.
A phase two exploration programme will target an additional 396mln barrels.
What the boss says
"The discovery of the Serenity oil field was a transformational event in i3's history,” said Majid Shaffiq, i3 Energy chief executive.
“We are very excited about the further drilling operations we expect to conduct in 2020 and see this as the lowest risk path to unlocking substantial shareholder value.
“We believe our acreage, together with the data retrieved from our 2019 drilling campaign, will be very attractive to potential farminees looking to add material barrels and near-term production to their portfolios."
- Funding Liberator development
- Countdown to 2020 drill campaign
- Possible farm-out deals
- Insight to appraisal and development at Serenity