North Sea focused oil and gas junior with two 100% owned licences
Discovery recently announced at Serenity prospect
Liberator also set to come into production following remapping after disappointing drill result
Talks underway to fund Liberator development
How it’s doing
In October, I3 Energy PLC (LON:I3E) 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.
Drilling and funding
The company has an option over the rig that drilled Serenity until the end of January with the owner agreeing to defer payment into 2020 to allow a third well in the programme to be completed.
Funding talks are ongoing to allow I3 to develop Liberator on its own without having to bring in a partner, which might include a US$100mln reserve-based lending facility depending on drill results.
“This result also adds confidence to our revised mapping of the Liberator field, which utilises the same reprocessed seismic dataset now used to map the Serenity field and integrates data from the recently drilled 13/23c-9 Liberator well,” said Majid Shafiq, chief executive.
What the boss says
Majid Shafiq, chief executive, said: "The discovery of the Serenity oilfield, a potentially very large oil resource, is a transformational event for i3 Energy plc. We now have proven oil in a second structure on our licenses.
“It is the culmination of three years of detailed geological and reservoir analysis and validates our regional model for the Liberator and Serenity oilfields and neighbouring structures".
“We will now integrate data from the 13/23c-10 well into our geological modelling as we develop an appraisal and development plan for Serenity, which we believe is connected to the undeveloped Tain oilfield,” he added.
- Funding agreed for Liberator development
- Serenity testing confirms potential
- Appraisal and development plans for Serenity confirmed