I3 Energy Plc (LON:i3E) is turning the pages of its drilling plans, lining up a new multi well campaign in the North Sea.
The explorer, in a stock market statement, today confirmed the completion of the three-well 2019 drill programme within budget and without any safety, environmental or health issues.
Looking ahead, it is now planning a summertime appraisal of the Serenity discovery and the Liberator West area.
The aim will be to de-risk a considerable portion of the 600mln barrels of potential oil in place previously identified in the structures, the company explained.
"We have come to the end of our 2019 drilling programme, which has delivered a major success in the Serenity discovery, a structure which has the potential to be a very large oil field,” said Majid Shafiq, i3 chief executive.
“The discovery validates i3's regional geological model which is based on exhaustive and detailed static and dynamic subsurface modelling and predicts very large resource volumes in Serenity and Liberator.”
Shafiq added: “The two wells drilled on Liberator also confirm extensive Captain sand deposition to the west of the Liberator discovery well and have appreciably reduced migration risk into the Minos High structure which has the potential, like Serenity, to be a significant oil field.
“We will now progress appraisal of Serenity and Liberator West to seek to add reserves and resources, whilst continuing to progress development options for Serenity and Liberator and look forward to another very active year in 2020.”
2020 plans subject to additional funding
I3 noted that such plans would be subject to the company sourcing additional funding.
The company said it continues to work with senior lenders for a Phase 1 Liberator development facility, and, it is pursuing potential partnerships to finance the plans for Serenity and Liberator appraisal.
It clarified that the company will have sufficient resources to fund its general and admin requirements through 2020.
"This year's drilling campaign has been a major undertaking for a company of our size, and we'd like to thank those noteholders and equity investors who have funded our operations,” Shafiq said.
“i3 will continue to progress its ongoing funding initiatives while exploring all options in order to maximise value for shareholders."