i3 Energy Plc (LON:i3E) completed the drilling of its first two new wells in the Marten Hills Clearwater acreage in Canada and is expecting both wells to be online later this month.
It completed drilling the second well, which targeted the Clearwater C zone, and successfully drilled eight lateral sections penetrating the reservoir. The well was completed on time and on budget, the company added.
"We are very pleased to have successfully completed drilling operations on the first two wells in the company's Marten Hills Clearwater acreage and look forward to bringing these wells onto production later in July,” said chief executive Majid Shafiq.
“This is the first phase of drilling operations on this acreage and following evaluation of log and production data from these wells, we will program the second phase of drilling which will target an additional seven possible locations."
Tie-in and equipping of the wells is expected to take five days following rig release, i3 noted.
All laterals encountered a clean upper shoreface sandstone, i3 added, with porosities said to range from 24% to 27%. Oil was evident throughout, in oil shows on cuttings.