i3 Energy PLC completed operations for two new wells in the Marten Hills project, Canada, which are now in production, with a clean-up process presently underway.
The clean-up is expected to last for three to four weeks and the company will subsequently report stabilised flow rates.
I3 has a 50% interest in the wells and under a deal agreed in May has the option to participate in seven wells (at least 4 to spud before March 31).
It also recently acquired interests in the Wapiti production assets, and, earlier this week a well spudded at the in the Elmworth Wapiti acreage. Two wells are being drilled at a net cost of US$2.1mln, each are expected to yield 175 barrels oil equivalent per day, and operations are slated to complete in early in the third quarter.
"We are very pleased to have successfully concluded drilling, completion and tie-in operations on the first two wells in the company's Marten Hills Clearwater acreage, on time and on budget,” said chief executive Majid Shafiq.
“Operations were performed very efficiently, and the experience will assist greatly in the programming of the second phase of drilling on this acreage.
“These Marten Hills and Wapiti wells are expected to add very profitable incremental production and cash-flow to the company's portfolio.
“We now look forward to our next drilling program in Wapiti Elmworth."